Photo: Nanfang Plus
Guangdong's provincial state-owned enterprises (SOEs) are making significant progress in advancing high-quality development, as highlighted at a press conference hosted by the provincial government's information office on April 25th. This event is part of a broader series focused on regional development, where officials emphasized how SOEs have become powerful engines for infrastructure expansion, technological innovation, and public welfare.
Figures released during the briefing indicate that over the past four years, these enterprises have substantially contributed to the province's economic stability. In 2024, the total assets of SOEs in the province reached RMB 2.73 trillion, an increase of nearly 38% from 2020. In the same year, these companies generated RMB 7.02 trillion in revenue and RMB 387.8 billion in total profits. Investments in key provincial projects exceeded RMB 127.8 billion, accounting for more than 10% of Guangdong's total. In the first quarter of 2025, Guangdong's provincial SOEs reported total revenue of RMB 161.87 billion, with RMB 9.1 billion in total profits and RMB 39.53 billion in added value, reflecting year-on-year increases of 0.9%, 9.5%, and 9.5%, respectively.
SOEs have played a critical role in developing major infrastructure projects, including the Shenzhen-Zhongshan Link and high-speed railways such as the Guangzhou-Shanwei and Guangzhou-Zhuhai lines, enhancing regional connectivity in the Greater Bay Area. They manage over 8,000 kilometers of highways and supply nearly 20% of the province's power capacity. In the water sector, their treatment capacity ranks first nationally, benefiting more than 100 million residents.
Supporting rural revitalization has also been a priority. Through initiatives like the “High-quality Development Project for Hundreds of Counties, Thousands of Towns, and Tens of Thousands of Villages,” SOEs have invested in over 200 rural development programs, creating jobs and boosting local economies. Funds targeting county-level growth and marine industries have reached a combined total of RMB 150 billion.
Another key focus is industrial upgrading. Guangdong's SOEs have launched dedicated funds totaling RMB 700 billion for advanced manufacturing and strategic sectors, including artificial intelligence, robotics, and biotechnology. Investment in manufacturing has grown nearly 36% since 2020, while spending on emerging industries has surged almost 30%.
To fuel future growth, technological innovation is being prioritized. In 2024, R&D investment rose to RMB 169.6 billion, with SOEs leading or participating in 131 major national and provincial-level research projects. Currently, provincial SOEs operate 407 R&D platforms and include 284 high-tech firms and 147 ‘little giant' specialized and innovative companies. A total of 21 enterprises have earned national or provincial “single-product champion” status in manufacturing.
With 2025 marking the final year of the 14th Five-Year Plan, Guangdong's state-owned sector is poised to intensify reforms, enhance competitiveness, and support the province's ambitions to lead in China's modernization drive.
Reporter: Zeng Xiangxing
Editor: Hu Nan, James, Shen He
