Beijing's state-owned enterprises (SOEs) performed well in the past five years thanks to deepening reforms and the efforts to pursue high-quality development.

Over the years, Beijing's state asset regulator has introduced a series of policies to push forward the reform of SOEs, such as three-year action plans to promote high-quality development and the reform of SOEs. A total of 20 level-one SOEs have been merged and restructured. The number of Beijing-administered listed companies reached 69, up by 12 from five years ago.

In 2021, the assets of Beijing-administered business entities totaled 6.5 trillion yuan (US$971 billion), with their annual revenues and profits growing by 34.5% and 47.7%, respectively, to over 2 trillion yuan and 132.38 billion yuan compared to 2017, hitting a record high. 

In addition, Shougang Group and Beijing Automotive Group were listed as Fortune 500 companies, while a total of 15 Beijing companies made it to the list of the top 500 Chinese enterprises. Ten Beijing companies also have assets and revenues that surpass 100 billion yuan. 

Beijing's enterprises also stepped up sci-tech innovations, bringing the annual growth of their R&D input in the past five years to more than 10%. About 500 innovation platforms and 78 innovation incubators have been established. The number of granted patents and in-force invention patents both saw double-digit growth year on year. The companies also achieved breakthroughs in key and core technologies, receiving nearly 700 sci-tech awards.

Beijing's SOEs also shouldered the responsibilities in the construction of a series of major projects, such as the National Speed Skating Oval and the National Alpine Skiing Center which debuted in the Beijing 2022 Winter Olympics. 

In addition, Beijing-administered SOEs have taken an active role in the coordinated development of the Beijing-Tianjin-Hebei region and the development of the municipal sub-center. To fully implement poverty alleviation and rural revitalization strategies, Beijing's SOEs have invested over 40 billion yuan in the provinces that they have paired up with.