Shandong provincial State-owned enterprises spend more on research and development. [Photo/IC]

Twenty-six Shandong provincial State-owned enterprises witnessed rapid growth in operating revenue and net profit in the first quarter of 2022, Shandong officials announced at a recent news conference.

From January to March, the 26 Shandong SOEs achieved a total operating revenue of 461.67 billion yuan ($70.04 billion), up 6.4 percent year-on-year, and 1.2 percentage points higher than the provincial GDP growth.

Their total profit reached 22.8 billion yuan and net profit stood at 15.83 billion yuan, up 10.7 percent and 10 percent, respectively.

In the face of the adverse impacts of COVID-19 and the complex market situation, Shandong's State-owned assets and State-owned enterprises have beefed up efforts to achieve stable growth by deepening reform and promoting high-quality development.

During this period, Shandong SOEs'spending on research and development continued to grow, which totaled 7.24 billion yuan, up 7.1 percent year-on-year.