Open / Close Advertisement

Baosteel Tops List for China’s Manufacturing Sector

09/15/2008 - Baosteel Group ranks first among top Chinese manufacturing enterprises in a recently updated ranking of Top 500 Chinese Enterprises jointly published by the China Enterprise Confederation and China Enterprise Directors Association.

Baosteel Group Corporation ranked first among Top 500 Chinese Manufacturing Enterprises in a recently updated ranking of Top 500 Chinese Enterprises jointly published by the China Enterprise Confederation and China Enterprise Directors Association. With an operating revenue of RMB 227.716 billion yuan, Baosteel Group also ranked 12th among Top 500 Chinese Enterprises.
 
This year marked fourth time for Baosteel to top the list since the appraisal of Top 500 Chinese Manufacturing Enterprises was initiated in 2005. In 2007, Baosteel ranked 10th among the Best 200 Chinese Enterprises in terms of profit and 15th among the Best 200 Chinese Enterprises in terms of taxes paid.
 
The main criterion for the appraisal of Top 500 Chinese Enterprises is operating revenue. This threshold has continued to increase in recent years, reaching RMB 9.31 billion yuan this year—RMB 2.1 billion yuan more than last year. Likewise, the threshold of Top 500 Chinese Manufacturing Enterprises has increased from RMB 2.98 billion yuan last year to RMB 4.39 billion yuan this year. In light of the appraisal results, the total operating revenues of Top 500 Chinese Enterprises and Top 500 Chinese Manufacturing Enterprises rise by 20% and 32.8% respectively from last year.
 
This year, the first 3 places for Top 500 Chinese Enterprises were awarded to China Petrochemical Corp., State Grid Corp. of China, and China National Petroleum Corp. The second and third place awardees for the Top 500 Chinese Manufacturing Enterprises were China FAW Group Corp. and Hong Fu Jin Precision Industry (Shenzhen) Co. Ltd.
 
Xu Lejiang, Chairman of Baosteel Group made the keynote speech in the 2008 Top 500 Chinese Enterprises Issuance and the Large Chinese Enterprises Summit. In the speech, Xu pointed out that with the takeoff of Chinese economy, Chinese enterprises have become a force that can not be ignored in the international economic arena. However, in many fields, China is still lacking industrial integrators, making it imperative to cultivate large leading-type business groups with international competitiveness. Xu thinks that Chinese enterprises must make full use of late-start advantages and take on a new road of less pollution and faster development.
 
In order to become the industrial leader, Xu said that Chinese enterprises should not only benchmark with international first-class enterprises in terms of scale, technology and product mix, but also take on the features of global first-class enterprises in such areas as corporate governance, managerial systems, and corporate culture. Xu further emphasized that to be the integrator of industrial resources, enterprises need encouragement and support from the government. He added that leading enterprises should be encouraged by the government to restructure the industry and expand the scale so as to improve the industrial concentration ratio. In the mean time, the enterprises should be encouraged to enhance the capabilities of independent technology innovation and to establish and perfect social responsibility system.