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Wednesday, September 13, 2017, 22:03
China moves to encourage innovation in central SOEs
By Xinhua
Wednesday, September 13, 2017, 22:03 By Xinhua

This undated photo shows a worker checking a molten steel at an iron and steel plant in Dalian, Liaoning province. Locally-administered state-owned enterprises (SOEs) will be allowed to experiment with mixed-ownership reform in the rest of the year. (Photo by Liu Debin / for China Daily)

BEIJING – China's state assets regulator and the Ministry of Science and Technology signed a cooperation agreement Wednesday to encourage innovation in centrally-administered state-owned enterprises (SOEs).

The SOEs invested more than 380 billion yuan (US$58.1 billion) in research and development in 2016, and witnessed an average annual growth of over 20 percent in the past few years.

These enterprises own 80 national key laboratories which account for nearly half of the total number.

"The central SOEs are playing an increasingly important role in technological innovation," said Xiao Yaqing, chairman of the State-owned Assets Supervision and Administration Commission.

Minister of Science and Technology Wan Gang said supportive policies will be rolled out to encourage central SOEs to innovate more.

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