- CNTV English - CCTV News

Homepage > News > Biz >

China's top 500 catching up with world's largest businesses

09-06-2010 09:33 BJT

HEFEI - China's top 500 enterprises reported smaller revenue gaps with their US counterparts, while outperforming their worldwide competitors in profitability amid the nation's rapid economic recovery, an industrial ranking report showed Saturday.

China's top 500 enterprises chalked up $4.05 trillion in operating revenues last year, equivalent to about 18 percent of the operating revenue total created by the world's top 500 companies in the same year, and the ratio was 2.62 percentage points lower than the figure recorded for the year earlier, according to a report released Saturday in Hefei, capital of east China's Anhui province, by the China Enterprise Confederation (CEC) and China Enterprise Directors Association.

The average profit margin of China's top 500 enterprises was 5.44 percent in 2009, compared with 4.16 percent for the world's top 500 companies.

Further, the net profits of the Chinese heavyweights grew by more than 20 percent last year, faster than the 17 percent for the world's top 500. It was the second consecutive year that Chinese enterprises outshone their foreign counterparts in annual profits.

Miao Rong, researcher with CEC, said despite the progress, China's top 500 enterprises obviously suffered from the impact of the global financial crisis as they reported slower growth in new employment and business revenues.

However, unlike the world's top 500 companies, most of which are service and high tech giants, a lion's share of China's top 500 businesses are traditional industrial enterprises in the fields of energy development, telecommunications and power generation, Miao noted.

"It is a tough job, in the short-term, to make Chinese corporations catch up with their foreign counterparts in terms of 'soft power' , such as the capability of resource integration, management expertise, brand building and intellectual property protection," he added.

Sinopec, Asia's leading refinery, topped the top 500 revenue list for the fifth consecutive year with 1.39 trillion yuan ($204.41 billion) in 2009. It was followed by the State Grid and PetroChina.

Also, private businesses were growing rapidly as five companies reported operating revenues exceeding 100 billion yuan. Huawei Technology Co Ltd, a telecommunication equipment producer, recently leaped into the world's top 500 enterprises club.

Editor:Xiong Qu |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program