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Profit more meaningful than being on Fortune Global 500 list
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14:08, July 10, 2009

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On the recently-released Fortune Global 500 list, Chinese enterprises occupied a record-breaking 34 positions and entered the top 10 for the first time. However, becoming the most profitable and strongest, and not just the largest, is a more important task for Chinese enterprises.

The international financial crisis has caused operational difficulties for many enterprises worldwide, but the rankings of Chinese enterprises on the Global 500 improved.

China Petroleum & Chemical Corporation (Sinopec) made it into the top 10 for the first time this year, ranking 9th. China National Petroleum Corporation jumped from 25th position to 13th and China's State Grid Corporation climbed from 24th to 15th. The Industrial and Commercial Bank of China (ICBC) rose from 133rd to 92nd, and Baosteel Group Corporation climbed 39 places to reach 220th.

Aside from large state-owned enterprises, Jiangsu Shagang Group, listed for the first time, becoming the only private enterprise in Chinese mainland on the Global 500 list after Lenovo was pushed off the list.

The list only reflects the size of enterprises based on their operating revenue, said Tang Min, deputy secretary-general of the China Development Research Foundation. In terms of strength, Chinese enterprises still lag far behind advanced international levels when it comes to advancing profitability, quality of growth and other factors.

Take Sinopec for example, it is China's largest enterprise, but not the most profitable one. ICBC was China's biggest money-maker in 2008, recording a profit of 15.99 billion USD.

Chinese companies should focus more on the pursuit of quality of growth. Only then can they transform from being large to being strong.

By People's Daily Online


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