SHENYANG, Aug. 29 -- China's private businesses have gained momentum in 2017, adding to positive signs of an economy that pushes forward high-quality growth.
China on Wednesday unveiled its latest ranking for top 500 private enterprises, with telecom equipment giant Huawei and e-commerce firm Suning atop the list amid sound development of the country's private business.
The list by the All-China Federation of Industry and Commerce (ACFIC) came at the 2018 Summit of China Top 500 Private Enterprises held in Shenyang, the capital of northeast China's Liaoning Province.
Revenues of the nine largest private firms all exceeded 300 billion yuan (44 billion U.S. dollars) in 2017. The top companies include Huawei, Suning, Amer International, JD.com, Weiqiao Pioneering Group, Legend Holdings, Evergrande, and Gome Holdings.
Of the top 500 private companies, 61 firms saw their total assets surpass 100 billion yuan last year, 11 more than in 2016.
To be listed as China's top 500 private companies last year, an enterprise need to have its revenues exceeding 15.68 billion yuan.
According to ACFIC vice chairman Huang Rong, the list came out of more than 4,600 Chinese private firms which voluntarily participated in an ACFIC survey. Not all big private enterprises are covered.
Since reform and opening up in the late 1970s, private businesses have assumed a bigger role in driving growth. The sector now contributes more than 60 percent of China's GDP growth and provides over 80 percent of jobs.
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