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Driving SOE innovation

CHINA’S state assets regulator and the Ministry of Science and Technology signed a cooperation agreement yesterday to encourage innovation in centrally administered state-owned enterprises.

The SOEs invested over 380 billion yuan (US$58 billion) in research and development in 2016, and have seen average annual growth of above 20 percent in the past few years.

These SOEs own 80 national key laboratories which account for nearly half of the total number.

“The central SOEs are playing an increasingly important role in technological innovation,” said Xiao Yaqing, chairman of the State-owned Assets Supervision and Administration Commission.

Minister of Science and Technology Wan Gang said supportive policies will be rolled out to encourage central SOEs to innovate more.

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