Top enterprise lists reflect strong resilience of Chinese economy

Despite complicated domestic and external environments, Chinese enterprises have maintained steady growth and strong resilience, as reflected in the latest list of the top 500 Chinese enterprises as well as the 2021 Fortune Global 500 list.

Chinese firms continue to make progress in high-quality development and enhance their collective status on the global stage, withstanding the shock of the COVID-19 pandemic and the global economic recession.

The top 500 Chinese enterprises realized a combined operating revenue of 89.83 trillion yuan (about 13.9 trillion U.S. dollars), up 4.43 percent over the previous year. The number of companies with revenues exceeding 100 billion yuan rose to 222. The threshold for the top 500 Chinese enterprises has risen for 19 consecutive years, nearing 39.24 billion yuan in 2021.

Just 10 Chinese companies made the Global 500 list in 2001, the year of China's accession to the World Trade Organization. This year, a total of 143 Chinese companies made the list, outperforming the United States for a second consecutive year.

It is worth noting that since Fortune began releasing its Global 500 list in 1995, no other country or region has seen its number of listed companies rise as rapidly as China's. The remarkable progress of Chinese enterprises can be attributed to the advantages of China's system and large market scale, as well as continuous innovation and an optimized industrial structure.

Innovation is a powerful tool for the continuous development and expansion of enterprises. The top 500 Chinese enterprises have together become a key force in China's research and development (R&D) investment, with average R&D spending at 2.94 billion yuan in these companies. Their ratio of R&D expenditure to operating revenue has hit a new high of 1.77 percent. The top 500 Chinese enterprises hold a total of 1,448,600 valid patents, an increase of 224,300 patents, or 16.89 percent.

The country's top 500 enterprises are playing leading roles in conquering key core technologies and building independent intellectual property rights, said Gao Rui, an associate researcher at the China Enterprise Confederation.

The latest lists also show that China has optimized its industrial structure, as they include more high-tech and modern services companies such as communication equipment makers and logistics firms. Coordinated development between Chinese state-owned enterprises and private enterprises has also been promoted, as newcomers to Fortune's Global 500 list include more private Chinese companies, as well as those operating in the internet, medical and manufacturing industries.

Responding to various risks and challenges amid the pandemic, the large enterprises have shown a strong development trend and won remarkable achievements. While maintaining their current performance, Chinese enterprises should also focus on indigenous innovation, upgrade their industrial structures and enhance their competitive advantages to contribute to the country's high-quality development.