China's economic structure is undergoing continuous evolution, with a growing number of manufacturing companies seeing increased prominence, while the manufacturing, service and other sectors advance in a coordinated manner, according to an industrial ranking report released Wednesday.
The 2024 list of China's Top 500 Enterprises was published by the China Enterprise Confederation (CEC) and the China Enterprise Directors Association, marking the 23rd consecutive year of its release.
A total of 31 companies on the list are from sectors such as new energy equipment manufacturing, power and energy storage batteries manufacturing, telecommunications equipment, computer manufacturing, and semiconductors and panel manufacturing, an increase of 18 companies over the past five years.
Meanwhile, among the top 500 service companies, modern service industries such as internet and IT services, finance, logistics and supply chain services have experienced rapid growth, with 162 companies being included in the list, or 28 more than the number five years ago.
"The industrial structure of China's Top 500 enterprises continues to improve, with more advanced manufacturing and modern service companies joining the ranks. This reflects the strengthening of new growth drivers in China's economy and the ongoing transition from old to new economic growth momentum," said Zhu Hongren, Party Secretary of the CEC.
"Looking ahead, China is likely to see continued rapid growth and structural adjustment in both its manufacturing and service sectors," said Yang Du, a professor at the Business School of the country's Renmin University.
In terms of revenue contributions, manufacturing, services and other sectors accounted for 52.19 percent, 46.14 percent, and 1.67 percent of the total revenue growth respectively, indicating balanced development across different sectors.
By contrast, revenue growth among the 500 largest U.S. companies was primarily driven by the service industry. The total revenue increased by 699.7 billion U.S. dollars from the previous year, with the service industry contributing 1.063 trillion U.S. dollars, 151.92 percent of the overall growth, while revenue from manufacturing and other industries saw significant declines.
"The number of companies in internet and IT services, as well as in finance, logistics, and supply chain services integrated with IT, has risen to 162, an increase of 28 over the past five years. This indicates that China's manufacturing base remains strong, and the growth in the service sector is also positive," Yang added.
2024 China Top 500 Enterprises list shows growth in manufacturing, sectoral balance
