China’s central state-owned enterprises (SOEs) are consolidating scattered overseas accounts into unified treasury hubs, with Hong Kong emerging as their preferred base amid a broader crackdown on outflows of state cash. Central SOEs now hold nearly 8 trillion yuan (US$1.1 trillion) in overseas assets across more than 180 countries and regions, spanning over 10,000 projects and entities, according to the State-owned Assets Supervision and Administration Commission (Sasac). Since 2022, authorities in mainland China have pushed central SOEs to build treasury systems offering full visibility and tight control, a mandate later extended to their overseas units. A coordinated approach helped central SOEs optimise assets, boost returns and better manage geopolitical and operational risks, Zhou added. Hong Kong has emerged as a destination of choice, benefiting from its international banking system, deep capital markets, offshore yuan pool and close links with the mainland.