A view of Beijing Photo: VCG

By 2025, the assets of state-owned enterprises in Beijing will reach 8.25 trillion yuan ($1.2 trillion), with profits totaling 150 billion yuan ($23.2 billion), according to a five-year plan released by the State-owned Assets Supervision and Administration Commission of the People's Government of the Beijing Municipality.

The administration said that in the next five years, the state-owned economy should make it a priority to promote technological innovation, further strengthening state-owned capital and enterprises, to build up energy and momentum to serve the economic and social development of the capital.

During the national 13th Five-Year Plan (2016-20) period, Beijing's state-owned economy has increased significantly, with assets of state-owned enterprises exceeding 6 trillion yuan ($928 billion) and the total profit over 100 billion yuan ($15.4 billion). 

The plan requires an increase of investment in innovation capacity systems and high precision industry by enterprises to achieve autonomy in certain key technologies and hardware.

By 2025, the Research and Development (R&D) investment of key enterprises should reach the leading level in the industry, with the average allocation of 3 percent. During the 14th Five-Year Plan (2021-25) period, the total investment in R&D of state-owned enterprises will not be less than 200 billion yuan ($30.9 billion), according to the plan. 

Moreover, Beijing will deepen the opening up of financial and business sectors and build a high-level international Beijing Green Exchange, in order to actively develop the primary economy, brand economy and evening economy.