On Wednesday, the sixth meeting of the 13th Standing Committee of the National People's Congress reviewed the Comprehensive Report of the State Council, China's Cabinet, on the Management of State-Owned Assets in 2017 and the 2017 Special Report on State-Owned Assets of Financial Enterprises.

This is the first time the State Council has reported the State-owned asset management situation to the Standing Committee of the National People's Congress, the top legislature.

State-owned assets are the valuable wealth of all the Chinese people, and how well the State-owned assets are managed relates to people's well-being. The third Plenary Session of the 18th Central Committee of the Communist Party of China has advanced enhancing the supervision of the National People's Congress over State-owned assets, and the State-owned asset management reporting system is of great significance for this.

The report covers all levels and all kinds of State-owned assets. According to the report, the total value of the assets of national State-owned enterprises (excluding financial enterprises) is 183.5 trillion yuan ($19.96 trillion), and the total asset value of State-owned financial enterprises is 241 trillion yuan. In addition, the value of the assets of national administrative institutions is 30 trillion yuan.

The two reports reflect the situation of State-owned assets, and are conducive to increasing the transparency and credibility of State-owned asset management.