China's top 500 companies account for half of China's GDP –
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China's top 500 companies account for half of China's GDP

2019-07-15 09:51:29 China Daily

The top 500 Chinese companies saw their revenue reach 45.5 trillion yuan, an increase of 14.8 percent year-on-year, accounting for more than a half of China's GDP that broke through 90 trillion yuan last year, according to Fortune magazine's Chinese edition on Wednesday.

The net profits of the 500 companies reached 3.635 trillion yuan, up 4.21 percent from a year earlier, and the threshold to list in China's Fortune 500 ranking rose to 16.23 billion yuan revenue, up by 17 percent year-on-year, said the magazine.

The top three companies are China Petroleum & Chemical Corporation (Sinopec), Petrochina Company Limited and China State Construction Engineering Corporation Limited, with 2.89 trillion yuan, 2.35 trillion yuan and 1.3 trillion yuan in revenue, respectively, and 63.09 billion yuan, 52.59 billion yuan and 38.24 billion yuan in profits, respectively.

The top 10 most profitable companies are China's "Big Four" banks - Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China and the Bank of China - and China Mobile Limited, Ping An Insurance (Group) Company of China Ltd, China Merchants Bank Co Ltd, Tencent Holdings Ltd, Bank of Communications Co, Ltd and Alibaba Group Holding Ltd, and their total profits reached 1.46 trillion yuan, accounting for 40.3 percent of the 500 companies' profits.

Kweichow Moutai Co Ltd has the highest profit margin among the 500 companies, the figure hitting 45.6 percent, and its revenue and profit are 77.2 billion yuan and 35.3 billion yuan.

This year, the ranking has 42 newcomers or re-listed companies. Xiaomi Corporation makes its debut with 174.92 billion yuan in revenue and 13.55 billion yuan in profits to take 53th spot.