The latest list of China’s top 500 private enterprises indicates that the tertiary sector has increased its share of entrants for the fifth consecutive year.
A report released by the 2018 China Private Enterprise Top 500 Summit (2018中国民营企业500强峰会) held in Shenyang on 29 August said that “optimisation and upgrade of the industrial structure” had been a “bright spot” for the Chinese private sector.
The number of companies on the list hailing from the tertiary sector has risen continuously over the past five years, from 117 in 2012 to 162 in 2017, for a 38.46% increase.
The number of enterprises on the list from the secondary sector has posted continuous declines over the same period, falling from 380 in 2012 to 333 in 2017.
The manufacturing sector nonetheless continues to dominate the list, with a total of 288 entrants.
In terms of asset scale the secondary sector has also seen a decline, with a corresponding rise in the share of the tertiary sector.
The assets of enterprises on the list hailing from the tertiary sector exceeds the combined assets of primary and secondary sector enterprises, accounting for 58.68% of the total.
The report also highlighted improvements to the “independent innovative capability” of companies on the list, with a rise in R&D investment.
According to the report the “source of key technology” for 401 companies on the list was independent research and development, accounting for 80.2% of the total, for a 1.78% rise compared to last year.
R&D staff account for over 10% of employees at 189 companies on the list, for an increase of 12 compared to last year.