High-Quality Implementation of the 14th Five-Year Plan: State-owned Assets Supervision and Administration Commission—The “Ballast Stone” Stabilizing the Economy

State-owned assets and state-owned enterprises act as the economy’s “ballast stone,” providing strategic support, industry leadership, and public assurance. On December 11, Information Office of Shanxi Provincial Government held the 19th press conference in the “High-Quality Implementation of the 14th Five-Year Plan” series, featuring the State-owned Assets Supervision and Administration Commission. Officials highlighted the significant progress of Shanxi’s State-owned assets and state-owned enterprises.

During the 14th Five-Year Plan, the quality of State-owned assets and state-owned enterprises development steadily improved, strengthening support for Shanxi’s economic and social functions. By the end of 2024, total assets of provincial enterprises grew from 3.28 trillion to 3.77 trillion yuan, and total profits rose from 20.8 billion to 48.9 billion yuan, with average annual growth rates of 3.12% and 23.79%, respectively.

Among provincially supervised enterprises nationwide, Shanxi ranks among the top in total assets, revenue, and profit.

Hong Qiang, Director of Provincial SASAC, said: “Despite sharp coal price declines last year causing pressures on coal enterprises, non-coal firms still posted double-digit profit growth of 11%, reflecting growing resilience and risk resistance. We have built 301 advanced mines, covering over 95% of capacity. The nation’s first provincial coal industry internet platform is now operational, driving industrial transformation. Revenue from strategic emerging industries exceeds 10%, signaling a shift from coal dominance to diversified industrial support.”

This year marks the final phase of the campaign to deepen reforms of state-owned enterprises. Since its launch, the Provincial SASAChas prioritized strengthening, optimizing, and expanding state capital and enterprises, working to fully implement all reform tasks.

Li Qiang, Deputy Director General, said, “By the end of October, 99.02% of 156 provincial-level reform tasks were completed. We are confident of high-quality completion by year-end.”

Since the 14th Five-Year Plan began, especially after the 20th National Congress of the Communist Party, Shanxi has focused on technological innovation and strategic emerging industries. This year, a new plan was introduced to boost SOEs’ competitiveness in cost, technology, and market development, enhancing their core strengths.

Provincial SOEs have been key players in supporting national strategies and regional coordinated development during this period.

Spokesperson, Yan Weiwei, noted, “From 2021 to 2024, provincial SOEs produced 2.9 billion tons of raw coal, fulfilling the  mandate to secure national coal and power supply. The International Energy Group supplied over 100 billion kilowatt-hours of electricity to the Beijing-Tianjin-Hebei region. The Wanjiazhai Water Holding Group delivered 971 million cubic meters of water to restore the Yongding River, ensuring year-round flow and reconnecting it to the sea.”

Overall, during the 14th Five-Year Plan, provincial SOEs have demonstrated “Shanxi’s strength,” expanded their development, and fulfilled social responsibilities. Last year, they contributed 130 billion yuan in taxes—nearly a quarter of the Shanxi’s public budget revenue and a third of its tax income.