Report: China top 500 firms perform better than US'

(Xinhua)

Updated: 2009-09-06 10:37

HANGZHOU: Profits of the top 500 enterprises in China exceeded that of their counterparts in the United States, a domestic ranking report said Saturday.

Net profits of the Chinese companies are $170.6 billion in the first half of this year, while the figure for the US companies are $98.9 billion , according to a report released by the China Enterprise Confederation (CEC) and China Enterprise Directors Association.

Although the net profits for the Chinese heavyweights are down 12.4 percent from a year ago, it is still less than a 84.67 percent fall for the US companies, which see the worst decline in 55 years recorded by the US Fortune magazine.

Wang Jiming, vice president of CEC, said although the business data showed that the Chinese companies were less vulnerable to the global financial crisis than the US counterparts, it did not mean they have made substantial improvements in comprehensive competitive power.

He said Chinese enterprises enjoy relatively better policies and domestic market environment.

Chinese companies still lacked behind world's leading enterprises in resource allocation, innovation, international presence, business model and corporate culture, he noted.