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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