Shandong SASAC Holds Economic Operation Meeting to Promote High-Quality Development of Provincial Enterprises

Recently, the State-owned Assets Supervision and Administration Commission (SASAC) of Shandong Province held an economic operation analysis meeting for the first quarter of this year. The meeting summarized the economic operation of provincial enterprises in the first quarter, analyzed the current situation, and deployed subsequent work measures, aiming to push the high-quality development of provincial enterprises to a new level.

Xinhua News Agency reports that in the first quarter of this year, facing a complex and severe external environment, Shandong’s provincial enterprises firmly undertook their mission of "taking the lead and shouldering heavy responsibilities", solidly promoted quality improvement, efficiency increase and stable growth, and achieved a "good start" in economic operation. The main operating indicators of provincial enterprises maintained a steady upward trend, with operating income, total profit and total assets increasing by 1.9%, 10% and 9.6% year-on-year respectively, all higher than the average level of provincial supervised enterprises nationwide.

Key enterprises showed a sound growth momentum, with the number and ranking of enterprises selected into the top 30 in total profit among national local state-owned enterprises both higher than last year. Shandong’s provincial enterprises have long maintained a leading position in the country; their total operating income, total assets and owner’s equity all rank first among provincial supervised enterprises in China, and total profit ranks second.

China Daily notes that new driving forces continued to strengthen. The operating income of strategic emerging industries of provincial enterprises increased by 20.8% year-on-year, accounting for 4.1 percentage points higher than the same period last year. Strategic emerging industries have become an important carrier of new quality productive forces, with provincial enterprises implementing 579 strategic emerging industry projects and 14 future industry projects, with a planned total investment of 324.3 billion yuan.

Major investments accelerated, with fixed asset investment of provincial enterprises increasing by 19% year-on-year. A number of major projects were accelerated in construction, effectively driving industrial upgrading and making positive contributions to the high-quality economic and social development of Shandong Province.

The meeting put forward clear requirements for the next stage of work. It emphasized the need to solidly promote high-quality and stable growth, consolidate the responsibility for stable growth, dynamically optimize business strategies, fully promote cost reduction and efficiency increase, pay close attention to the construction of major projects, and deepen foreign cooperation and exchanges to effectively play the role of a "stabilizer and ballast stone" for the province’s economic market.

Efforts will be made to further advance the reform of state-owned enterprises, improve modern corporate governance, optimize resource allocation, and stimulate internal vitality. Measures will also be taken to accelerate the improvement of independent innovation capacity, promote diversified and efficient R&D investment, and deepen the integration of industry, education, research and application.

In addition, the meeting required balancing development and security, strictly preventing and controlling risks in key areas, improving the intelligent penetrating supervision system, and firmly adhering to the bottom line of no major risks. Moving forward, Shandong’s provincial enterprises will continue to implement the meeting requirements, promote high-quality development with high-quality party building, and make greater contributions to Shandong’s economic and social development.