Financial reports from China's central government or state-owned enterprises

China Announces $41 Billion Initiative, 3 Trillion Yuan SOE Investment in Equipment Upgrades

Jul 26, 2024, 03:27 AM

China has disclosed a US$41 billion initiative aimed at upgrading the country's industrial and household equipment. Over the next five years, centrally-administered state-owned enterprises (SOEs) will invest more than 3 trillion yuan in large-scale equipment upgrades and renovations. This initiative is part of a broader plan to boost consumption and drive technological innovation. The central government-administered SOEs have made technological innovation their top priority, resulting in increased research investments and multiple breakthroughs in recent years.