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October 25, 2018

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Cabinet lays out view of state assets for first time

The State Council, China’s Cabinet, for the first time reported on the condition of state-owned assets in full length to the top legislature yesterday.

The Standing Committee of the National People’s Congress reviewed exhaustive reports on the status, management and reform progress of SOAs.

According to the report, total SOAs in non-financial enterprises had reached 183.5 trillion yuan (US$26.4 trillion) by the end of 2017, while that in financial enterprises had hit 241 trillion yuan.

Finance Minister Liu Kun, on behalf of the State Council, delivered a special report on SOAs in financial enterprises, which offered statistics on different layers of the assets.

From 2013 to 2017, revenue of centrally-administered state-owned financial enterprises increased from 4.3 trillion yuan to 5.8 trillion yuan.

The net profit attributable to parent companies grew from 1.2 trillion yuan to 1.4 trillion yuan, according to Liu’s report.


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