China in a Decade: Continued industrial growth, transformation and upgrading

III. Prosperity of various economic types with stronger vitality of market players

1. Effective reforms allowing SOEs to continuously play a fundamental role in China’s economy

- In 2021, total profits of state-owned industrial enterprises above designated size reached 2.3 trillion yuan, up 50.0% from 2012

2. Private economy continues to expand, driving market vitality

- From 2013 to 2021, added value of private industrial enterprises above designated size grew at an average annual rate of 8.0%

- In 2021, private industrial enterprises above designated size achieved a total profit of 2.9 trillion yuan, an increase of 44.4% over 2012, with an average annual growth rate of 4.2%

- In 2021, private industrial enterprises above designated size provided 35.82 million jobs, up 14.7% over 2012

3. Expanding foreign investment and trade with deeper market integration

- In 2021, industrial enterprises above designated size with foreign investment or investment from Hong Kong, Macao and Taiwan achieved a total profit of 2.3 trillion yuan, an increase of 63.6% over 2012, with an average annual growth rate of 5.6%

- In 2021, industrial enterprises above designated size exported 14.5 trillion-yuan worth of goods, an increase of 36.1% over 2012, with an average annual growth rate of 3.5%