The latest rankings for China's 500 largest private enterprises are issued by the All-China Federation of Industry and Commerce at the China Top 500 Private Enterprises Summit 2020 held in Beijing on Sept 10. [Photo/All-China Federation of Industry and Commerce]

The latest rankings for China's 500 largest private enterprises were released on Sept 10. A total of 96 Zhejiang-based private companies were among those listed, placing the eastern coastal province first among all Chinese provincial-level regions in terms of number of entrants on the list for the 22nd consecutive year.

The list was issued by the All-China Federation of Industry and Commerce at the China Top 500 Private Enterprises Summit 2020, held in Beijing.

The threshold for the 500 largest private enterprises stood at 20.2 billion yuan ($2.96 billion) in revenue, up by 1.62 billion yuan from 2018.

The total revenue of the top 500 private enterprises reached 30.17 trillion yuan in 2019, recording a year-on-year growth of 5.85 percent.

Jiangsu province saw 90 of its companies make the list, second only to Zhejiang among all provincial-level regions. Guangdong and Shandong provinces, which respectively had 58 and 52 companies on the list, took third and fourth place.

"Most Zhejiang companies on the list achieved rapid growth in operating revenue in 2019, performing better than the province's overall economy. Most of them also saw significant growth in profits, which were mainly attributable to their innovations in scientific technology, organizational management, and business strategy," said Qin Shili, chief researcher at the Zhejiang Development & Planning Institute.

"Most of the Zhejiang companies on the list are engaged in advanced manufacturing and modernized services, suggesting future sustainability for the province's economic growth," Qin added.

The numbers of Zhejiang companies to make the list were 120 in 2017, 93 in 2018, and 92 in 2019. "These numbers had been decreasing over the past few years but rebounded this year. This reflects the positive change to the province's business environment over the past few years, with new entrepreneurs rapidly emerging and industrial restructuring accelerating in pace," remarked Yang Yiqing, professor at Zhejiang Gongshang University.

"Another positive sign shown by Zhejiang's entrants on the list is the reduction of enterprises in traditional sectors such as architecture and chemical engineering and the increase and advanced ranking of businesses in digital economy," Yang added.