Chinese enterprises to expand global presence

2023-02-28 10:54:17China Daily Editor : Li Yan ECNS App Download

China's State-owned enterprises are forecast to post higher revenues and expand their world market presence this year as the government encourages them to advance in "going global", said experts and business executives.

They said SOEs are also being asked to carry out technological research based on national strategic and industrial upgrading needs.

China's optimized COVID-19 response and further opening-up measures will help its SOEs fortify international production deals and build more projects related to traditional and new infrastructure in overseas markets in 2023, said Liu Xingguo, a researcher at Beijing-based China Enterprise Confederation. That is especially so with economies participating in the development of the Belt and Road Initiative and signatory countries of the Regional Comprehensive Economic Partnership agreement.

Even though the disruption caused by the pandemic may continue to impact global cross-border investment in the short to medium term, many Chinese SOEs, such as China Railway Construction Corp Ltd and Sinochem Holdings Corp, have already altered their investment strategies. They are counting on opportunities generated by multilateral and bilateral free-trade deals as well as fast-growing business sectors to ensure stable financial returns, said Liang Jun, president of the Guangdong Association of State-owned Capital.

After completing all the major tasks of its three-year plan for the reform of SOEs (2020-22), Chinese SOEs have become leaner and healthier. Their system supporting technological innovation has been improved and supervision over State assets has become more professional, systematic and law-based, according to a statement released in early February by the State-owned Assets Supervision and Administration Commission of the State Council.

China's centrally administrated SOEs saw their net profit jump 35.71 percent to 1.9 trillion yuan ($272.8 billion) in 2022, in comparison to 2020, the commission said. Operating revenues soared 30.03 percent from 2020 to reach 39.4 trillion yuan in 2022.

SASAC said that the plan has led to all-out efforts and numerous breakthroughs in key areas, including optimizing the modern enterprise system and the market-oriented operation mechanism. A total of 99 Chinese SOEs were included in the 2022 Fortune Global 500 List.

China Railway Construction Engineering Group plans this year to expand its construction activity, such as building real estate projects and rail networks in overseas markets, especially in BRI-related economies, according to Mou Jinyou, chief engineer and vice-president of the company's international business unit.

In Baraki, Algeria, Nelson Mandela Stadium was put into use in January after its completion by CRCEG, a subsidiary of Beijing-headquartered China Railway Group Ltd. It served as a main venue for the first official soccer match of the 2022 African Nations Championship, which was held in Algeria from Jan 13 to Feb 4, after the Confederation of African Football rescheduled the tournament in 2020.

With an area of about 41 hectares and a total floor area of over 135,000 square meters, the stadium is capable of holding up to 40,784 spectators.

Outside the stadium, a helicopter apron, an energy station with supporting facilities and an outdoor park have been built. Its outdoor parking lot can accommodate 2,185 cars and 305 buses.


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