A file photo shows a view of Guoyuan Port in southwest China's Chongqing. (Photo/Chongqing Logistics Group)
Chongqing - Chongqing’s state-owned enterprises (SOEs) have surpassed their 14th Five-Year Plan targets, with total assets reaching 5.8 trillion yuan (about 813 billion U.S. dollars) by August 2025, up from 4.1 trillion yuan at the previous period’s end, according to a press conference on September 28.
Major indicators—including total profits, total assets, asset-liability ratios, and R&D spending—have all exceeded expectations.
Average annual tax contributions increased from 25.75 billion yuan during the 13th Five-Year Plan (2016–2020) to 27.96 billion yuan over the past five years. Over 90% of state capital went to public services, major infrastructure, and emerging industries, totaling 1.01 trillion yuan and supporting airports, railways, highways, and water resource projects.
Zeng Jinghua, Director of the Chongqing State-owned Assets Supervision and Administration Commission, highlighted the city's reform efforts. The number of Chongqing's SOEs fell from 2,260 to 679, while the proportion of loss-making enterprises dropped from 34% to 18.8%. Both the proportion and the amount of losses have declined.
Chongqing has also sought to revitalize idle assets. Over the past five years, 235.8 billion yuan worth of dormant resources were brought into use.
For example, Chongqing Real Estate Group converted approximately 42,000 square meters of idle commercial facilities linked to public rental housing into long-term rental apartments, featuring smart management systems, concierge-style services, and community activities. Occupancy has remained above 90%, providing housing solutions for new urban residents and young people.
During the 14th Five-Year Plan period, Chongqing optimized the structure of its SOEs, concentrating on six key sectors: advanced manufacturing, modern services, infrastructure, public services, culture and tourism, and new quality productive forces. "This approach provides each enterprise with a clear development path," said Zeng.
The city also prioritized emerging industries such as new energy and intelligent connected vehicles, investing 99.8 billion yuan and launching major projects, including the Xinjiang-to-Chongqing power transmission, establishing new growth engines for its SOEs.
Innovation remained a top focus over the past five years. Chongqing strengthened enterprises as drivers of innovation, establishing a support system for R&D funding, performance, talent, and incentives. R&D spending rose from 2.6 billion yuan to 6.2 billion yuan, sustaining double-digit growth for three years.
Chongqing’s SOEs also boosted public welfare by upgrading airports, high-speed rail, expressways, and rail networks. Initiatives like on-demand buses and a subway line helping farmers transport produce to the city have been praised for improving convenience and accessibility.
China's five-year plans act as a comprehensive blueprint for the country's economic and social development, setting out goals, strategies, and priorities for each planning cycle.