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Domestic firms said to be more competitive
By Liang Yiwen |
November 30, 2010, Tuesday
|
Print Edition
Print Edition
COMPETITIVENESS of domestic companies rose strongly this year, with financial firms topping the list, according to a report by the Shanghai University of Finance and Economics released yesterday.
The top 500 domestic firms' overall competitiveness index rose to 111.76 points, compared with 98.83 points last year, according to the report.
"The central government's 4 trillion yuan (US$600 billion) stimulus package to deal with the global financial crisis contributed to the growth," said Jiang Ruochen, director of the Top 500 Enterprises Research Center at the university.
Three banks - China Construction Bank, the Agricultural Bank of China and the Industrial and Commercial Bank of China - took the top three spots, followed by China Mobile and China Life, in the list of 500 companies ranked by their scales, profits and growth potential.
Huawei, in seventh place, became the first private firm to enter the top 10.
A total of 172 private companies entered this year's list, while state-owned enterprises retained the majority of places - 325. Private firms showed better performance in the profits index, though their scale index lagged behind that of the SOEs.
Firms engaged in shipping and petroleum and gas exploitation dropped out of the top 10 and even disappeared from the list, because of lackluster shipping business in 2009 following the financial crisis and low international crude oil prices.
The report also reflected a rebound in some highly pollutant programs, including steel and concrete manufacturers, as the country works to ensure high economic growth after the financial crisis.
Moreover, the competitiveness of domestic companies in the international market is weak as only 26 firms had more than 30 percent revenues from overseas.
The top 500 domestic firms' overall competitiveness index rose to 111.76 points, compared with 98.83 points last year, according to the report.
"The central government's 4 trillion yuan (US$600 billion) stimulus package to deal with the global financial crisis contributed to the growth," said Jiang Ruochen, director of the Top 500 Enterprises Research Center at the university.
Three banks - China Construction Bank, the Agricultural Bank of China and the Industrial and Commercial Bank of China - took the top three spots, followed by China Mobile and China Life, in the list of 500 companies ranked by their scales, profits and growth potential.
Huawei, in seventh place, became the first private firm to enter the top 10.
A total of 172 private companies entered this year's list, while state-owned enterprises retained the majority of places - 325. Private firms showed better performance in the profits index, though their scale index lagged behind that of the SOEs.
Firms engaged in shipping and petroleum and gas exploitation dropped out of the top 10 and even disappeared from the list, because of lackluster shipping business in 2009 following the financial crisis and low international crude oil prices.
The report also reflected a rebound in some highly pollutant programs, including steel and concrete manufacturers, as the country works to ensure high economic growth after the financial crisis.
Moreover, the competitiveness of domestic companies in the international market is weak as only 26 firms had more than 30 percent revenues from overseas.
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