11. september 2018 kl. 10:10
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WUHAN, July 12 (Xinhua) -- Nearly 100 Chinese companies made this year's Fortune Global 500 list released earlier this week Authentic Chris Wideman Jersey , but a closer look at the companies reveals problems that have long plagued China.

Ninety-five Chinese firms joined the ranks of the world's top companies, measured by their revenues in recent fiscal years.

China added 16 more companies to the list, narrowing the gap with the United States, which boasted 132 corporations this year.

Chinese companies accounted for 17 percent of the total revenues grossed by the top 500. This compares with 28 percent Authentic Dion Phaneuf Jersey , or 8.6 trillion dollars, logged by U.S. companies.

However, Chinese firms on the list are mostly focused in traditional industries such as steelmaking, power generation Authentic Mike Condon Jersey , energy and chemicals -- sectors that are either grappling with overcapacity or are dominated by state-owned enterprises (SOE).

China's unbalanced economic structure is evident in the ranking.

"Very few Chinese companies on the list come from high-end manufacturing, the service industry or the technological sector," said Zhuang Ziyin, a professor with the Institute for Advanced Studies at Wuhan University.

Meanwhile Cheap Mike Hoffman Jersey , nine Chinese banks made the cut, followed by eight from the United States. The Industrial and Commercial Bank of China retained its spot as the world's largest bank, with its 2012 revenues reaching 133.6 billion dollars.

However, profits earned by nine banks Cheap Jean-Gabriel Pageau Jersey , four insurance companies and 13 financial firms from China account for a whopping 56.5 percent of all the profits posted by 95 Chinese firms.

This suggests weak profitability for businesses in the real economy amid a global downturn and domestic structural woes.

China's economic growth slowed to 7.7 percent in the first quarter and a string of weak data released recently has pointed to milder expansion in the second quarter.

"Encouraging technological innovation and developing the real economy should be high on China's reform agenda," said Xu Zhengzhong, an economic professor at the Chinese Academy of Governance.

Chinese SOEs operating in the energy and resource sectors retained their prominent presence on the list. Sinopec, the China National Petroleum Corp. and State Grid Corp. of China joined a host of global resource and energy firms in establishing dominance in the top 10.

Many of these companies have also reported declining profits. Chinese steelmakers and mining companies like the China Minmetals Corp. Cheap Craig Anderson Jersey , Ansteel Group and Baosteel Group have seen their rankings plunge this year due to overcapacity and worsening financial results.

The declining trend will continue if China fails to engineer a transition toward high value-added and technology-intensive industries, Zhuang said, adding that resources and cheap labor cannot drive economic growth in a sustainable way.

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