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Shagang overtakes Huawei as No. 1 private firm
By Ding Yining |
August 30, 2012, Thursday
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Online Edition
Online Edition
JIANGSU Shagang Group has replaced Huawei as China's largest privately owned company in terms of sales revenue, according to the latest ranking by the All-China Federation of Industry and Commerce.
The steel mill came out on top of the Top 500 Enterprises with 207.5 billion yuan (US$3.3 billion) of sales income last year. Huawei and Suning Appliance Co Ltd took the second and third spots.
Speaking at the press conference today, Lin Yifu, former chief economist and senior vice president of the World Bank, said he remained confident of the Chinese economy.
"I'm confident that China's economy could maintain the 8 percent growth rate in the next three to five years given its huge potential," Lin said, according to a transcript of his speech posted on Sina.com.
The threshold for the top 500 list was raised to 6.57 billion yuan from last year's 5.06 billion yuan.
The steel mill came out on top of the Top 500 Enterprises with 207.5 billion yuan (US$3.3 billion) of sales income last year. Huawei and Suning Appliance Co Ltd took the second and third spots.
Speaking at the press conference today, Lin Yifu, former chief economist and senior vice president of the World Bank, said he remained confident of the Chinese economy.
"I'm confident that China's economy could maintain the 8 percent growth rate in the next three to five years given its huge potential," Lin said, according to a transcript of his speech posted on Sina.com.
The threshold for the top 500 list was raised to 6.57 billion yuan from last year's 5.06 billion yuan.
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