During the 14th Five-Year Plan (2021-25) period, the total assets of state-owned enterprises (SOEs) in Northeast China’s Heilongjiang Province surged to over 2.03 trillion yuan ($292.34 billion) from about 1.64 trillion yuan ($235.63 billion), marking an average annual growth rate of 4.41 percent.
In 2025, Heilongjiang’s local SOEs realized a value added of 64.14 billion yuan ($9.22 billion), with those invested in by the provincial State-owned Assets Supervision and Administration Commission (SASAC) contributing to 62 percent of the total. In the same year, the total output value of 86 local SOEs above the designated size in the province reached 29.79 billion yuan ($4.28 billion).
Throughout the year 2025, Heilongjiang SASAC and its affiliated SOEs intensified efforts to ensure stable and orderly operation and expand efficient investment. They pooled 21.35 billion yuan ($3.07 billion) into 246 projects, including 19.35 billion yuan ($2.28 billion) for 211 fixed-asset projects. The layout of State-owned capital was optimized as SOEs invested in by Heilongjiang SASAC and their branches clarified their main business scopes and responsibilities. Consequently, 98.29 percent of their investment were allocated to projects within their core business areas.
In 2025, Heilongjiang for the first time saw two of its provincial SASAC-invested SOEs becoming “little giant” firms (specialized, high-end and innovation-driven small and medium-size enterprises that provide distinctive products or services), making provincial history. The R&D funds reached about 2.96 billion yuan ($425.03 million), a 15.59 percent increase year-on-year. Heilongjiang SASAC-invested SOEs also allocated investments in strategic emerging industries, channeling 6.94 billion yuan ($997.5 million) into 56 strategic emerging projects. It represented 30 percent of their accumulated investment and resulted in a revenue of 29.47 billion yuan ($4.24 billion).
As 2025 is the final year of the 14th Five-Year Plan, Heilongjiang SASAC and its SOEs intensified efforts to enhance both development effectiveness and quality, building more robust comprehensive capabilities. Through the implementation of the three-year SOEs’ reforms, their modern enterprise system with Chinese characteristics has become more mature, enabling SOEs to enhance their management in accordance with market mechanism.
Looking ahead to 2026, Heilongjiang SASAC and its SOEs stand ready to accomplish various major tasks to achieve their annual objectives and the success of the 15th Five-Year Plan (2026-30).
(Executive editor: Yuan Ting)
