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The state sector is a major part of China's economy, with SOEs accounting [as of?] for approximately 25% of the national GDP. [13]: 6 China's SOEs are among the largest global firms by revenue, and of the 135 Chinese companies on the Fortune Global 500 list (2023), 85 are state-owned.
[2] As of 2023 [update] , its companies had a combined assets of CN¥ 871 trillion (~ US$ 116 trillion), revenue of more than CN¥85.37 trillion (~US$12 trillion) [ 3 ] [ 4 ] with a total profit of 4.63 trillion yuan according to a report from SASAC. [ 5 ]
A state-owned enterprise (SOE) is a business entity created or owned by a national or local government, either through an executive order or legislation.SOEs aim to generate profit for the government, prevent private sector monopolies, provide goods at lower prices, implement government policies, or serve remote areas where private businesses are scarce.
[2] In a strategy which came to be known by the slogan "wearing a red hat," some private entrepreneurs obtained permission from townships and villages to register their private enterprises as TVEs in order to avoid restrictions on the number of employees a small private business could have. [14]: 97–98
Government Ethics Office [2] Transportation ... State-owned Assets Supervision and Administration Commission, the equivalent in Mainland China (PRC). References
The China Business Journal (abbreviated as CBJ; [3] 中国经营报; 中國經營報), or China Business, [4] is a Beijing-based [5] nationally distributed Chinese economic newspaper [6] launched on January 5, 1985. [7]
The "grasping the large and letting the small go" policy (Chinese: 抓大放小; pinyin: Zhuā dà fàng xiǎo) was part of a wave of industrial reforms implemented by the central government of the People's Republic of China in 1996.
As of the end of 2019, China's SOEs represented 4.5% of the global economy. State-owned enterprises accounted for over 60% of China's market capitalization in 2019 [30] and generated 40% of China's GDP of US$15.97 trillion (101.36 trillion yuan) in 2020, with domestic and foreign private businesses and investment accounting for the remaining 60%.