(Yicai) April 22 -- The 100 companies owned by China's central government raised their fixed-asset investment by 24 percent to more than CNY1 trillion (USD146.6 billion) last quarter from a year ago, playing an important role in driving the country's overall economic growth.

The state-owned enterprises directly under the State-Owned Assets Supervision and Administration Commission drove the growth of fixed-asset investment in China by 2 percentage points in the three months ended March 31, the state assets manager announced on April 20.

The fixed-asset investment of central SOEs in many areas reached record highs thanks to the start of major projects in China's 15th Five-Year Plan, which runs through 2030. For example, that of State Grid Corporation of China and China Southern Power Grid surged 37 percent and 50 percent to CNY129 billion and CNY38.5 billion (USD18.9 billion and USD5.6 billion), respectively, the two power grid giants said previously.

Central SOEs performed steadily last quarter, with their value contribution to the national economy continuing to increase, Wu Gangliang, a researcher at the China Enterprise Reform and Development Society, told Yicai. They will continue to play a leading role in investment in major projects and key areas, stabilizing economic fundamentals by expanding effective investment, Wu added.

In the meantime, central SOEs should increase investment in strategic emerging industries and scientific and technological innovation, while strictly controlling purposeless borrowing and borderless expansion, Wu stressed.

China's gross domestic product expanded 5 percent in the first quarter from a year earlier, compared with a 4.5 percent growth in the fourth quarter last year, according to data released by the National Bureau of Statistics. The country's fixed-asset investment rose 1.7 percent, reversing the 3.8 percent year-over-year drop in 2025.

The combined added value of central SOEs rose about 3 percent to CNY2.7 trillion, achieving steady growth in various basic industries, including electricity, transportation, refined oil, and coal, as well as maintaining a stable market supply and prices, the SASAC pointed out.

Central SOEs have also accelerated industrial transformation and upgrading, with investment in strategic emerging industries surging 20 percent, the SASAC added.

The cumulative investment of central SOEs in strategic emerging industries topped CNY7.4 trillion (USD1.1 trillion) over the past three years, accounting for 42 percent of their total, Zhang Yuzhuo, director of the SASAC, said at the Two Sessions, China's two key policy-setting meetings held last month. Revenue of strategic emerging industries under such enterprises reached CNY12.3 trillion last year, Zhang added.

Editors: Dou Shicong, Martin Kadiev