City’s SOE assets top ¥4.1 trillion

Writer: Zhang Yu  |  Editor: Holly Wang  |  From: Shenzhen Daily  |  Updated: 2021-01-21

The total assets of Shenzhen’s State-owned enterprises (SOEs) posted a growth of 12.3 percent last year and exceeded 4.1 trillion yuan (US$633 billion) by the end of 2020, Shenzhen Special Zone Daily reported yesterday.

The city’s SOEs yielded 795.6 billion yuan in revenues and 135.1 billion yuan in profits, and paid 41.4 billion yuan of taxes by the end of last year, up 9.9 percent, 5.3 percent, and 6.8 percent year on year, respectively, and significantly higher than the average growth level of central enterprises and major local SOEs in other cities.

Since the beginning of the 13th Five-Year Plan period, the total assets, operating income and total profits of municipal SOEs have increased by 3 times, 4.8 times and 2.2 times, respectively, compared with the beginning of the period.

The compound annual growth rate of the total assets, operating income and total profits of municipal SOEs was 31.4 percent, 42.4 percent and 26.5 percent, respectively, during the period, statistics from the Shenzhen Municipal State-owned Assets Supervision and Administration Commission (SASAC) showed.

The municipal SOEs continued to play a key role in promoting investment. The SOEs completed an annual investment of 237.3 billion yuan in 2020, up 32 percent over the previous year.

The SOEs have also undertaken 92 major construction projects in the city with an investment of 76.4 billion yuan and posted a budget completion rate of 123 percent.

To better serve the needs of the development of SOEs and make the companies more competitive, municipal SOEs offered 15 senior managerial posts for professionals.

According to the SASAC, 77.8 percent of the city’s State-owned capital has been pooled in infrastructure and public utilities, finance and strategic industries.