China's top 500 enterprises reached an unprecedented milestone last year, with combined revenues soaring to 110 trillion yuan ($15.4 trillion), as revealed in a new industrial ranking report released on Wednesday.
The annual report, a collaborative effort by the China Enterprise Confederation and the China Enterprise Directors Association, showcased a year-on-year growth of 1.58 percent in total revenues, amounting to 110.07 trillion yuan in 2023, according to China Central Television.
Notably, the entry threshold for this year's list surged to 47.38 billion yuan, an increase of 383 million yuan from the previous year, underscoring the growing scale and influence of China's leading companies.
Zhu Hongren, executive vice-president of the China Enterprise Confederation, highlighted that the rising revenues signify a new advancement for China's top firms. \"This year's rankings reflect the deepening focus on innovation and quality development among China's largest corporations, setting a robust precedent for future economic growth,\" Zhu remarked.
He further emphasized the enhancements in development quality, noting that leading enterprises are prioritizing high-quality growth while ensuring steady overall expansion. \"Strategic emerging industries are crucial carriers for the development of new quality productive forces in our country. The list shows significant progress and a substantial increase in both revenue and profits in these sectors, driven by major enterprises,\" Zhu added.
The report also featured specialized rankings, including the Top 100 Strategic Emerging Industry Enterprises, Top 500 Service Enterprises, and Top 100 Multinational Companies, highlighting the diverse strengths and global reach of China's top businesses.
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China's top 500 firms hit record 110 trillion yuan in revenue
cgtn.com
