The 2020 China top 500 private enterprises summit is held in Beijing on Thursday. Photo: cnsphoto

Graphics: GT

Chinese private companies in the fields of high and new technologies are ranking higher on the Top 500 Corporations list, which was released on Thursday by the All-China Federation of Industry and Commerce.

The list is topped by Huawei, China's telecommunication and smartphone giant, with more than 800 billion yuan ($116 billion) of business revenue in 2019.Huawei is followed by e-commerce giant Suning.com with more than 660 billion yuan of revenue, and Amer International Group, a high-technology industry group specializing in metal and semiconductor processing, with more than 610 billion yuan of revenue. 

Among the top 10 companies, half are focused on new technology or new business models such as e-commerce, including Lenovo, China's leader in the PC industry, and Gome, an online retailer of household appliances. 

Of the top 500 companies, 19 are also among the Fortune 500 Global list. 

China's technology companies are under threat from mounting US pressure, including supply cut-offs and trade bans. However, many of the companies, including Huawei, are proving to be resilient. In 2019, Huawei's revenue went up by 19.1 percent despite the US sanctioning measures, and in the first half of this year, its growth jumped another 13 percent. 

The dominance of high-tech companies in the top part of the list reflects a significant shift from traditional manufacturing to higher value-added manufacturing  and services, Tian Yun, vice director of the Beijing Economic Operation Association, told the Global Times. 

"It is important to note that private companies are making even greater contributions to the country's economic growth and job market than before," Tian said.

"Compared with traditional industries, service companies, backed up with high and new technologies, are able to introduce innovation and new business models such as e-commerce and can help unleash the spending power of Chinese customers."

The services industry has become the biggest contributor of jobs in China. In 2019, more than 47 percent of total employment was created in the services sector. 

"Strong private companies contribute over 60 percent of China's total GDP," Tian said, noting that "a structural improvement of the private sector can make sure that the economy get a boost."