Chinese Enterprises Lag Further Behind World 500: Report

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Last updated at: (Beijing Time) Friday, August 30, 2002

Chinese Enterprises Lag Further Behind World 500: Report

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The first 11 of China's top 500 enterprises have entered the list of world top 500 giants 2002, according to a report by China Enterprise Confederation and China Enterprise Directors Association lately released on the development of Chinese enterprises.

The State Power Corporation of China took the first place of China's top 500 with an operating income of 400.395 billion yuan. Atop with this leader were China Petrochemical Corporation, China National Petroleum Corporation, China Industrial and Commercial Bank, Bank of China, China Mobile, China National Chemical Import & Export Corporation, China Telecom, China National Cereals, Oils & Foodstuffs Imp. & Exp. Corp and China Construction Bank.

Of the 500 businesses, 72.8 percent are those of the secondary and 25 percent tertiary industry. Most of them are engaged in electronic and communication equipment manufacture and metallic industry, and more than 10 percent are for petrol, natural gas exploitation and finance. Tertiary industry enterprises take most assets on top of 63.1 percent of the total by those of finance. A big disparity has been shown by their average efficiency among different industries.

Viewing from geographical location, 78.4 percent are in eastern regions, taking 90 percent operating income, 91.7 percent net profit and 96 percent assets.

Although China's top 500 saw a general rise of index in 2001 a few had suffered from serious deficits, nearly one third had shrunk in profit and lagged further behind world top 500.

Small in scale and of low labor productivity, China's top 500 have been run at an asset operating level 6.46 percent of that of world 500 and 5.26 percent operating income, 12.95 percent per-capita income, 29.62 percent per-capita profit and 1.57 percent per-capita assets of those of world 500.

The average profit level of the local list only accounts for 12.06 percent of the world 500. Meanwhile, most Chinese enterprises are lagging behind by their core technology development from a lack of funds and an innovative system. Moreover, no transnational enterprises can be found from China's list.

By PD Online Staff Member Li Heng

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