China firms outperform world rivals
Source: Xinhua/Shanghai Daily |
September 6, 2010, Monday
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Print Edition
Print Edition
THE top 500 Chinese enterprises racked up 27.6 trillion yuan (US$4.05 trillion) in revenue in 2009, or 82 percent of China's gross domestic product, according to a report by the China Enterprise Confederation and China Enterprise Directors Association.
The report, issued on Saturday at a forum in Hefei, capital of east China's Anhui Province, said the enterprises outperformed their worldwide competitors in profitability amid the nation's rapid economic recovery.
While turnover is still far behind the US$9.76 trillion made by the top 500 firms in the United States, the average profit margins of China's power houses reached 5.44 percent, exceeding their counterparts in the US, whose profitability stood at 4 percent.
Total sales growth slowed to 6.2 percent from a year earlier as a result of the combined effects from the economic meltdown and country's massive stimulus packages, but the net profits of the Chinese heavyweights grew by 24.7 percent year on year, faster than the 17 percent for the world's top 500, to 1.5 trillion yuan in the period, the report said.
However, experts and economists noted China still lacks strengths in high-tech sectors while remaining reliant on traditional industries such as property, energy and petrochemical industries.
Miao Rong, a researcher with the CEC, said that despite the progress, Chinese enterprises obviously suffered from the impact of the global financial crisis as they reported slower growth in new employment and business revenues.
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 were traditional industrial enterprises.
In China, resources exploration, power production, refining and construction contributed the most to revenue while in the US, internet, securities, software, telecommunications and pharmaceuticals weighed much more.
"China's top 500 enterprises have been a driver to propel economic growth and a barometer to reflect development," said Huang Shuhe, vice chairman of the State-owned Assets Supervision and Administration Commission.
"However, as bigger companies led in structure adjustment and technical innovation, they have to accelerate the transformation and enhance research and development," Huang added.
China Petrochemical Corp, or Sinopec, kept the No. 1 spot for the sixth time with revenue at 1.39 trillion yuan, followed by State Grid and China National Petroleum Corp.
The top 10 enterprises in China are all state-owned conglomerates including banks, insurers, construction and telecommunication companies.
Income from the four state-owned commercial banks accounted for 24.3 percent of the total revenue.
The report, issued on Saturday at a forum in Hefei, capital of east China's Anhui Province, said the enterprises outperformed their worldwide competitors in profitability amid the nation's rapid economic recovery.
While turnover is still far behind the US$9.76 trillion made by the top 500 firms in the United States, the average profit margins of China's power houses reached 5.44 percent, exceeding their counterparts in the US, whose profitability stood at 4 percent.
Total sales growth slowed to 6.2 percent from a year earlier as a result of the combined effects from the economic meltdown and country's massive stimulus packages, but the net profits of the Chinese heavyweights grew by 24.7 percent year on year, faster than the 17 percent for the world's top 500, to 1.5 trillion yuan in the period, the report said.
However, experts and economists noted China still lacks strengths in high-tech sectors while remaining reliant on traditional industries such as property, energy and petrochemical industries.
Miao Rong, a researcher with the CEC, said that despite the progress, Chinese enterprises obviously suffered from the impact of the global financial crisis as they reported slower growth in new employment and business revenues.
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 were traditional industrial enterprises.
In China, resources exploration, power production, refining and construction contributed the most to revenue while in the US, internet, securities, software, telecommunications and pharmaceuticals weighed much more.
"China's top 500 enterprises have been a driver to propel economic growth and a barometer to reflect development," said Huang Shuhe, vice chairman of the State-owned Assets Supervision and Administration Commission.
"However, as bigger companies led in structure adjustment and technical innovation, they have to accelerate the transformation and enhance research and development," Huang added.
China Petrochemical Corp, or Sinopec, kept the No. 1 spot for the sixth time with revenue at 1.39 trillion yuan, followed by State Grid and China National Petroleum Corp.
The top 10 enterprises in China are all state-owned conglomerates including banks, insurers, construction and telecommunication companies.
Income from the four state-owned commercial banks accounted for 24.3 percent of the total revenue.
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