China`s top 500 firms outperform US rivals in 2008: Survey
Beijing: China`s top 500 companies
outperformed their US counterparts for the first time last
year, a survey conducted by a business group has revealed, as
the financial crisis wreaked havoc in the United States.
Net profits at the nation`s highest-performing firms
totalled USD 171 billion in 2008, compared to USD 99 billion
for the US firms, according to the survey by the China
Enterprise Confederation (CEC).
The business group has compiled a list of China`s top 500
companies, similar to the Fortune 500, since 2002.
The Chinese firms saw their profits fall by 13.2 percent
in 2008 compared to the previous year, according to the survey
posted on the CEC`s website -- still a better performance than
the Fortune 500`s 85 per cent drop in profits.
The company that topped the list was state-owned giant
Sinopec, the largest oil refiner in Asia, with revenue of 1.5
trillion yuan (USD 215 billion) in 2008, according to the
survey, which was posted at the weekend.
The Industrial and Commercial Bank of China, the
country`s biggest lender, ranked fourth on the list with a
turnover of 490 billion yuan.
CEC vice-president Wang Jiming said the performance of
China`s top 500 in 2008 showed the financial crisis had less
of an impact on the Asian nation`s firms than on their US and
Download the all new Zee News app for Android and iOS to stay up to date with latest headlines and news stories in Politics, Entertainment, Sports, Technology, Business and much more from India and around the world.
More from India
More from World
More from Sports
More from Entertaiment
- Helicopter ferrying 6 pilgrims, woman pilot crashes near Katra
- Growing sense of despondency in India from last 6-8 months: Aamir Khan
- 8th Ramnath Goenka Awards: Sudhir Chaudhary awarded for Excellence in Journalism
- Tejashwi Yadav takes charge as Deputy CM of Bihar
- Arvind Kejriwal clarifies his friendly gesture with Lalu Prasad Yadav
- Karnataka, Madhya Pradesh bypoll results: As it happened on November 24
- Lesson for jihadi aspirants? ISIS says Indians not good enough as 6 out of 23 fighters from India are killed
- Aamir Khan feels intolerance growing in India, says his wife suggested moving out of India
- Intolerance issue: When did ‘Incredible India’ become ‘Intolerant India’, Anupam Kher asks Aamir Khan
- Boon for SC/ST candidates? Birth, caste certificates likely to be merged