As if the economy isn't fazed by the Trump administration's latest set of tariffs, China has revealed its top 500 firms. Huawei unsurprisingly made the top of the list, followed by a who's who of Chinese firms with a few state-owned enterprises making the list.
Sharing the top spot with telecom mogul Huawei is upstart e-commerce firm Suning, which shows how the country's business landscape had been silently developing. Xinhua Net reveals the revenues for these countries and they are truly impressive indeed. The top nine of the list all exceeded or at least touched 300 billion yuan's worth of revenues.
These companies included, by no particular order, Amer International, Evergrande, Gome Holdings, Hengli Group, Legend Holdings, JD.com, and Weiqiao Pioneering Group. Most of these companies were listed by the All-China Federation of Industry and Commerce (ACFIC) to complete the list for the China Top 500 Private Enterprises' latest summit.
Fortune, however, reveals that at least a few of these companies, which had found their way to the Global 500 list, were state-owned. China has managed to put 128 companies on the list. To date, China is only second to the biggest country to contribute to the list-the US. What makes it impressive is that China is in a situation of sorts currently, locked in a dispute with list rival US.
It might not be that impressive, considering the state owns most of these companies. This enables the government to insulate and protect them from any fallouts, the trade dispute included. However, more than that, the success of these Chinese companies is due to the personal policies of these companies rather than just the government meddling in the business of these companies.
Due to this, it is expected that the list will only grow, and the companies joining the list will only become more prestigious. The Chinese companies joining this list are expected to become 130 by 2020. It is a true testament to China's growth; where 50 firms made 100 billion yuan in 2016, 61 made that much money last year, and the amount is expected to grow further this year.
ACFIC vice chairman Huang Rong said that these companies have continued their success through industry best practices. Most of them continued their momentum, which started in 2017.
