BEIJING, March 6 (Xinhua) -- The state-owned enterprises (SOEs) in Shanghai saw growing revenue and profit in 2019, official data showed.
Total revenue of Shanghai SOEs rose 5.5 percent year on year to reach 3.7 trillion yuan last year, said the Shanghai Municipal State-owned Assets Supervision and Administration Commission (Shanghai SASAC) on Thursday.
Their total profit came to 348.66 billion yuan, up 2.6 percent year on year.
In 2019, Shanghai's total state-owned assets, including those of financial service enterprises, reached 21 trillion yuan, up 10.1 percent over the previous year.
Local SOEs have created more than one fourth of Shanghai's total economic output for a long time.
Bai Tinghui, director with Shanghai SASAC noted that while racking up increase in financial performance, the SOEs in Shanghai also play a significant role in implementing major national strategies involving the Lingang area of China (Shanghai) Free Trade Zone, the integrated development in the Yangtze River Delta, and the science and technology innovation board.
For instance, Lingang Group, the largest industrial park developer under Shanghai SASAC, has introduced 119 projects concerning integrated circuit, artificial intelligence and other fields to the Lingang area, with total investment standing at more than 45 billion yuan.
To win the battle against the novel coronavirus outbreak, which affects growth of local economy, Shanghai SOEs have made relentless efforts in epidemic prevention and control as well as resumption of operation and production. In reducing and exempting rent alone, Shanghai SOEs cut a total of 2.5 billion yuan of rent in February and March, benefiting about 35,000 small and medium-sized enterprises.
China took a series of measures to invigorate its SOEs in 2019, including the mixed-ownership reform and the comprehensive reform of pilot areas in Shanghai, Shenzhen and Shenyang.
Shanghai's pilot reform this year will focus on improving state asset management, retooling the authorized management of state-owned capital, and refining the market-oriented management mechanism of SOEs, according to the comprehensive reform plan for the SOEs in Shanghai. (Edited by Su Dan, silviasu07@163.com)
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