China’s State-Owned Assets Hit 430.7 Trillion Yuan at End-2025

The scale here is the story: state financial enterprises hold more assets than non-financial ones, which puts the bulk of China's balance-sheet weight inside the financial system rather than the industrial base. That distinction matters for anyone tracking where state capital is deployed and how policy levers reach markets. The split between total assets and the smaller equity figures also frames how much of this is leveraged versus owned outright. Whether the financial-versus-industrial balance shifts in future reporting is the open question worth watching.