China’s top 500 enterprises have achieved a significant milestone, with combined revenues reaching a record-breaking 110.07 trillion yuan ($15.4 trillion) in 2023, according to an industrial ranking report released on Wednesday.
The annual report, jointly published by the China Enterprise Confederation and the China Enterprise Directors Association, highlighted a year-on-year increase of 1.58 percent in total revenues. The entry threshold for this year’s list also rose to 47.38 billion yuan, up by 383 million yuan from the previous year.
“The growing revenues mark a new step forward for China’s top firms,” said Zhu Hongren, executive vice-president of the China Enterprise Confederation. “This year’s rankings reflect the deepening focus on innovation and quality development among China’s largest corporations, setting a robust precedent for future economic growth.”
Zhu noted significant enhancements in development quality, emphasizing that leading enterprises are concentrating on high-quality development while maintaining steady overall growth. “Strategic emerging industries are crucial carriers for the development of new quality productive forces in our country,” he said. “The list shows significant progress and a substantial increase in both revenue and profits in these sectors, driven by major enterprises.”
The report also included specialized rankings for the Top 100 Strategic Emerging Industry Enterprises, Top 500 Service Enterprises, and Top 100 Multinational Companies, highlighting the diverse strengths of China’s economic landscape.
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China's top 500 firms hit record 110 trillion yuan in revenue
cgtn.com
