While China raises interest rates to slow down the steaming economy, Standard & Poor's Rating Services released a report on Thursday, saying the country's pace of economic growth is set to continue. The analysis reviews the financial trends of the leading 100 listed companies.

According to credit analyst, John Bailey, director at Standard & Poor's, China's domestic consumption and private investment remains strong and is beginning to replace priming growth. He also expects the reforms in state-owned enterprises and industrial upgrades will strengthen the country's manufacturing sector in the long run.

Amongst the report's key findings, revenue of the top 100 corporations has also grown significantly, reflecting strong economic growth and higher commodity prices.

In 2003, the average revenue for the top 100 companies surged almost 30 percent, compared with 14 percent in 2002. Meanwhile, these 100 companies saw their average return on capital improve to 16 percent from 14 percent in 2002, with their debt to capital ratio dropping 2 percent to 23 percent.

Put together, these optimistic figures are indicative of improved efficiency and increased profitability across the country's industrial sector.

The Standard & Poor's review expects China's drive for further growth to continue. And the ratings agency predicts the private sector to play an increasingly important role along with the country's restructuring of state-owned enterprises.

Source: CCTV.com