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Sinopec leads top 500 enterprises list
By Lu Haoting (China Daily)
Updated: 2005-08-20 07:09

"China has become the world's factory, but the Chinese manufacturing enterprises are not globally competitive. China's service industry also lags far behind developed countries," Chen Lantong, CEC's vice-president, said earlier in July.

"By releasing two new lists, we hope to provide more profound understanding and analysis on China's manufacturing and service industries."

To make the lists more scientific, a company's investment in research and development (R&D) is considered, for the first time, in the assessment this year, Chen said.

"We want that every enterprise that is eager to appear on the list really pays attention to R&D. Our studies show that the enterprises on the 2004 list on average only invested 1 per cent of their revenues in R&D, which is really low globally," Chen said.

Compared with the Fortune Global 500 list, Chinese firms that lead the list are small in scale and usually come from industries that are controlled by large State-owned enterprises, said Liu Jisheng, a professor with the School of Economics and Management at Tsinghua University.


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