China's centrally administered state-owned enterprises (SOEs) have taken the lead in resuming production to help global industrial and supply chains counter the COVID-19 impact, the top state assets regulator said Monday.
So far, 99.4 percent of central SOEs have resumed production, driving the upstream and downstream medium, small and micro-sized businesses to reboot engines in tandem, Xia Qingfeng, spokesperson for the State-owned Assets Supervision and Administration Commission of the State Council, told a press conference.
Through 40 years of reform and opening-up, China's economy has deeply integrated into the global industrial and supply chains, Peng said.
Noting that central SOEs have a relatively sound industrial system, Peng said the country should further tap into domestic industrial chains amid business disruptions caused by the epidemic.
In this regard, the SOEs will deepen coordinated cooperation between upstream and downstream industries, hasten the upgrade of industrial chains and enhance international collaboration, according to Peng.
For the past three years, central SOEs have pitched in to facilitate the development of global industrial chains with an average outbound investment of 300 billion yuan (about 42.46 billion U.S. dollars) each year. Enditem