Latest News:  
Beijing   Heavy rain to rainstorm/Light rain    20 / 26 ℃  City Forecast

English>>China Business

US, China profit gap growing

By Chen Yang (Global Times)

08:28, September 03, 2012

The profit gap between China's 500 largest enterprises and their US counterparts is growing wider, with the economic slowdown seriously affecting profits at domestic manufacturing companies, the China Enterprise Confederation (CEC) said over the weekend.

China's top 500 enterprises, ranked by annual revenue, made a combined profit of 2.1 trillion yuan ($324.3 billion) in 2011, equivalent to 39.48 percent of the total profit of the top 500 US firms for the year, down 4.05 percentage points from a year earlier, Wang Zhongyu, chairman of the CEC, said at a summit held Saturday in Changchun, capital of Northeast China's Jilin Province.

The growing gap was mainly caused by a slowdown in profit growth among China's top 500 enterprises - which was 5.15 percent in 2011, compared to 38.51 percent in 2010 - mainly dragged down by manufacturing companies, according to a report by the CEC.

"Manufacturing companies' profits have been squeezed by inflation and fast-growing labor costs," said Liang Xinjun, CEO of 181st-rated Fosun Group.

State-owned enterprises still have a dominant position, with 310 firms on the list. China Petroleum & Chemical Corp was highest on the list with revenue of 2.55 trillion yuan in 2011. The rest of the top 10 are energy companies, banks and telecom operators.

The total revenue of the top 500 domestic enterprises in 2011 was equivalent to 59.1 percent of those in the US, up 9.25 percentage points from the year before, the report said.

【1】 【2】

News we recommend:
Prices fly for Angry Birds' merchandise Real Economy Faces Real Challenges Spirited into the world of e-commerce
E-shopping fuels domestic consumption Lake cleanup pays off big with tourist dividends China's beauty industry profits from a makeover
Taxing times for China's tax reformers  Experts divided on yuan’s future [Audio]Soccer in China Part III: The Business Side


Leave your comment0 comments

  1. Name


Selections for you

  1. China's strategic missiles realize mobile launch

  2. The world in photos (2012.8.27-8.31)

  3. ZTE to participate in US hearing

  4. Top 10 banned films in the world

  5. Olympic champions in spotlight for lavish rewards

  6. Gong Li covers Fashion L'OFFICIEL magazine

Most Popular


  1. Can trust again build Sino-Russian bridges?
  2. Rumors more credible than officials for netizens
  3. Commentary: Domestic demand engine for growth
  4. Taiwan's position key for Diaoyu Islands issue
  5. Carrier not right envoy for South Pacific
  6. Commentary: Another realty boom not needed
  7. Red moon threat reflects hollow fears on space
  8. Japanese diplomat in letter mission
  9. Editorial: Erring on side of caution
  10. Commentary: Transition of economy starts

What's happening in China

Death toll rises to 41 in SW China's colliery blast

  1. 3,684 freshmen enrolled in Peking University
  2. Bus overturn leaves 4 dead, 30 injured in N. China
  3. Chinese university offers MBA course in Myanmar
  4. 35 accounting textbook forgers nabbed
  5. Chinese provinces halt overnight buses

China Features

  1. Regimen: spleen-friendly diets during White Dew
  2. Watch out hay fever during Bai Lu
  3. Man pricked by syringe with HIV
  4. Large windmill in northern Shaanxi Plateau
  5. Japan aids armed forces of China's neighbors

PD Online Data

  1. Ministry of Water Resources
  2. Ministry of Railways
  3. People's Bank of China
  4. Ministry of Health
  5. Ministry of Culture