In a bold move to bolster technological advancement, China’s state assets regulator has unveiled its inaugural list of centrally administered state-owned enterprises (SOEs) leading in science and technology innovation. The State-owned Assets Supervision and Administration Commission (SASAC) honored 26 SOEs on this prestigious 2023 list, highlighting their pivotal role in driving the nation’s innovation agenda.
The selected enterprises span critical industries, including energy, telecommunications, and aerospace. Notable among them are China Mobile, China National Nuclear Corporation, and Commercial Aircraft Corporation of China, Ltd., each making significant strides in research and development (R&D) to secure China’s position on the global technological stage.
China Mobile, one of the nation’s top three telecommunications operators, exemplifies this commitment to innovation. In the previous year, the company invested approximately 28.7 billion yuan (about $4 billion) in R&D, marking a remarkable 60 percent increase from the prior year. This substantial investment underscores the enterprise’s dedication to advancing frontier sectors and developing cutting-edge technologies.
At a recent seminar convened for central SOE executives, SASAC emphasized the urgency of establishing a comprehensive scientific and technological innovation assessment system. The regulator called for enhanced efforts to nurture new growth drivers, urging enterprises to accelerate innovation and contribute to national development goals.
Further amplifying these efforts, central SOEs established 17 new innovation consortiums last month. These consortiums focus on strategic areas such as industrial software, computing power networks, new energy sources, and advanced materials. According to SASAC data, this initiative brings the total number of central SOE innovation consortiums to 24, signaling a concerted push towards collaborative innovation.
China’s central SOEs are recognized for their robust innovation capabilities and organizational strengths, positioning them as core drivers of technological ingenuity. Impressively, 46 central SOEs were included among the 2023 Fortune 500 companies, reflecting their significant impact on both national and global scales.
In 2022 and 2023, these enterprises collectively invested over 1 trillion yuan in R&D. Their substantial investments have led to breakthroughs in key technologies across various industries, reinforcing China’s commitment to becoming a leader in innovation.
The Chinese government is intensifying efforts to enhance the innovation prowess of SOEs. A key policy document released last week outlines plans to allow more eligible SOEs to offer diverse medium and long-term incentives. These incentives aim to encourage innovation and creativity among research personnel, fostering an environment where original ideas can thrive.
The institutional framework supporting SOEs in pursuing original innovation is set to be improved, with continued reforms of state capital investment and operation companies. Zhang Yuzhuo, chairman of SASAC, highlighted the regulator’s commitment to providing greater institutional support for emerging areas of innovation.
“Efforts should be made to promote the integration of central SOEs into the national innovation system,” Zhang stated. He emphasized the importance of establishing a reserve system for enterprise R&D to encourage full-chain innovation, from fundamental research to industrial applications.
As China continues to advance its technological capabilities, the recognized SOEs are expected to play a crucial role in achieving the nation’s innovation-driven development strategies. Their leadership in R&D and commitment to breakthrough technologies are set to propel China’s position in the global innovation landscape.
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China unveils inaugural list of most innovative central SOEs
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