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China’s Centrally Administered State-Owned Enterprises to Accelerate Development of New Productive Forces in 2024

Beijing, February 02, 2024, The Europe Today: In an announcement today, the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council of China declared that centrally administered state-owned enterprises (SOEs) are set to expedite the development of new productive forces throughout 2024. The move aims to encourage these enterprises to play a more significant role in the real economy by actively expanding effective investments and optimizing investment layout and structure.

The SASAC emphasized that fostering new productive forces stands as a pivotal task during this comprehensive process. As part of the strategy, the commission will motivate enterprises to embark on industrial renewal and contribute to the development of future industries.

The directive includes encouragement for enterprises to invest in specialized and sophisticated small and medium-sized enterprises (SMEs) and unicorn enterprises, particularly those exhibiting substantial potential and robust growth momentum within the strategic emerging industries.

The SASAC envisions that by actively supporting industrial innovation, fostering future-oriented industries, and strategically investing in SMEs and unicorn enterprises, China’s centrally administered SOEs will significantly contribute to the country’s economic growth and technological advancements.

This initiative aligns with China’s broader goals of promoting innovation, sustainable development, and enhancing the country’s global competitiveness in key strategic sectors.