OECD Unveils Global SOE Database as State-Owned Firms Expand Worldwide

The Organisation for Economic Co-operation and Development (OECD), through a study by researchers Gülgün Arıkan, Alejandra Medina and Alba Ruiz Casas, has unveiled a new global dataset that sheds light on the true scale of state-owned enterprises (SOEs) around the world. The initiative aims to solve a longstanding problem: governments, investors and researchers have lacked a consistent way to measure and compare SOEs across countries. Different definitions and reporting standards have often made international comparisons difficult. By creating a common framework, the OECD hopes to provide policymakers with a clearer understanding of how state ownership shapes economies and markets.

A Massive Force in the Global Economy

The findings reveal that state-owned enterprises remain a major force in global business. By 2023, there were more than 30,000 large SOEs worldwide, employing nearly 45 million people and controlling assets worth around USD 150 trillion. These enterprises operate in sectors that are critical to economic growth, including banking, energy, transport, mining, manufacturing and infrastructure.

The study also shows that the number of large non-financial SOEs more than doubled between 2013 and 2023. This suggests that state ownership continues to play an important role in economic development despite decades of privatisation efforts in many countries. For governments, this means that improving the performance and governance of SOEs remains a key economic priority.

China Leads the Global SOE Landscape

One of the report’s most striking findings is the dominant role of China. Chinese SOEs account for nearly half of all state-owned enterprises identified in the dataset and hold the majority of global SOE assets. They are particularly influential in sectors such as construction, manufacturing, finance and infrastructure.

The concentration of state ownership in China has important implications for global trade, investment and competition. Policymakers around the world are increasingly seeking to understand how large state-backed firms affect international markets. The OECD dataset provides a new evidence base for analysing these trends and assessing the impact of state ownership on economic competitiveness.

Why the New Dataset Matters

The biggest value of the dataset lies in its potential to support better policymaking. Until now, governments have often relied on incomplete or inconsistent information when designing reforms for state-owned enterprises. The new database allows countries to compare their SOEs with those in other jurisdictions and track changes over time.

This can help governments identify inefficient enterprises, evaluate governance reforms and improve accountability. It also enables policymakers to better understand the fiscal risks associated with large SOEs, many of which control significant public assets and liabilities. For investors and regulators, greater transparency can improve confidence in markets and provide a clearer picture of ownership structures and potential state influence.

The dataset may also help governments make more informed decisions about privatisation, public investment and industrial policy. Instead of relying on assumptions, policymakers can use evidence to determine where state ownership is creating value and where reforms may be needed.

A Tool for Future Economic Reforms

The report highlights that SOEs remain especially important in utilities, banking, mining and infrastructure. These sectors often involve strategic national interests, making effective governance essential. Poorly managed SOEs can create financial burdens for governments, while well-governed enterprises can support economic growth, employment and public service delivery.

Although the OECD acknowledges that data gaps and reporting differences still exist, the new dataset represents a major step forward in understanding state ownership worldwide. At a time when governments are taking a more active role in economic development, the ability to measure and monitor SOEs accurately is becoming increasingly important.

Better data can lead to better decisions. By providing the first comprehensive global picture of state-owned enterprises, the OECD has created a valuable tool for improving governance, strengthening market competition and ensuring that public assets contribute more effectively to long-term economic growth.