An engineer assembles an axial-flow compressor at a workshop of the Shaanxi Blower (Group) Co, Ltd, a state-owned enterprise, in Xi'an, northwest China's Shaanxi province, Nov 18, 2020. (PHOTO / XINHUA)

BEIJING – The profits of China's centrally-administered state-owned enterprises recorded stable growth in 2023, the country's top state assets regulator said on Wednesday.

Total profits of China's central SOEs reached 2.6 trillion yuan (about $365.9 billion) last year, according to the State-owned Assets Supervision and Administration Commission of the State Council.

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The operating revenue of central SOEs hit 39.8 trillion yuan, data from the SASAC showed.

During this period, the fixed-asset investment of central SOEs, including real estate, expanded 11.4 percent year on year to 5.09 trillion yuan, data showed.

Investment in strategic emerging industries totaled 2.18 trillion yuan, marking an increase of 32.1 percent year on year.

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According to the SASAC, the central SOEs saw spending on research and development hit 1.1 trillion yuan in 2023. The figure has exceeded one trillion yuan for two consecutive years.