China's Top 500 enterprises announced
(Agencies)
Updated: 2004-09-07 09:38

All-China Federation of Enterprises has recently unveiled a ranking of China's Top 500 enterprises for this year.

According to results of the ranking, China's Top 500 grew remarkably faster than the world's Top 500. In the ranking are more than 100 new comers.

The operating turnover of China's Top 500 approached 9 trillion yuan (US$1.1 trillion), with an average annual growth of 21 per cent over the past three years. The enterprise at the last place of the Top 500 had an operating turnover of 3.06 billion yuan, an increase of 500 million yuan over the enterprise at the last place of last year's ranking.

In the new ranking, State Power Grid Corporation replaced CNPC to take the top place, followed by CNPC, Sinopec, the Industrial and Commercial Bank of China, China Mobile, China Life, China Telecom, Sinochem, China Construction Bank and Bank of China.

State Power Grid Corporation also ranks the 46th place among the world's Top 500 companies.

Compared with the world's Top 500 which are mainly in competitive industries, vice-chairman of the federation Chen Zhong said that China's Top 500 enterprises are mostly in monopolized industries.

Meanwhile, the turnover increase rate of the Chinese enterprises in the ranking averaged 26 per cent, while it was only 10 per cent for the world's Top 500. The average profit rate of the Chinese enterprises, however, was similar to that of the world's Top 500.

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