China’s Nonfinancial State Firms’ Assets More Than Double Since 2017

China’s nonfinancial state-owned enterprises held 430.7 trillion yuan ($64.6 trillion) in assets at the end of 2025, more than double their level eight years earlier, according to a government report released Tuesday.

State-owned equity in those companies reached 115.3 trillion yuan, up about 5.4% from a year earlier and 129% from 2017, according to Caixin calculations. The State Council submitted the annual report on state asset management to the Standing Committee of the National People’s Congress, China’s top legislative body.