Oilfield company tops China's list of 1,000 biggest industrial enterprises

Daqing Oilfield Limited Company topped the list of China's 1,000 biggest industrial enterprises with 85.55 billion yuan (about 10.3 billion US dollars) of sales in 2003, triumphing over other giants in telecom, auto manufacturing and petrochemical industries.

Jiangsu Provincial Electric Power Co. ranked second in the listwith 59.45 billion yuan (about 7.2 billion US dollars) of sales in2003.

Petroleum, metallurgy and automobile companies still report thelargest amount of profits among the 1,000 industrial companies, according to the latest list of China's 1,000 largest industrial enterprises which was released by the National Bureau of Statistics (NBS).

The 1,000 enterprises dominated China's industrial economies with their contribution of about 36.8 percent of sales by the country's total large-scale enterprises and about half of their profits, according to the bureau.

State-owned monopoly companies in industries like telecommunication and oil supply stood in the front of the ranks while those fields fully open to competition usually have smaller scale, revealed the list.

NBS deputy director Qiu Xiaohua said at a press conference thatthe list was selected according to the enterprise's annual sales according to international standards.

"The 1,000 enterprises represent the dominant forces in developing China's industrial economies," Qiu said. "Their roles in supporting China's sustainable development can't be neglected."

The 1,000 largest industrial enterprises account for only 0.5 percent of China's large-scale enterprises in number, but reporteda total sales of about 5.27 trillion yuan (634.8 billion US dollars) in 2003, or about 36.8 percent of the total by large-scale enterprises, according to the list.

Source: Xinhua