A landmark report on State-owned cultural enterprises in Beijing was recently released for the third consecutive year, according to the leading authority in the field in Beijing.

The report on the reform and development of State-owned cultural enterprises in Beijing (2018) -- edited by the municipal government's State-owned Cultural Assets Administration Center (SOCAAC) -- was released, according to a March 30 statement on SOCAAC's official website.

In cooperation with the municipal bureau of statistics, the municipal bureau of finance and other relevant departments, the edition of the report is mainly to objectively reflect the situation of the reform and development of State-owned cultural enterprises in Beijing in 2018.

It comprehensively analyzes the operation and development trend of State-owned cultural enterprises and summarizes the reform and development mode and practical experiences of the enterprises.

According to the report, in 2018, the total assets of State-owned cultural enterprises above a designated size -- cultural enterprises with annual operating revenue of 5 million yuan ($705,500) and above -- in Beijing were worth 93.74 billion yuan.

That was 7.3 percent increase on the previous year and total liabilities for the period were 49.19 billion yuan, up 9.4 percent year-on-year, with owner's equity of 44.55 billion yuan, up 5.1 percent year-on-year, total profits at 430 million yuan and the average number of employees totaling 15,517.

In 2018, the total assets of SOCAAC funded enterprises were 76.87 billion yuan, the total liabilities were 35.44 billion yuan, the owner's equity was 41.44 billion yuan, the total operating revenue was 13.62 billion yuan, the total profit was 903 million yuan, the total State-owned capital was 20.34 billion yuan and the maintenance and appreciation rate of State-owned capital was 101.06 percent.

According to the report, in 2018, State-owned cultural enterprises in Beijing insisted on putting social benefits first, ensuring the synchronous promotion and development of social and economic benefits -- giving full play to the exemplary leadership and demonstration role of State-owned enterprises.

At the same time, the report indicated that Beijing's State-owned cultural enterprises have actively served the major activities and strategies of the central government.

They have fully promoted the construction of Beijing as a national cultural center, organized and carried out a series of cultural activities benefiting residents, deepened foreign cultural exchanges and trade -- and completed the task of corporate reforms on schedule, achieving remarkable reform results.

According to SOCAAC officials, the report also includes the annual development reports of 10 enterprises, 11 reform and development cases and the relevant asset management system issued in 2018.