Sinopec Group, China National Petroleum Corporation (CNPC) and State Grid Corporation of China (SGCC) are the top three of the "Top 500 Chinese Enterprises" ranking recently released by China Enterprise Confederation and China Enterprise Directors Association. The top 10 enterprises are manly companies in resources, banks, communications, and automobiles etc.

With 2.88 trillion yuan operating revenue, Sinopec tops the list. CNPC has 2.72 trillion yuan, and SGCC has 2.09 trillion yuan in operating revenue. Five Internet companies including JD.com, Tencent, Baidu, Alibaba, and Inspur entered this year’s list.

The list has shown that these top 500 enterprises have made great contribution to the national economic system: in 2014, these enterprises realized total operating revenue of 59.5 trillion yuan, up 4.94 percent from the previous year, hired 31.1 million employees to release the employment pressure, and paid about 4 trillion yuan in tax.

State-owned corporations are still a major component of the top 500 enterprises. The 293 state owned enterprises almost made 80 percent of the total revenue, assets, profits, and tax etc. In 2015, there are 207 private enterprises on the top 500 list, accounting for 41.4 percent.

Report shows that China has officially entered the second half of the middle stage in industrialization. Shanghai and Beijing have realized industrialization and stepped into post-industrial society; Tianjin, Jiangsu, Zhejiang, Guangdong are in the late stage of industrialization. The phase in which many enterprises rely on heavy industrialization will come to an end, and excess production capacity will become an industrial norm.