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Speakers:

Mr. Yuan Ye, vice chairman of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC)

Mr. Zhuang Shuxin, secretary general of the SASAC

Mr. Li Bing, deputy secretary general of the SASAC and director of its Bureau of Financial Oversight and Operational Evaluation

Mr. Xie Xiaobing, a person in charge of the Bureau of Property Right Management of the SASAC

Chairperson:

Mr. Xie Yingjun, deputy director general of the Press Bureau of the State Council Information Office (SCIO) and spokesperson of the SCIO

Date:

Jan. 24, 2024

Xie Yingjun:

Ladies and gentlemen, good morning. Welcome to this press conference held by the State Council Information Office (SCIO). Today, we have invited Mr. Yuan Ye, vice chairman of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), to brief you on enhancing core functions, improving core competence and better realizing the high-quality development of centrally administered state-owned enterprises (SOEs), and take your questions. We are also joined by Mr. Zhuang Shuxin, secretary general of the SASAC; Mr. Li Bing, deputy secretary general of the SASAC and director of its Bureau of Financial Oversight and Operational Evaluation; and Mr. Xie Xiaobing, head of the Bureau of Property Right Management of the SASAC.

Now, let's give the floor to Mr. Yuan Ye for a brief introduction.

Yuan Ye:

Thank you. Ladies and gentlemen, good morning. I am delighted to meet with friends from the media and brief you on state assets and SOEs.

The year 2023 that has just passed was the first year of fully implementing the guiding principles of the 20th National Congress of the Communist Party of China (CPC), and a year of economic recovery and development after three years of COVID-19 prevention and control. It was also a crucial year for state-owned assets and SOEs to remember their mission and responsibilities and restart on a new journey with continued efforts. General Secretary Xi Jinping issued important instructions on the work of state-owned assets and SOEs. He presided over several important meetings to review significant documents regarding state-owned assets and SOEs, inspected multiple SOEs, and delivered important speeches. At the recently held Central Economic Work Conference, he made significant arrangements for the reform and development of SOEs. This has provided clear guidance on the direction and fundamental principles for us to solidly carry out the work related to state-owned assets and SOEs, promote the high-quality development of SOEs, and better fulfill their functions, missions and responsibilities.

Over the past year, we have thoroughly implemented the guiding principles of General Secretary Xi Jinping's important speeches and instructions, earnestly carried out major arrangements made by the CPC Central Committee and the State Council, focusing on enhancing core functions and improving core competence. We have adhered to the comprehensive leadership of the Party over SOEs, deepened the reform of state-owned assets and SOEs, enhanced the ability to create value, intensified efforts in technological innovation, accelerated the development of strategic emerging industries, and promoted SOEs to better fulfill their economic, political and social responsibilities. Remarkable achievements have been made in various aspects, making significant contributions to starting the new journey on a positive note. In 2023, central SOEs achieved operating income of 39.8 trillion yuan, with a total profit of 2.6 trillion yuan and a net profit attributable to the parent company of 1.1 trillion yuan, realizing steady and high-quality growth. The cumulative completion of fixed asset investment (including real estate) was 5.09 trillion yuan, a year-on-year increase of 11.4%, among which, strategic emerging industries completed investment of 2.18 trillion yuan, a year-on-year increase of 32.1%; and research and development funding reached 1.1 trillion yuan, surpassing the 1-trillion mark for two consecutive years.

This year marks the 75th anniversary of the founding of the People's Republic of China and is a crucial year for achieving the goals and tasks of the 14th Five-Year Plan. State-owned assets and SOEs will adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, comprehensively implement the guiding principles of the 20th CPC National Congress and the second plenary session of the 20th CPC Central Committee, thoroughly implement the arrangements of the Central Economic Work Conference, adhere to the general principle of seeking progress while maintaining stability, and firmly grasp the necessity of adhering to high-quality development in this new era. We will deeply implement actions to enhance the reform of SOEs, focus on improving the innovation and value creation capabilities of central SOEs, further optimize and restructure the state-owned economy, accelerate the construction of a modern industrial system, and better leverage the roles of technological innovation, industrial control and safety support. This is aimed at continuously driving the economy to achieve efficient improvements in quality as well as reasonable growth in quantity and make new contributions to China's endeavor to build itself into a stronger country and rejuvenate the Chinese nation on all fronts by pursuing Chinese modernization.

Next, my colleagues and I are willing to answer your questions. Thank you.

Xie Yingjun:

Thank you, Mr. Yuan. The floor is now open for questions. Please identify the media outlet you represent before asking your questions.