An aerial drone photo taken on Nov. 27, 2024 shows the Center for Excellence in Quantum Information and Quantum Physics under the Chinese Academy of Sciences in Hefei, east China's Anhui Province. (Photo: Xinhua)

China's centrally administered state-owned enterprises (SOEs) invested 2 trillion yuan ($274.1 billion) in strategic emerging industries in the first 11 months of 2024, marking an 18.7 percent year-on-year increase, the Xinhua News Agency reported on Tuesday, citing data from the State-owned Assets Supervision and Administration Commission (SASAC). 

Notably, the investment in strategic emerging industries accounted for more than 40 percent of the central SOEs' total investment during the period, exceeding the 40-percent mark for the first time, according to Xinhua. 

The marked growth in central SOEs' investment comes as China has been stepping up efforts to boost strategic emerging industries, which include new-generation information technology, artificial intelligence, aerospace, new energy, new materials, high-end equipment, biomedicine and quantum technology.

In comparison, China's central SOEs made a total of 4.2 trillion yuan in fixed-asset investment in the first 11 months of 2024, up 2.2 percent year-on-year, according to a statement from SASAC on Tuesday about a meeting of the heads of central SOEs. 

The meeting, which was held from Monday to Tuesday, noted that so far in 2024, central SOEs withstood pressure, made progress while maintaining stability, and saw generally stable economic gains, with an added value of 9.3 trillion yuan achieved in the first 11 months of the year, the SASAC statement said, adding that central SOEs served as a stabilizer and ballast stone for the national economy and made outstanding contributions to the country's innovation system.

The meeting urged central SOEs to earnestly improve quality and efficiency, so as to ensure solid development and reform in 2025. It also called on central SOEs to better safeguard stability in the capital market, better play its critical role in stabilizing economic growth, improve independent innovation capabilities, and better play an important role in promoting high-level scientific and technological self-reliance, according to the statement. 

Global Times