BEIJING - China's centrally administered state-owned enterprises (SOEs) have achieved robust growth in both total assets and profits during the 14th Five-Year Plan period (2021-2025), according to the state assets regulator on Wednesday.

Zhang Yuzhuo, chairman of the State-owned Assets Supervision and Administration Commission of the State Council, revealed at a press conference that the centrally administered SOEs' total assets have expanded from under 70 trillion yuan (about $9.86 trillion) to over 90 trillion yuan, while total profits have increased from 1.9 trillion yuan to 2.6 trillion yuan. This represents average annual growth rates of 7.3 percent and 8.3 percent, respectively.

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"After years of dedicated efforts, the centrally administered SOEs have made substantial progress in innovation capacity," Zhang noted, highlighting that their research and development expenditures have exceeded 1 trillion yuan for three consecutive years.

Additionally, the centrally administered SOEs have contributed over 10 trillion yuan in taxes and fees during the period, Zhang added.