China's major investment company reports record profits in 2019

The State Development and Investment Corp. (SDIC), a major state-owned investment company, recorded a historic high of 20.1 billion yuan (about 2.85 billion U.S. dollars) in gross profits in 2019.

Its revenue surged 16 percent year on year in 2019 to 155.6 billion yuan, according to a report released by the company.

Last year, the SDIC upped investment in technological innovation, doubling the spending from the previous year to 1.49 billion yuan, the report said.

The company's investment in 2019 covered sectors including advanced manufacturing, environmental protection, new energy and general health.

Established in 1995 under the direct management of the central government, the company's main business includes domestic industrial investment, financial services and international business.