Implementation of the Three-year Reform Action Plan on State-owned Enterprises in Harbin, the capital city of China's northernmost province of Heilongjiang, is progressing smoothly. 

Harbin Industrial Investment Group, an equipment manufacturing pioneer in Harbin, has performed well in the first quarter of this year.

In the first three months of 2021, Harbin Industrial Investment Group completed a total industrial output value of 725 million yuan ($108.78 million), a year-on-year increase of 73.4 percent; realized an operating income of 973 million yuan, a year-on-year increase of 6.02 percent; and saw a total profit of 1.96 million yuan, a year-on-year increase of 108.11 percent.

During the period, the group's total profits reached their highest level in recent years, despite the dual pressures of the impact of the COVID-19 epidemic and the rising cost of production.

In addition to Harbin Industrial Investment Group, other enterprises in Harbin city have also made progress in terms of reform.

Harbin Transformer Co, for example, has taken the initiative in its response to the "new normal" of the power market. 

While consolidating and strengthening its main market of the State Grid, it is also exploring development in new energy markets.

In the first quarter of the year, the company achieved a total industrial output value of 89.32 million yuan, a year-on-year increase of 322.12 percent; and generated a total profit of 2 million yuan, a year-on-year increase of 138.39 percent.

As of the end of the first quarter, Harbin Heavy Machinery Industry Holding Co had achieved a total industrial output value of 18.01 million yuan, a year-on-year increase of 88 percent, and the total value of its orders had exceeded 40 million yuan.