China announces first-ever list of most innovative central SOEs
On Wednesday, China's top state assets regulator unveiled the first-ever list of centrally administered state-owned enterprises (SOEs) recognized for their leadership in science and technology innovation.
TroibNews 
China's top state assets regulator unveiled the first list of centrally administered state-owned enterprises (SOEs) excelling in science and technology innovation on Wednesday.
The State Assets Supervision and Administration Commission (SASAC) of the State Council recognized 26 SOEs on the 2023 list, including China Mobile, China National Nuclear Corporation, and Commercial Aircraft Corporation of China, Ltd.
These selected companies are primarily from the energy, telecommunications, and aerospace sectors.
China Mobile, a leading telecom operator in the country, has intensified its investment in future-focused sectors. According to its financial report, the telecom leader allocated about 28.7 billion yuan (approximately $4 billion) to research and development (R&D) last year, marking a nearly 60 percent year-on-year increase.
At a recent seminar for central SOE executives, the state assets regulator emphasized the need to hasten the creation of a comprehensive sci-tech innovation assessment system and foster new growth drivers.
In the previous month, central SOEs formed 17 new innovation consortiums that span areas including industrial software, computing power networks, new energy, and advanced materials.
Data from the SASAC indicates that this initiative has raised the total number of central SOE innovation consortiums to 24.
China's central SOEs possess strong innovation capabilities and organizational advantages, making them pivotal in technological advancement. Among the 2023 Fortune 500 companies, 46 were central SOEs from China.
In 2022 and 2023, these SOEs invested over 1 trillion yuan in R&D, achieving significant breakthroughs in key technologies across various industries and sectors.
China has been intensifying efforts to enhance the innovation capabilities of SOEs. According to a key policy document released last week, China will permit more eligible SOEs to offer various medium and long-term incentives to stimulate innovation and creativity among their research staff.
The institutional framework guiding SOEs in original innovation will be refined, and the reform of state capital investment and operation companies will be continued.
Zhang Yuzhuo, chairman of the SASAC, stated this week that the regulator will offer more institutional support for new and emerging areas of innovation.
Efforts should be made to integrate central SOEs into the national innovation system and establish a reserve system for enterprise R&D to promote comprehensive innovation, from fundamental research to industrial applications, according to Zhang.
Read more: China ramps up support for cutting-edge SMEs in tech advancement drive
Emily Johnson contributed to this report for TROIB News
The State Assets Supervision and Administration Commission (SASAC) of the State Council recognized 26 SOEs on the 2023 list, including China Mobile, China National Nuclear Corporation, and Commercial Aircraft Corporation of China, Ltd.
These selected companies are primarily from the energy, telecommunications, and aerospace sectors.
China Mobile, a leading telecom operator in the country, has intensified its investment in future-focused sectors. According to its financial report, the telecom leader allocated about 28.7 billion yuan (approximately $4 billion) to research and development (R&D) last year, marking a nearly 60 percent year-on-year increase.
At a recent seminar for central SOE executives, the state assets regulator emphasized the need to hasten the creation of a comprehensive sci-tech innovation assessment system and foster new growth drivers.
In the previous month, central SOEs formed 17 new innovation consortiums that span areas including industrial software, computing power networks, new energy, and advanced materials.
Data from the SASAC indicates that this initiative has raised the total number of central SOE innovation consortiums to 24.
China's central SOEs possess strong innovation capabilities and organizational advantages, making them pivotal in technological advancement. Among the 2023 Fortune 500 companies, 46 were central SOEs from China.
In 2022 and 2023, these SOEs invested over 1 trillion yuan in R&D, achieving significant breakthroughs in key technologies across various industries and sectors.
China has been intensifying efforts to enhance the innovation capabilities of SOEs. According to a key policy document released last week, China will permit more eligible SOEs to offer various medium and long-term incentives to stimulate innovation and creativity among their research staff.
The institutional framework guiding SOEs in original innovation will be refined, and the reform of state capital investment and operation companies will be continued.
Zhang Yuzhuo, chairman of the SASAC, stated this week that the regulator will offer more institutional support for new and emerging areas of innovation.
Efforts should be made to integrate central SOEs into the national innovation system and establish a reserve system for enterprise R&D to promote comprehensive innovation, from fundamental research to industrial applications, according to Zhang.
Read more: China ramps up support for cutting-edge SMEs in tech advancement drive
Emily Johnson contributed to this report for TROIB News
