China continues to guide State-owned enterprises

China will continue to guide State-owned capital to support key industries and areas, and advance the strategic restructuring and professional integration for its State-owned enterprises in 2023, according to the country's top State assets regulator.

The plans come as the State-owned Assets Supervision and Administration Commission of the State Council, or the SASAC, said the government will strengthen the industrial layout of energy resources, grain supplies, strategic material reserves and other areas this year.

Addressing a meeting in Beijing, on Thursday, Zhang Yuzhuo, Party secretary of the SASAC, told heads of locally administered SOEs that the government will rely on the leading role and strategic support of the State-owned economy to assist the country in stabilizing its economic growth, employment and goods prices this year, while contributing to the overall improvement of economic operation.

By the end of November 2022, the total assets of China's local SOEs amounted to 205.5 trillion yuan ($30.48 trillion), up 10.1 percent on a yearly basis, according to a statement released by the SASAC on Thursday.

Despite downward pressure on the economy caused by the COVID-19 pandemic and external challenges, the operating revenue of local SOEs grew by 8.1 percent year-on-year to 33.7 trillion yuan between January and November, 2022.