A press conference on reform and development of state-owned enterprises is held on the sidelines of the first session of the 13th National People's Congress in Beijing, capital of China, March 10, 2018. (Xinhua/Li Xin)

The total assets held by Chinese state-owned enterprises (SOEs), excluding those operating in the financial sector, hit 268.5 trillion yuan ($41.96 trilllion) in 2020, official data showed Thursday, indicating a steady rise over the prior year despite the effect of COVID-19 on the economy.

The total liabilities of non-financial SOEs reached 171.5 trillion yuan last year, the State Council, China's cabinet, said in an annual report on state-owned asset management submitted to the Standing Committee of the National People's Congress, the country's top legislature, on Thursday.

This compares with 233.9 trillion yuan in total assets in 2019 on back of 149.8 trillion yuan in total liabilities, according to data from last year's annual report.

Given the economic expansion of 2.3 percent in the coronavirus-affected 2020, the increase in total assets is impressive.

The total assets of non-financial SOEs stood at 210.4 trillion yuan in 2018, while their liabilities totaled 135 trillion yuan, per official data.

For SOEs operating in the financial sector, their assets amounted to 323.2 trillion yuan in 2020, with 288.6 trillion yuan in total liabilities.

In 2019, financial sector SOEs reported 293.2 trillion yuan in total assets and 262.5 trillion yuan in liabilities. The reading for 2018 was 264.3 trillion yuan in assets and 237.8 trillion yuan in liabilities.

Global Times