Top Ranks of China’s Fortune 500 Still Dominated by State-owned Enterprises

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The latest iteration of China’s Fortune 500 list of the country’s top companies remains heavily dominated by state-owned enterprises.

State-owned energy giants have once again taken the top spots on the Chinese Fortune 500 list, with Sinopec and PetroChina grabbing first and second place, followed by China State Construction Engineering in third.

Shanghai-based automaker SAIC took out fourth spot, followed by insurance giant Ping An Insurance in fifth.

Rounding out the top ten were state-owned telecoms giants China Mobile in sixth place, the Industrial and Commercial Bank of China in seventh, followed by China Railway Group, China Railway Construction and China Construction Bank in eighth, ninth and tenth place respectively.

The total revenues of companies on the list saw an increase of 9% compared to last year to reach 33.54 trillion yuan (approx. USD$4.99 trillion), while net profits reached 2.8 trillion yuan ($420 billion), for an increase of 2.2%.

The annual earnings threshold for joining the list this year broke through 1 trillion yuan for the first time, rising to 1.1323 trillion yuan.

When broken down by sector, real estate concerns were most prominently represented on the Chinese Fortune 500 with a total of 56 companies making the list.

Other sectors heavily represented on the Chinese Fortune 500 list include metallurgy (47 companies in total), machinery and equipment manufacturing (28), wholesale and retail (27) and commercial banking (25).

 

 

 

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