Nation's top 500 firms set new records for revenue growth

China's top 500 enterprises have moved ahead steadily, setting new records for revenue growth, rapid innovation-driven advancement and ongoing structural optimization, despite a complex and volatile global economic climate, an industry ranking report showed on Wednesday.

The 2024 list of the top 500 Chinese enterprises has been released by the China Enterprise Confederation and the China Enterprise Directors Association, the Xinhua News Agency reported.

The total revenue of the 500 companies reached 110.07 trillion yuan ($15.45 trillion) last year, up 1.58 percent year-on-year to a record high, per the report.

Their net profits totaled 4.51 trillion yuan last year, up 5.01 percent from one year earlier.

Experts attribute the growth to technological innovation driven by new quality productive forces, accelerated optimization of enterprise structures, and the deep integration of the real economy and the digital economy -- driving forces that will anchor China's steady economic growth amid rising global uncertainties.

According to the report, the average research and development (R&D) intensity of these top companies increased for the seventh consecutive year, with total R&D investment accounting for 1.9 percent of their total revenue, the highest level since 2002.

Moreover, innovation output rose, with these enterprises holding 2.03 million valid patents in 2024, up 7.66 percent year-on-year, underscoring a steady boost in innovation capabilities.

These figures show that the leading domestic companies are on an upward trajectory not only in financial performance but also in structural improvement and technological innovation, Li Jin, chief researcher at the China Enterprise Research Institute in Beijing, told the Global Times on Wednesday.

"China has accelerated the restructuring of state-owned enterprises in recent years to optimize the distribution of state-owned capital and speed up the shift toward emerging and future industries," Li said.

The report also pointed to a rising number of advanced manufacturing and modern services enterprises among the top 500. The number of companies in sectors like new-energy equipment, power storage batteries, communication equipment and semiconductor manufacturing have increased to 31, up by 18, during the past five years.

Li further highlighted the record-high technology investment by China's private enterprises over the years, with various emerging sectors showing steady growth, thanks to the government's push for new quality productive forces.

Despite rising global violability, Chinese firms' steady growth reflects the resilience and vitality of the Chinese economy and will contribute to the country's continued healthy growth, experts said.