The China Enterprise Confederation and China Enterprise Directors Association unveiled the 2024 ranking of the top 500 Chinese companies, reported by Xinhua News Agency.
In 2023, the total revenue of these companies reached 110.07 trillion yuan ($15.45 trillion), marking a 1.58 percent year-on-year increase to a record high, according to the report.
Net profits for the top 500 enterprises amounted to 4.51 trillion yuan, reflecting a 5.01 percent rise compared to the previous year.
Experts attribute this growth to advances in technological innovation, the accelerated optimization of corporate structures, and the deeper integration of the real and digital economies — key factors that continue to support China's steady economic growth amidst increasing global uncertainties.
The report also noted that these companies' average research and development (R&D) intensity has risen for the seventh consecutive year, with total R&D investment representing 1.9 percent of their overall revenue, the highest level recorded since 2002.
Furthermore, innovation output saw an uptick, with these enterprises holding 2.03 million valid patents in 2024, a 7.66 percent year-on-year increase, highlighting the steady enhancement of innovation capabilities.
The report also indicated a growing presence of advanced manufacturing and modern service companies among the top 500. Over the past five years, the number of companies in sectors such as new energy equipment, power storage batteries, communication equipment, and semiconductor manufacturing increased to 31, up by 18.
Experts believe that despite global challenges, the steady growth of Chinese firms demonstrates the resilience and vitality of China's economy, contributing to the nation's continued economic health.
