State-owned enterprises under the direct administration of the central government have undertaken 3,116 projects in countries along the “Belt and Road” initiative, mainly in areas of infrastructure construction and energy and resource development, The Paper said.

The number of projects undertaken accounts for about 50% of the infrastructure projects started and scheduled to start, while the contract amount accounts for more than 70% of the total.

The overseas expansion is targeting infrastructure construction first, then expanding to energy development. The next step will be capacity cooperation, said Weng Jieming, deputy director of the State-owned Assets Supervision and Administration Commission.

At the end of 2017, there were 10,791 entities of the central enterprises overseas, distributed in 185 countries, with total overseas assets exceeding 7 trillion yuan.

Annual operating income was 4.7 trillion yuan and total profit was 106.4 billion yuan, Weng added.