On Sunday, China unveiled a list of its 500 largest companies for 2019, with better results and steady growth.
The new listing, based on company earnings for 2018, was jointly published by the Chinese Confederation of Enterprises and the Chinese Association of Directors of Enterprises.
The top 500 companies in China for this year cover 76 industries that generated total revenues of 79.1 trillion yuan ($ 11 trillion) in 2018, ie. 11.14% more than a year earlier. Their combined net profits amount to 3.53 trillion yuan, an increase of 10.28% year-on-year.
Among the 500 companies in the list, 244 are in the manufacturing industry and 173 in the service sector. At the top of the list are “China Petrochemical Corporation”, “China National Petroleum Corporation” and “State Electricity Corporation of China”.
Research and development is the number one priority for companies, with 426 of them investing a total of 976.55 billion yuan, an increase of 21.71% from a year earlier.
A total of 340 companies have participated in the development of over 1000 international standards, which is 350 more than the previous year. The most remarkable are the results in the telecommunications industry.
Huawei ranks first in mainland China with inventions with more than 2,000 patents granted in the first half of 2019.
China is also one of the largest companies in this year’s Fortune Global 500 ranking.