BEIJING, Sept. 1 (Xinhuanet) -- China has released its 2013 ranking of the country’s top 500 enterprises. The list, based on the companies’ 2012 revenues, was established by the China Enterprise Confederation and China Enterprise Directors Association. Xie Sisi reports from Kunming, capital of Yunnan province, where a press conference was held for the release.

Chinese companies have grown bigger.

The latest figures from the China Enterprise Confederation show that the top 500 companies reached a record high combined revenue of 50.02 trillion yuan in 2012, up just over 10 percent from a year earlier.

The figure accounted for 96 percent of China’s GDP.

Oil giant Sinopec ranks first for a ninth straight year, with a revenue of 2.83 trillion yuan.

Wang Jimin, Guest VP, China Enterprise Confederation, said, "China’s corporations are rising in the global economy as well. 89 Chinese companies made the world list of top 500, compared with only 34 in 2008."

Zhen Caiji, president of Datang Telecom Technology and Industry Group, also the Vice Chairman of the China Enterprise Confederation, says innovation is key in international competition.

Zhen Caiji, Vice Chairman of China Enterprise Confederation, said, "Chinese enterprises need to work in the direction of enhancing their ability for innovation and international management in various fields in order to gain a competitive edge in the global market."

The list also shows that despite a BIG revenue, their profit margin declined. It’s a sign that the current complex economic situation poses big challenges to maintaining high profit growth.

(Source: CNTV.cn)