SASAC: Central SOE Assets Hit 99.3 Trillion Yuan by August

The headline number is less telling than the composition: a fifth straight year of trillion-yuan-scale R&D spending at the central SOE level signals that state capital is being steered toward technology and industrial upgrading rather than pure balance-sheet expansion. For RWA and tokenization markets, the relevant question is whether this asset base becomes a source of on-chain collateral or infrastructure financing, or remains a closed, off-chain pool. Watch whether SASAC's reporting starts disaggregating digital or new-economy assets, which would be the first real signal of relevance to this sector.