Gains drop at China's Fortune 500 firms
By Hu Xiaocen |
July 17, 2013, Wednesday
|
Print Edition
Print Edition
PROFIT growth at China's Fortune 500 companies has slowed over the past three years, dropping to 3 percent in 2012, compared to 47 percent in 2010 and 13 percent in 2011, Fortune China revealed yesterday.
The nation's top 500 corporations raked in revenues totaling 26.2 trillion yuan (US$4.2 trillion) last year, accounting for 50 percent of China's gross domestic product. Profits rose to 2.17 trillion yuan.
Sinopec Group and China National Petroleum remained the top two companies in terms of revenue. However, the top oil refiners both saw a decline in profits last year, sliding to sixth and seventh spots in terms of profits.
The top five profit spinners were the Big Four banks followed by telecommunication giant China Mobile. Bank of Communications, the nation's fifth-biggest lender, ranked ninth.
China's Big Four banks are Industrial and Commercial Bank of China (ICBC), China Construction Bank, Agricultural Bank of China and Bank of China.
Financial firms took a lion's share of profits among the top 500, steadily increasing their contribution over the past three years from 41.3 percent in 2010 to 45.2 in 2011, and to 50.2 percent in 2012.
In stark contrast, profits of top American financial companies accounted for only 23.7 percent of the total among the 500 biggest corporations in the United States last year.
The phenomenon is an "inevitable process" during China's economic development, which comes with huge financial risks, according to the magazine.
Top five profit margin kings were liquor producer Kweichow Moutai Co, ICBC, Bank of Nanjing, and internet companies Baidu Inc and Netease Inc.
The nation's top 500 corporations raked in revenues totaling 26.2 trillion yuan (US$4.2 trillion) last year, accounting for 50 percent of China's gross domestic product. Profits rose to 2.17 trillion yuan.
Sinopec Group and China National Petroleum remained the top two companies in terms of revenue. However, the top oil refiners both saw a decline in profits last year, sliding to sixth and seventh spots in terms of profits.
The top five profit spinners were the Big Four banks followed by telecommunication giant China Mobile. Bank of Communications, the nation's fifth-biggest lender, ranked ninth.
China's Big Four banks are Industrial and Commercial Bank of China (ICBC), China Construction Bank, Agricultural Bank of China and Bank of China.
Financial firms took a lion's share of profits among the top 500, steadily increasing their contribution over the past three years from 41.3 percent in 2010 to 45.2 in 2011, and to 50.2 percent in 2012.
In stark contrast, profits of top American financial companies accounted for only 23.7 percent of the total among the 500 biggest corporations in the United States last year.
The phenomenon is an "inevitable process" during China's economic development, which comes with huge financial risks, according to the magazine.
Top five profit margin kings were liquor producer Kweichow Moutai Co, ICBC, Bank of Nanjing, and internet companies Baidu Inc and Netease Inc.
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