BEIJING: The revenue and profits of leading enterprises in China’s strategic emerging industries achieved a significant increase in the past year, according to the “2024 Top 500 Chinese Enterprises” list released on Wednesday by the China Enterprise Confederation.

According to a report from China Central Television (CCTV), the newly published list features a number of specialized sub-lists, including the top 100 strategic emerging industry enterprises, the top 500 service industry enterprises, and the top 100 multinational companies.

The country’s strategic emerging industries mainly cover nine major fields including new-generation information technology, high-end equipment manufacturing, new materials, new energy vehicles, aerospace, and marine equipment.

“Strategic emerging industries are an important carrier for the development of new-quality productive forces in China. The data from the list shows that China’s large enterprises have made great progress in developing strategic emerging industries, and t
he revenue and profits of strategic emerging industries have increased significantly,” said Zhu Hongren, secretary of the Chinese Communist Party Committee of China Enterprise Confederation.

The top 100 Chinese strategic emerging enterprises on the list achieved a total revenue of 12.7 trillion yuan (about 1.8 trillion U.S. dollars) in 2023, a yearly increase of 14.5 percent, and a profit of more than 904 billion yuan (about 127 billion U.S. dollars), a year-on-year increase of 29.5 percent.

“This figure proves that our high-quality development in the future should be a good indication of efficiency. We particularly advocate that enterprises should invest better in strategic emerging industries and determine the areas in which they should apply their business,” said Yang Du, a professor at Renmin University of China’s School of Business.

Source: Emirates News Agency