Local state-owned enterprises in China to increase fixed asset investment by 4.2% in 2024 from 2018: Chinese report

Fixed asset investment by enterprises supervised and managed by China's Local State-Owned Assets Commissions (local state-owned enterprises) for the whole of 2024 increased 4.2% year-on-year to 7 trillion former (about 144.4 trillion yen).
On February 18-19, the State-Owned Assets Committee of the State Council held a meeting of local state-owned assets committee chiefs in Beijing. According to information released at the meeting, the added value of local state-owned enterprises in 2024 will be
The total revenue reached 7.7 trillion former (approximately 159 trillion yen), and the total profit reached 1.7 trillion former (approximately 35 trillion yen). The cost of research and development increased by 6.6% from the previous year to over 630 billion former (approximately 13 trillion yen).
Local state-owned enterprises accelerated the development of emerging industries. In 2024, investment in "strategic emerging industries" accounted for 21.8% of the total, and sales from the industry accounted for 16.9% of the total.