SOEs bring integrity and responsibility

Official praises enterprises for creating new pathways to growth, well-being

China's centrally-administered State-owned enterprises will be characterized by integrity and social responsibility as they participate in high-quality projects of the Belt and Road Initiative, a senior regulator said on Saturday.

Weng Jieming, vice-chairman of the State-owned Assets Supervision and Administration Commission of the State Council, made the remark at the sixth session of Vision China－themed "Belt and Road, Shared Future"－on Saturday afternoon in Beijing.

Since China and partner economies began to develop the initiative in 2013, the response has been positive and fruitful results have been achieved, Weng said.

Central SOEs have participated in more than 3,000 BRI projects, in more than 60 percent of those under construction or planned, and in about 80 percent of the total contract value of all BRI projects, he added.

Central SOEs have not only completed big-ticket projects in transportation, manufacturing and infrastructure－railways, roads, shipping, aviation, pipelines and integrated information network facilities－in many countries participating in the BRI, but have also helped establish economic and trade cooperation zones, Weng said.

To further put their economic growth on a firmer footing, Weng said the central SOEs have also honored their corporate image, adhering to the principle of consultation and sharing, and have conveyed the "profound meaning" of building a community with a shared future for mankind.

For instance, major central SOEs such as China National Petroleum Corp and China Railway Rolling Stock Corp have deployed resources and manpower to build drinking water wells, provide communities with educational materials and make donations to welfare institutions.

They have helped local economies in manufacturing and procurement, as well as in hiring, to improve development of the host countries.

Weng said these moves, with fast-growing manufacturing, services and transportation infrastructure, will help partners give full play to their advantages in resources and better integrate those into the global value chain.

In addition to creating new channels for economic growth and people's well-being, central SOEs will continue to uphold the principles of marketization and commercialization, abide by local laws and regulations, fulfill social responsibilities and create a platform of compliance, openness, inclusiveness, cooperation, high quality, efficiency and harmonious coexistence in markets related to the BRI with a long-term perspective, Weng said.

Central SOEs reported steady profit growth in the first quarter of this year, as combined profits saw year-on-year growth of 13.1 percent to 426.5 billion yuan ($63.5 billion) during the period. Companies in sectors such as mining, defense, transportation and construction outperformed the others, according to the State-owned Assets Supervision and Administration Commission of the State Council.