China’s top 500 companies see strong growth despite challenges
A leading Chinese business organization has unveiled its 2020 list of the top 500 Chinese companies, reflecting resilience in the country’s large firms that are underpinning the growth of the world’s second-largest economy.
At a time when the country is faced with mounting uncertainties abroad, China’s big companies have stood up against the challenges and responded actively with structural upgrades, said Wang Zhongyu, head of the China Enterprise Confederation and China Enterprise Directors Association, which compiled the list.
A closer look at the list revealed changes that are taking place to help the economy weather external shocks and achieve long-term, sustainable growth.
The new list, issued for the 19th consecutive year, showed that the country’s large firms have seen growing revenues.
Combined revenues of the top 500 firms hit 86.02 trillion yuan (US$2.65 trillion) in 2019, up 8.75 percent year on year.
The China Petrochemical Corporation topped the list, with revenues of 2.81 trillion yuan. It was followed by the State Grid Corporation of China and the China National Petroleum Corporation, which raked in revenues of 2.65 trillion yuan and 2.62 trillion yuan.
Read more in Shangai Daily
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