SMARTER, BIGGER, STRONGER
List of China's top 500 companies shows new trends By Wang Jun
Profitability, innovation and internationalization—these are some of the focuses of the country's top companies. Seventy years after the founding of the People's Republic of China in 1949, China's corporate scene has transformed, with market forces playing a dominant role. State-owned enterprises are no longer the sole players though they continue to make prominent contributions to the economy.
Among China's top 500 companies, 265 are state-owned and 235 are private, according to the 2019 list released by the China Enterprise Confederation (CEC) and the China Enterprise Directors Association on September 1. The companies come from 76 industries. While 244 are from manufacturing, 173 are from the service sector.
A Sinopec Corp. natural gas storage facility in Puyang, central China's Henan Province, on April 6. Sinopec heads the 2019 list of China's top 500 enterprises
Irrespective of their ownership structure and business, they are exploring new frontiers and moving up the value-added ladder. Their combined net profit in 2019 was 4.49 trillion yuan ($633.29 billion), up 20.7 percent year on year. The profit margin on net assets stood at 9.7 percent.
Their sales revenues totaled 79.1 trillion yuan ($11.16 trillion), while their total assets amounted to 299.15 trillion yuan ($42.19 trillion). Their combined revenue and assets reached 87.1 percent and 89.5 percent of the U.S. top 500 companies' revenues and assets respectively, and 116 enterprises from the Chinese mainland entered the list of the global top 500.
Zhu Hongren, CEC Executive Vice Chairman, said over the years, Chinese companies have developed sound ties with their peers around the world. Through healthy competition, they can accomplish win-win outcomes.
美国成为独立国家后，国会建议全国人民每年庆祝感恩节。乔治·华盛顿建议把11月26日的这天定为感恩节。1863年，在漫长而血腥的内战结束时，亚伯拉罕·林肯要求所有的美国人把11月的最后一个星期四作为感恩节。
3)不同的微物理和积云参数化方案的组合可能会影响模式对云微观结构的预报情况,进而会影响降水。本次实验中Morr-KF方案预报的云水、雨水质量比相对于其他几种方案偏弱,对应区域的降水强度也偏弱。选取较优方案开展集成试验发现,集成之后的RMSE降低了,ACC提高了,TS评分虽然不是最优,但也排名靠前。由此发现多方案集成可改进预报结果,降低模式预报的不确定性,使预报结果更加精确。
Wang said large Chinese enterprises should follow an innovation-driven development strategy and improve their ability to run international businesses.
“Represented by the top 500, large Chinese enterprises continued sound and steady growth, and the tendency of shifting to high-quality development is becoming increasingly clear,” CEC Chairman Wang Zhongyu said. “However, they are still falling behind in global supply chain leadership, innovation in key technologies and indigenous intellectual property rights.”
The number of patents held by China's top 500 is also increasing. This year, 396 of them held 1.11 million patents.
In addition, 340 of them participated in the formulation of more than 1,900 international standards, representing 350 more than a year ago, with telecom enterprises reporting the best performance.
The deleveraging effort of Chinese enterprises has been effective. The top 500 have a liabilities-to-assets ratio of 83.8 percent, a decline of 0.6 percentage point from a year ago.
The Belt and Road Initiative has opened up a major path to internationalization for Chinese companies, Zhu said, adding that they should increase their presence overseas to make the most of their potential.
During the past year China issued a number of tax incentive policies to encourage research and innovation. Stimulated by these policies, the large enterprises have intensified investment in research and development (R&D). Of the top 500, 426 provided figures for their investment in R&D, which is over 976 billion yuan ($137.52 billion), up 21.7 percent year on year. Their average input stands at 2.29 billion yuan ($322.99 million), a year-on-year increase of 9.1 percent. The telecom equipment manufacturing industry tops in average R&D investment.
Copyedited by Sudeshna Sarkar
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