Guangxi SOEs Gears up for High-Quality Development

State-owned enterprises (SOE) in the Guangxi Zhuang Autonomous Region were focused on promoting pillar industries, deepening reform, boosting innovation, strengthening management and improving supervision during the 13th Five-Year Plan (2016-20), contributing to the rapid social and economic development of the region.

According to the State-owned Assets Supervision and Administration Commission of the People's Government of the Guangxi Zhuang Autonomous Region, the total assets, operating revenue and profit of SOEs under its supervision were 3.98 trillion yuan ($614.11 billion), 772.5 billion yuan and 23.5 billion yuan in 2020.

Guangxi Investment Group was the first Guangxi-based enterprise to be included in the 2020 Fortune Global 500 List. It was also among the top 500 enterprises in China together with five other Guangxi enterprises.

It's worth mentioning that total assets of 11 enterprises in the region exceeded 100 billion yuan and many leading SOEs in Nanning, Liuzhou, Guilin, Wuzhou, Beihai, Yulin, Baise and Hechi gained improved competitiveness in 2020 and drove development of neighboring areas.

SOEs in Guangxi also contributed to the fight against the COVID-19 pandemic.

They participated in construction of makeshift hospitals, provided funds and anti-pandemic supplies to regions in need and reduced rent of small and medium-sized enterprise and private companies. Six enterprises started to produce masks immediately after the COVID-19 outbreak.

They also played a role in resumption of work, stabilizing industrial and supply chains and safeguarding harmony and stability in society.

2021 is a crucial year of the three-year action plan for SOE reform and the starting year of the 14th Five-Year Plan (2021-25).

Guangxi SOEs will strengthen their roles in construction of national strategic platforms like the New International Land-Sea Trade Corridor, the China (Guangxi) Pilot Free Trade Zone, the China-ASEAN Information Harbor and the Financial Opening-up Gateway Nanning Core Area for ASEAN.

State-owned capital will continue to be invested in competitive industries and strategic emerging industries. SOEs will accelerate transformation and upgrading of traditional industries and continue to highly value development of information technology, new energy and materials and cutting-edge equipment manufacturing through improved innovation capacity.

Building a batch of internationally-leading enterprises and optimizing the system of state capital regulation will also be a highlight in the 14th Five-Year Plan in Guangxi.

The regional SASAC will pay attention to risk solution and management of risk assets and strengthen bond risk control and government bond management.

(Executive editor: Wang Ruoting)