Chinese state enterprises to pour $414bn into equipment upgrades

SHANGHAI -- Chinese state-owned enterprises will invest 3 trillion yuan ($413.8 billion) over the next five years to upgrade their equipment, the government's supervisor for state assets said on Friday, as the country races to bolster its industrial supply chain as laid out in a key economic blueprint.

Liu Shaowei, who heads financial supervision and operation evaluation at the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), told reporters that central enterprises will "play a leading role in the current round of large-scale equipment renewal."