Beijing: China’s top 500 private enterprises have posted steady performances with rising revenue and a greater focus on innovation, an industrial ranking showed.

According to Global Times, the All-China Federation of Industry and Commerce released the 2024 list of China’s top 500 private enterprises, with JD.com, Alibaba, and Hengli Group occupying the top three positions.

According to an analysis released alongside the list, in 2023, the total operating income of the top 500 private enterprises was 41.91 trillion yuan ($5.93 trillion), with an average income of 83.822 billion yuan, an increase of 5.22 percent over the previous year.

Notably, total assets were 49.85 trillion yuan, with an average income of 99.694 billion yuan, up 7.64 percent over the previous year.

The top 500 private enterprises are heavily focused on manufacturing. The number of manufacturing enterprises accounts for 66.4 percent of the top 500, and the proportion has increased for three consecutive years.

These companies are accelera
ting their digital and green transformations, as more than 60 percent of them have implemented a digital transformation.

In terms of innovation capabilities, the total research and development expenses of the top 500 private enterprises stood at 1.05 trillion yuan, and they had 666,700 valid patents, up 9.39 percent over the previous year.

This is the 26th survey of China’s major private enterprises conducted by the federation. A total of 9,642 companies, each with an annual revenue of more than 500 million yuan, participated in the survey.

The report came after China’s Ministry of Justice and the National Development and Reform Commission published a draft of the private-sector promotion law to solicit public opinion on 10th October.

Source: Emirates News Agency