China’s top 500 firms generate $9,9 trillion

Source:Global Times Published: 2017/9/10 15:38:39

China's largest 500 firms have generated a staggering combined revenue of 64 trillion yuan ($9,9 trillion), an increase of 7.64 percent from the previous year and a reverse of a two-year slowing trend, according to the 2017 Top 500 Chinese Enterprises list released on Sunday.

The list also showed that while some firms struggled throughout the year, overall profit for the top 500 enterprises improved significantly. Combined net profit grew 3.18 percent from the previous year to 2.83 trillion yuan.

State Grid Corp of China topped the list, with revenues of 2.1 trillion yuan, followed by China Petroleum and Chemical Corp, China National Petroleum Corp and Industrial and Commercial Bank of China, whose revenues surpassed the trillion yuan mark. The smallest revenue on the list being 28.3 billion yuan, representing an increase of nearly 4 billion yuan year-on-year.

Changes to the list have also highlighted the deepening of structural reforms and industrial upgrades in the country, a separate report accompanying the list showed on Sunday. In 2017, there are 245 manufacturing companies, up from 222 in 2013, and 175 services firms, up by 27 compared to 2013, the report showed.

Another trend is the increase in merger and restructuring activities, the report said. A total of 148 companies on the list conducted 1,497 merger and restructuring activities, up 688 from the previous year.

Research and development efforts also remain robust among top Chinese enterprises, with 414 of them reported to have invested more than 735.9 billion yuan in the area, an increase of 11.02 percent from the previous year, the report noted.

Scores of Internet giants also made it to the list and were led by Inc, which ranked 59. Alibaba, Tencent and Baidu ranked 103, 109 and 213, respectively, as noted on the list.

The list was jointly released by China Enterprise Confederation and China Enterprise Directors Association.

Posted in: COMPANIES

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