China's local SOEs see growing asset in 2022

BEIJING -- China's local State-owned enterprises (SOEs) saw a steady growth of assets in 2022, according to the country's top SOEs regulator.

The total assets of local SOEs reached 205.5 trillion yuan ($30.36 trillion) by the end of November 2022, up 10.1 percent year-on-year, the State-owned Assets Supervision and Administration Commission of the State Council said Thursday at a meeting.

Local SOEs saw their total business revenue up 8.1 percent, reaching 33.7 trillion yuan in the first 11 months of 2022.

China launched a three-year campaign in 2020 to boost the competitiveness and innovation capabilities of SOEs via reforms. The campaign ended in 2022 with its targets accomplished, the meeting noted.