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China`s top 500 firms outperform US rivals in 2008: Survey

Last Updated: Monday, September 7, 2009 - 12:28

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
global counterparts.

Bureau Report

First Published: Monday, September 7, 2009 - 12:28

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