China’s cabinet published a report on Wednesday evaluating the country’s state-owned assets (SOAs), in what is the first public document to treat the topic, China Daily reports.
The report stated that SOAs linked to non-financial enterprises were worth Rmb 183.5 trillion ($26.4 trillion) by the end of last year, and those in the financial sector reached Rmb 241 trillion. Revenue from state-owned financial firms hit Rmb 5.8 trillion in 2017, up from Rmb 4.3 trillion four years previous.
Of this, Rmb 18.1 trillion were tied up in overseas holdings, such as companies’ offshore branches, the report said. This included foreign debt held by Chinese institutions.
The report was presented to the Standing Committee of the National People’s Congress by finance minister Liu Kun. In his address he also announced government plans to create a national supervisory body for state-owned financial assets.