David Thomas is an expert on doing business in China. With a successful history of forging global business relationships, David helps leaders,
entrepreneurs and investors solve the China puzzle. As part of that, he’s launched a daily email newsletter ‘China Bites’ which you can read here on Targeting China.

The 2019 China Top 500 Private Enterprises Summit was held last week, and it will come as no surprise to hear that Huawei topped the list with revenues of RMB721.2 billion (US$102 billion) last year. According to the Global Times “Huawei overtook Lenovo for the first time in 2016 when it reported revenue of RMB395 billion. In the past four years, Huawei’s revenues have increased by around RMB100 billion annually”.

HNA Group came second on the list and Suning Holdings Group was third. Top companies also include Amer International, Evergrande, JD.com, Country Garden, Hengli Group, Legend Holdings and Gome Holdings.

According to the All-China Federation of Industry and Commerce “the private sector provides more than 80% of China’s urban employment and accounts for more than 70% of its technological innovation, 60% of GDP and 50% of taxes”. This all contributes to the ever-growing narrative that China’s growth is becoming more domestically driven, with less reliance on the US and other countries.

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