Top 18 Chinese transnational enterprises released

The first domestic Chinese Transnational Enterprises Ranking was released on October 24.

Based on the rankings of foreign assets, the 18 Chinese transnational enterprises listed are as follows: CITIC Group, COSCO, China Architecture Engineering Group, China National Petroleum Corp, SNBJ, China Poly Group Cooperation, COOLC, Shougang Group, China Shipping(Group)Company, TCL Corp., Legend Group, China Minmetals, China Communications Construction Company, SZYA, Shanghai Baosteel Group, Shanghai Automotive Industry Corporation, MCC and the Haier Group.

The top 18 enterprises including CITIC Group, which owns at least US$79 billion in foreign assets and hires 120,000 foreign staff. They grew quickly, with foreign assets increasing by 38% and oversea sales by 65% between 2004 and 2006.

Experts have pointed out that Chinese Transnational Enterprises are on a steady path of growth and are gradually becoming the participants of increasingly progressive international activities.

Chinese transnational enterprises, however, are still in the primitive stage and lag far behind their foreign counterparts.

Among the top 18 enterprises, only two have foreign assets more than US$10 billion, and only three have more than 10,000 foreign staff.

Moreover, there are no Chinese enterprises listed in the ranking of the top 100 non-financial transnational enterprises, according to the recent 2008 World Investment Report.

Meanwhile, in the ranking of the top 100 non-financial transnational enterprises of developing countries, only CITIC Group is listed among the top 10 ranking, with another eight enterprises making the ranking.

Source: People's Daily Online