China’s largest state-owned investment company, the State Development and Investment Corporation (SDIC), said recently that the organization’s realized profits hit 11.3 billion yuan (US$1.75 billion) for the first half of this year, a 41% increase from the same period last year, reported Yicai.com.
Wang Huisheng, the chairman of SDIC, told Yicai that the organization’s pilot reforms are “achieving preliminary results.” Since 2003, the company has seen 14 years of total profits growing at an impressive average of 25% every year, with accolades from the State Council, the report added.
The company had identified “automation, management, supervision and strengthening of party core values” as crucial components, and came up with a new management structure that includes broader supervision of staff to achieve the results, the report added.
SDIC is also actively trying to echo the government’s supply side reforms. The company will move towards big data, manufacturing, desalination and other new industries as part of its effort to support the government.