business

China’s top private firms see growth in 2019

A worker inspects machines at a smart workshop of a hosiery company in Zhuji, east China's Zhejiang Province, Oct. 23, 2019. (Xinhua/Han Chuanhao)

  A worker inspects machines at a smart workshop of a hosiery company in Zhuji, east China's Zhejiang Province, Oct. 23, 2019. (Xinhua/Han Chuanhao)

BEIJING, Sept. 11 (Xinhua) — The latest rankings for China’s 500 largest private enterprises came out Thursday, with the companies registering an overall growth in 2019.

The list was issued by the All-China Federation of Industry and Commerce at the China Top 500 Private Enterprises Summit 2020, held in Beijing.

The threshold for the 500 largest private enterprises stood at 20.2 billion yuan (2.96 billion U.S. dollars) in revenue, up by 1.62 billion yuan from 2018, while the thresholds for the top 500 private enterprises in the manufacturing industry and the top 100 private enterprises in the service industry both increased in 2019.

The total revenue of the top 500 private enterprises reached 30.17 trillion yuan in 2019, recording a year on year growth of 5.85 percent. Their total assets rose by 6.78 percent from a year earlier to 36.96 trillion yuan, and their net profits after tax grew by 8.06 percent to 1.39 trillion yuan.

A total of 19 private firms were also on the list of the Fortune 500 companies.

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