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BEIJING, Aug. 25 (Xinhuanet) -- An updated list of China's top 500
enterprises was announced at the weekend, with over 100 new arrivals included.
The China National Petroleum Corp took first place thanks to its turnover
of US$45.8 billion last year. The corporation is the world's ninth-biggest
petroleum company and was third in last year's Chinese list.
Oil company Sinopec remained in second place and phone company China Mobile
moved up from sixth place to third.
The top 500 list was included in the Report on the Development of Chinese
Enterprises published at the weekend by the China Enterprise Confederation. The
voluminous annual report also analyses a wide range of topics, such as foreign
companies in China, the reform of State-owned enterprises, company management
and China's entrepreneurs.
The China National Petroleum Corp is ranked 69 on the global list of
Fortune Global 500 companies.
The report said State-owned companies account for 73.6 per cent of the
national top 500 list. Only 69 private enterprises appear on the list.
Hu Xinhuan, deputy general director of the China Enterprise Confederation,
said China had only three enterprises on the world top 500 in 1995 but the
number increased to 12 last year.
He said Chinese enterprises have made rapid progress in sharpening their
competitiveness.
But China's enterprises are still small in scale compared with
international giants, according to a confederation report.
For example, the volume of business of the China National Petroleum Corp
accounted for only 18.58 per cent of Wal-Mart, the US-based international
retailer and the world's largest company.
The last company on China's top 500 list -- the Ningbo Port Management Corp
based in East China's Zhejiang Province -- earned only 2.94 per cent of the
turnover secured by the Japanese company Kawasaki, the last on world top 500
list.
Ma Fucai, general manager of the China National Petroleum Corp, said his
company is focusing on building itself into a much more competitive
multinational corporation.
Other Chinese enterprises are working towards similar goals, thanks partly
to the government's decision to develop between 30 and 50 State-owned companies
into firms that can compete with international giants.
Shao Ning, vice-chairman of the State-owned Assets Supervision and
Administration Commission, said: "We still need time to achieve this goal.'' The
commission, a newly established government department under the State Council,
is the owner of billions of US dollars worth of Chinese State assets.
He said the State-owned firms would undergo further reform "soon.'' He did
not go into details but said the government will try every means to "make them
really market-oriented.''
Zhang Yanning, vice-chairman of the China Enterprise Directors Association,
has suggested that Chinese enterprises should stress core competitiveness,
efficient management of human resources and brand strategies.
Of 100 world-famous brands named in the US-based magazine BusinessWeek last
year, six were from Asia but none of them were from China.
Researchers and economists have also urged more measures to be introduced
to encourage China's private enterprises to improve their core strength.Enditem
(China Daily) Top-500 companies
named
Oil firms, a mobile operator and banks topped the
latest list of China's 500 leading companies in terms of sales, a state-level
industry organization announced over the weekend. The ranking is based on each
company's sales in 2002.
China National Petroleum Corp, China Petroleum
and Chemical Corp and China Mobile Communication Corp were ranked the top three.
Industrial and Commercial Bank of China was the only bank to make it among the
top five at No 4.
This is the second annual list compiled by the
Beijing-based China Enterprise Confederation.
CNPC took the No 1 spot on sales of 379.2 billion
yuan (US$45.74 billion).
This figure is smaller than that of State Power
Corp, which took last year's top spot with 400.4 billion yuan in sales.
However, the central government split State Power
into two power grid companies and five power generating companies at the end of
last year to end its monopoly over China's electricity power market.
Fueled by China's booming auto market, China
First Automotive Works Group soared to seventh place as its sales jumped to
127.2 billion yuan, 2.45 times that of the previous year. It was 18th on last
year's list.
Another newcomer to the top 10 list is China Life
Insurance Company, whose sales increased to 126.18 billion yuan in 2002, 55.2
percent higher than the previous year when it reached 12th place.
(eastday.com.cn)
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