State-owned enterprises (SOEs) under Beijing's administration posted impressive growth in 2024, with total assets reaching 16.8 trillion yuan (US$2.3 trillion), revenues standing at 2.1 trillion yuan, profits reaching 150 billion yuan, and tax contributions exceeding 100 billion yuan, the municipal state-owned assets supervision and administration commission said recently.

The key economic indicators of these SOEs remained strong on a national scale, officials said. 

In the past year, Beijing SOEs were responsible for 351 major projects across the city, with investments hitting a new high. More than 30% of the total investments were directed toward high-tech industries, which also accounted for over one third of their total revenue.

Officials attributed these strong performances to ongoing reform and innovation efforts.

By the end of last year, over 70% of their major reform tasks had been completed ahead of schedule, with the remaining tasks set to be finished this year.

Additionally, last year, Beijing became the first city in the country to introduce a research and development (R&D) reserve system. Municipal SOEs increased their R&D investment intensity to 2.9%, while industrial enterprises surpassed 4.4%, ranking among the top nationwide.

Looking ahead, officials announced plans to formulate more policies supporting enterprise innovation, and gradually increase the proportion of state-owned capital dedicated to innovation. Efforts will also be focused on nurturing innovative enterprises at various stages, aiming to facilitate the application and commercialization of advanced and core technologies in Beijing.

In addition, SOEs will maintain more than 30 billion yuan of investments in Beijing's sub-center and continue strengthening industrial coordination in the Beijing-Tianjin-Hebei region.