The oil company Sinopec is for the eighth consecutive year the largest Chinese company by annual revenue, according to the annual ranking of the 500 largest Chinese companies, published Saturday by the China Enterprise Confederation, according to New China newspaper.
Sinopec revenue of 2,550 billion yuan (about $402 billion) was the largest in 2011, followed by another oil company, China National Petroleum Corporation, which also reported annual revenues of more than 2,000 billion yuan. The two oil companies are followed by other major state-owned companies: State Grid, Industrial and Commercial Bank of China, China Construction Bank, China Mobile, Agricultural Bank of China, Bank of China, China State Construction and China National Offshore Oil Corporation.
All the 500 companies included in the top reported annual revenue of more than 17.5 billion yuan and 107 of them (including 15 private companies) reported revenue of over 100 billion yuan. In 2011 only six Chinese private companies reported annual revenues of over 100 billion yuan.
“China surpassed Japan as the second country of origin for companies included in the top 500 largest companies in the world. Chinese companies have become larger. They must pass now the test to become stronger,” said Li Jin, a researcher at the China Enterprise Research Institute.
The 500 largest Chinese companies have total assets of 130,000 billion yuan and in 2011 have achieved a total revenue of 44,900 billion yuan, an increase of 23.6% compared to 2010. In contrast, the ratio between profit and revenue fell by 1.07 percentage points to 4.7%, a sign that Chinese companies failed to maintain the same growth rate of profits due to the difficult economic situation.
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