China unveils list of top 500 companies

Last Updated: Sun, Sep 04, 2011 09:10 hrs

Beijing, Sep 4 (IANS) China's Sinopec Group with a revenue of 1.97 trillion yuan (about $307 billion) has been ranked first on the list of the country's top 500 companies this year.

The China National Petroleum Corp. and the State Grid Corp. whose revenues hit 1.72 trillion yuan and 1.53 trillion yuan last year, have been ranked second and third respectively.

The list was unveiled in Chengdu city in southwestern Sichuan province Saturday, Global Times reported.

Other top 10 companies included the Industrial and Commercial Bank of China, China Mobile, China Railway Group, China Railway Construction Corp., China Construction Bank, China Life Insurance Co. and Agricultural Bank of China.

The list, 10th of its kind, was jointly released by China Enterprise Confederation and the China Enterprise Directors Association.

The threshold for entering the list was raised to 14.2 billion yuan in revenues, an increase over the 11.08-billion-yuan threshold used during the previous year.

Revenues for China's top 500 companies rose 31.6 percent year-on-year to 36.31 trillion yuan in 2010, while their total assets increased by 18.4 percent to 108.1 trillion yuan, the two organizations said.

The companies reported profits of 2.08 trillion yuan for last year, a rise of 38.67 percent from a year earlier.

They paid 2.73 trillion yuan in taxes in 2010, accounting for 37.3 percent of the country's total tax revenues.

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