The "2005 Top 500 Chinese Enterprises and High-level Forum" officially concluded on August 22, unveiling the list of the top 500 Chinese companies for that year. Among them, 29 oil and chemical firms made the cut, with China Petroleum & Chemical Corporation (Sinopec) leading the rankings with an annual revenue of 634.287 billion yuan. In addition to the overall list, a separate ranking of the top 500 manufacturing and service industry companies was also released.
Since 2002, the China Enterprise Confederation and the China Entrepreneurs Association have been compiling the Top 500 Chinese Enterprises list, using criteria similar to those of the Fortune Global 500. The primary measure is annual sales revenue, but this year’s ranking introduced two new metrics: research and development expenses and the main business income. The average operating revenue of the top 500 companies in 2005 reached 23.491 billion yuan, while the average profit stood at 1.059 billion yuan.
Three major oil and energy companies—Sinopec, China National Petroleum Corporation (CNPC), and China National Offshore Oil Corporation (CNOOC)—were among the highest performers. Sinopec, ranked first, achieved an impressive annual revenue of 634.287 billion yuan. Despite their strong financial performance, experts noted that Chinese enterprises still face challenges in terms of global competitiveness.
Li Jianming, a spokesperson for the China Enterprise Confederation, conducted a comparative analysis between the Top 500 Chinese Enterprises and the Fortune 500. He highlighted that while China’s large enterprises have shown significant improvement, they still lag behind their global counterparts in key areas such as labor productivity and profitability. In 2005, the total revenue, profit, and assets of China’s top 500 companies were only 8.4%, 7%, and 6% of those of the world’s top 500 companies, respectively.
Moreover, many Chinese firms lack internationally recognized brands and possess limited independent intellectual property and core technologies. Other issues include low internationalization, underdeveloped service sectors, and the continued dominance of monopolistic industries. The growth of large Chinese enterprises remains heavily influenced by government policies and traditional economic structures.
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