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People's Daily Online>>China Business

Domestic firms' competitiveness drops

By Liang Yiwen (Shanghai Daily)

14:31, November 29, 2011

Competitiveness of domestic companies dropped this year because of the global economic slowdown and tightening policies at home, according to a report released by the Shanghai University of Finance and Economics yesterday.

The top 500 domestic firms' overall competitiveness index stood at 108.78 points this year, compared with 111.76 points last year, according to the report.

"The global economic recession and Europe's debt crisis have affected China's economic development," said Jiang Ruochen, director of the Top 500 Enterprises Research Center at the university.

The slump in the steel and construction industries was a drag on the overall performance, she said.

The country's housing price control policy has adversely impacted the construction industry. Meanwhile, the rise in the global price of iron ores and unstable prices for steel products in the country have contributed to the lackluster development in the steel sector.

There was not much change in the positions of the top 500 Chinese enterprises this year though the private sector showed further progress.

State-owned enterprises still retained the majority of places with 316 making the list. In comparison, a total of 184 private companies entered this year's list, 13 more than last year. Jiang advised the government loosen restrictions on private firms to spur the economy.

Among the country's 80-plus industries, 72 are open to state-owned capital, 62 open to foreign investment while only 41 are open to private capital, Jiang said.

Most of the private firms among the top 500 are in Zhejiang, Jiangsu and Shandong provinces.

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