China’s top 500 companies achieved a record high combined revenue of 50.02 trillion yuan (US$8.2 trillion) in 2012, with Sinopec coming top again by revenue, according to a list.
Their revenues, an increase of over 10 percent from a year earlier, were contained in the 2013 list of the country’s top 500 enterprises. The list was established by the China Enterprise Confederation and China Enterprise Directors Association.
The combined revenue figure accounted for 96 percent of China’s gross domestic product.
Oil giant Sinopec ranks No. 1 for a ninth consecutive year, with a revenue of 2.83 trillion yuan.
“China’s corporations are rising in the global economy as well. Eighty-nine Chinese companies made the world list of top 500, compared with only 34 in 2008,” Wang Jimin, a senior official at the confederation, said.
Zhen Caiji, president of Datang Telecom Technology and Industry Group and also the vice chairman of the confederation, says innovation is key in international competition.
“Chinese enterprises need to work in the direction of enhancing their ability for innovation and international management in various fields in order to gain a competitive edge in the global market,” Zhen said.
However, the list also shows that the companies’ profit margin declined, evidence that the current complex economic situation poses big challenges to maintaining high profit growth.