CTG in SOE Reform

China Three Gorges Corporation (CTG) made more than 176 billion yuan ($27.17 billion) and gained a total profit of over 55 billion yuan in 2020, year-on-year increases of 60 and 26 percent.

The world’s largest hydropower development enterprise and China's largest clean energy enterprise, CTG has taken a series of measures consistent with the Three-year Action Plan for SOE Reform and made some initial progress.

The Three Gorges Dam generated 111.8 billion kWh of power in 2020, setting a world record.

The achievement owed much to CTG's efforts to improve the capacity of industrial and supply chains and to respond to emergencies. Those efforts paid off as well as in supporting livelihoods and safeguarding national economic security.

The company took 128 measures adhering to China's Three-year Action Plan for SOE Reform, clearing schedules and meeting targets.

It gave more latitude to its subsidiaries to make decisions. Taking the Yangtze River protection projects as an example, more than 70 percent of the decisions on such projects were made by CTG subsidiaries, leading to a total investment of 130 billion yuan, twice as much as 2019.

CTG completed its goal as a model enterprise of the "double-hundred action", or shuangbai action, in the first half of 2020. The double-hundred action is a campaign which selects more than a hundred subsidiaries of central SOEs and more than a hundred local SOEs to implement reforms such as taking the lead in making breakthroughs in key fields and linking reforms made between 2018 and 2020.

In addition, the company promoted the management model of a negative list for enterprises under mixed-ownership reform and made attempts to introduce employee equity participation.

CTG also made full use of domestic and international market resources to develop its clean energy business and improve its anti-risk capability in international operation.

Construction of the Karot Hydropower Station in Pakistan is now underway, which has driven export of China-made mechanical equipment.

The company successfully bid to purchase Energias De Portugal, a start of its business in the clean energy market of Europe.

With improved deployment of international business, CTG gained more than 6 billion yuan of total profits with its overseas projects in 2020.

So far, the company has made initial progress in the Three-year Action Plan for SOE reform and developed stronger capacity to resist various kinds of risks.

(Executive editor: Wang Ruoting)