Core Insights - The core objective of the "15th Five-Year Plan" is to strengthen, optimize, and expand state-owned enterprises (SOEs) and state capital, enhancing their core functions and competitiveness [1][5] - The plan builds on the achievements of the "14th Five-Year Plan" and aims to address complex internal and external environments while supporting China's modernization strategy [1][2] Summary by Sections Reform and Development - The "15th Five-Year Plan" reform blueprint is based on the solid foundation laid during the "14th Five-Year Plan," with many central enterprises nearing completion of their reform goals by the end of 2025 [2][3] - As of Q3 2023, the national reform task completion rate has generally exceeded 80%, with some regions surpassing 90% [3][5] Investment and Structural Adjustment - Central enterprises have begun transforming their investment strategies, with investments in strategic emerging industries exceeding 40% of total investments for the first time, and nearly 30% of their revenue coming from these sectors [2][3] - Over 800 billion yuan has been invested in upgrading old equipment and digital transformation, establishing 120 smart factories [3][4] Core Functions and Competitiveness - The focus of the "15th Five-Year Plan" is on optimizing the layout and structure of state-owned capital, enhancing the core functions of SOEs, and improving their competitiveness [5][6] - Key areas for improvement include technology innovation, governance efficiency, and strategic alignment with national priorities [4][6] Strategic Focus Areas - SOEs are expected to concentrate their capital in sectors critical to national security and economic lifelines, such as defense, energy, and telecommunications [6][7] - There is a push for strategic mergers and professional integration to avoid homogenized competition and internal conflicts, aiming to create globally competitive enterprises [7][8]