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September 7, 2009

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Chinese companies outperform US counterparts

PROFIT of the top 500 Chinese enterprises in 2008 exceeded that of their United States counterparts.

Gains for the top 500 Chinese companies for the full year in 2008 totalled 1.21 trillion yuan (US$177.17 billion), much more than the US$98.9 billion made by the top 500 US firms in the same period, a domestic ranking report revealed over the weekend.

The figure was down 12.4 percent from a year ago, but this was dwarfed by the massive 84.67 percent drop for US companies in 2008.

The report, released by the China Enterprises Confederation and the China Enterprise Directors' Association, made the rankings according to companies' revenue in 2008.

Sinopec, PetroChina and State Grid Corp of China were the top three, in that order, on the list. Sinopec was also in first place in 2007.

Revenue of Sinopec reached 1.46 trillion yuan, compared with the US$44.3 billion by Exxon Mobil, the biggest company on the top 500 list compiled by Fortune in 2008.

The top 500 companies recorded a total revenue of 26 trillion yuan, up 19.7 percent from a year ago.

The threshold of this year's top 500 was raised to 10.5 billion yuan, compared with last year's 9.31 billion yuan.

Baogang Iron & Steel Co was in 11th position with a profit of 246.8 billion yuan, the highest spot for Shanghai-based companies. A total of 28 Shanghai firms were on the list.

"The better performance of the top 500 companies showed China's overall power has strengthened," Li Rongrong, director of the State-owned Assets Supervision and Administration Commission, told a conference in Hangzhou where the figures were released.

Wang Jiming, vice president of CEC, said although the data showed that Chinese companies were less vulnerable to the global financial crisis than their US counterparts, it did not mean they had made substantial improvements in comprehensive competitive power.


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