Sinopec Corp (
Sinopec retained top spot for the third straight year with revenue exceeding 1.06 trillion yuan (US$140.5 billion) last year, the list by the China Enterprise Federation said.
The firm was the only one on the list, now in its sixth year, to exceed 1 trillion yuan in revenue.
All companies in the top 10 are state-owned enterprises, underlining the prevalence of state control over Chinese industry despite liberalization.
They included two oil companies, two electric utilities, three commercial banks, two telecom operators and one insurance company.
Hong Kong-listed Gome Electrical Appliances Holdings Ltd (國美電器控股), China's largest home appliance chain, was the only privately held listed company among the top 50 companies, moving up to No. 37 from No. 53 last year.
Huang Guangyu (
The China Daily said yesterday that the revenue of firms on the list increased by 23.7 percent from a year earlier, while profits jumped 25.9 percent largely because of continued growth from mergers and acquisitions.
However, the profitability of firms on the China list still lags behind that of the world's top 500 companies compiled annually by Forbes, recording a profit margin of 4.72 percent compared with the global giants' average 7.32 percent, the paper added.
Stephen Garrett, a 27-year-old graduate student, always thought he would study in China, but first the country’s restrictive COVID-19 policies made it nearly impossible and now he has other concerns. The cost is one deterrent, but Garrett is more worried about restrictions on academic freedom and the personal risk of being stranded in China. He is not alone. Only about 700 American students are studying at Chinese universities, down from a peak of nearly 25,000 a decade ago, while there are nearly 300,000 Chinese students at US schools. Some young Americans are discouraged from investing their time in China by what they see
MAJOR DROP: CEO Tim Cook, who is visiting Hanoi, pledged the firm was committed to Vietnam after its smartphone shipments declined 9.6% annually in the first quarter Apple Inc yesterday said it would increase spending on suppliers in Vietnam, a key production hub, as CEO Tim Cook arrived in the country for a two-day visit. The iPhone maker announced the news in a statement on its Web site, but gave no details of how much it would spend or where the money would go. Cook is expected to meet programmers, content creators and students during his visit, online newspaper VnExpress reported. The visit comes as US President Joe Biden’s administration seeks to ramp up Vietnam’s role in the global tech supply chain to reduce the US’ dependence on China. Images on
New apartments in Taiwan’s major cities are getting smaller, while old apartments are increasingly occupied by older people, many of whom live alone, government data showed. The phenomenon has to do with sharpening unaffordable property prices and an aging population, property brokers said. Apartments with one bedroom that are two years old or older have gained a noticeable presence in the nation’s six special municipalities as well as Hsinchu county and city in the past five years, Evertrust Rehouse Co (永慶房產集團) found, citing data from the government’s real-price transaction platform. In Taipei, apartments with one bedroom accounted for 19 percent of deals last
US CONSCULTANT: The US Department of Commerce’s Ursula Burns is a rarely seen US government consultant to be put forward to sit on the board, nominated as an independent director Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday nominated 10 candidates for its new board of directors, including Ursula Burns from the US Department of Commerce. It is rare that TSMC has nominated a US government consultant to sit on its board. Burns was nominated as one of seven independent directors. She is vice chair of the department’s Advisory Council on Supply Chain Competitiveness. Burns is to stand for election at TSMC’s annual shareholders’ meeting on June 4 along with the rest of the candidates. TSMC chairman Mark Liu (劉德音) was not on the list after in December last