Economy

China's SOE top watchdog stresses industry innovation

(Xinhua)
Updated: 2010-05-24 09:41

BEIJING: Chinese State-owned firms should step up efforts on innovation to ensure a sustainable development, Li Rongrong, director of China's State-owned Assets Supervision and Administration Commission (SASAC), said Saturday.

Related readings:  China to collect more earnings from SOEs  China's central SOEs see profit leap in Q1  China central SOEs' number cut down to 126  China's central SOEs report 14.6% growth in 2009 profits

The economic globalization trend is deepening and the world pattern is in the process of great shifts since the break-out of the financial crisis. Companies need to be forward-looking and innovative to be competitive, Li said at a Sino-Swedish CEO innovation summit held in Beijing.

There are currently 126 centrally-administered SOEs under the SASAC, including many industry leaders like China Mobile and PetroChina.

China's central SOEs registered a combined profit of 797.7 billion yuan ($116.8 billion) last year.