China drafts new State Assets Law to reform SOEs, boost innovation, and support strategic industries.

China has submitted a draft State Assets Law to the National People's Congress, aiming to reform state-owned enterprises (SOEs) by improving governance, streamlining structures, and boosting efficiency. The 62-article draft supports strategic investments in infrastructure, energy, and technology, aligning with the 15th Five-Year Plan. Central SOEs continue to spend over 1 trillion yuan annually on R&D, with 8.8% dedicated to basic research, driving innovation in critical technologies. The law emphasizes state capital’s role in advancing long-term scientific progress and national modernization.