Jiangsu's state-owned enterprises promoted reform last year in various fields to enable their 和 profits to exceed 80 billion for the first time, setting a record for the best level in history.
The data shows that in 2018, the state-owned enterprises in the province posted operating income of 834.5 billion yuan, an increase of 11.65% year-on-year, and registered profits of 89.1 billion yuan, a year-on-year increase of 12.53%. Both figures set a historic high.
Provincial enterprises registered operating income of 301.4 billion yuan and profits of 41.25 billion yuan, an increase of 6.67% over the same period of last year and a two-fold increase from 2012. The return on net assets was 7.4%, higher than the national average.
These achievements have benefited from the fact that in the past year, the state-owned enterprises and state-owned assets supervision institutions in the province adopted systematic thinking to seek reform and promote development, respond to changes in the external environment, and achieved positive results in reform and innovation.
Taking Nanjing Jinling Hotel Group Company as an example, the Provincial State-owned Assets Supervision Commission promoted a strategic restructuring of the hotel group. In June last year, 16 provincial-level hotel and tourism assets were merged into the group to create a provincial-level hotel aircraft carrier. Taking this as an opportunity, Jinling Hotel opened up various business resource platforms such as hotel membership, procurement, catering, security, etc., which helped to promote professional operation and realized unified online procurement of hotel supplies.
As a result, the scale and strength of Jinling Hotel Group Company has been further enhanced. In 2018, the company's revenues from the integration and injection achieved year-on-year growth with the total profit increasing by 19.16%.
At the same time as the quality of enterprise development has been steadily improved, the reform of state-owned enterprises has also been further promoted, as is evidenced by the establishment of large state-owned enterprises such as the Provincial Railway Group, the Eastern Airport Group and the launch of a state-owned capital investment operation company by Guoxin Group.
3 provincial and municipal enterprises were listed on the A-share market, adding to a total of 53 state-owned listed companies in the province. 56 provincial-level zombie enterprises were liquidated, contributing to the total liquidation of 118 "zombie enterprises" listed in the clean-up plan. Significant progress was made in the reduction of leverage, debt reduction and risk control.
On this basis, Jiangsu’s state-owned enterprises set new development goals, continued to adhere to market-oriented reforms and high-level opening, accelerated the pace of innovation and development, and cultivate first-class enterprises with core competitiveness.
In 2019, provincial-level enterprises will strive to maintain stable economic growth and achieve an increase of 8% or more in owner's equity over the same period of last year. More than 50 billion yuan worth of new investment will be launched while asset-liability ratio is expected to remain within a reasonable range.
