Huzhou's State-owned enterprise assets surpass 1 trillion yuan

chinadaily.com.cn | Updated: Jun 3, 2021

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A night view of Huzhou, East China's Zhejiang province. [Photo/WeChat account:huzhoufabu]

The total assets of State-owned enterprises in Huzhou, East China's Zhejiang province exceeded 1 trillion yuan ($153.85 billion) as of the end of April, local authorities said.

It represents an uptick of 31.69 percent year-on-year and an increase of 457.36 percent from the beginning of the 13th Five-Year Plan (2016-20) period.

More than 93 percent of the operational State-owned assets from the city are under centralized supervision.

To date, Huzhou is home to 20 State-owned enterprises, each with over 10 billion yuan in assets. Among them, one company has seen its assets surpass 100 billion and seven has assets worth more than 50 billion yuan.

Huzhou City Investment & Development Group and Huzhou Communications Investment Group were rated as 3A-level enterprises by Dagong Global Credit Rating Group, an authoritative Chinese credit rating agency. 3A is the top sovereign credit rating given to enterprises by the agency.

Huzhou City Investment & Development Group has been working on easing financing problems that local enterprises face. It offers credit worth more than 11 billion yuan for over 1,000 enterprises annually.

In addition, the company has obtained the qualification to manage private equity funds. The funds it manages now have a total close to 13 billion yuan.