BEIJING - China has made significant strides in improving the quality of the assets of state-owned enterprises (SOEs), driven by deepened reforms and enhanced supervision, according to a report.

The report on the enforcement of the Law on State-Owned Assets of Enterprises was submitted for deliberation on Sunday to an ongoing session of the Standing Committee of the National People's Congress.

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By the end of 2023, the assets of SOEs, excluding the financial sector, totaled 371.9 trillion yuan ($51.72 trillion), said the report.

Last year, the combined revenue of SOEs nationwide stood at 85.6 trillion yuan, and the total profits amounted to 4.7 trillion yuan, reflecting a nearly threefold increase from the 2009 level.

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The report attributes the achievements to the country's efforts in deepening SOE reforms and strengthening supervision of the state-owned assets.

The report also proposed establishing and improving the entrusted agency mechanism for state-owned enterprises and state capital.