The private economy, as a diversified ownership economic form distinct from state-owned and state-controlled enterprises, as well as wholly-owned and controlled enterprises of foreign investors and Hong Kong, Macao, and Taiwan, is uniquely Chinese. After more than 40 years of reform and opening up, it has grown from a seedling to a formidable force, achieving a qualitative leap. Especially in many strategic emerging industries and future industries, it has demonstrated its indispensable influence.

Recently, the list of the Top 500 Chinese Private Enterprises for 2024 has been released. In 2023, the total operating revenue of the Top 500 private enterprises was 41.91 trillion yuan, with an average of 83.822 billion yuan per enterprise, an increase of 5.22% over the previous year. We have reviewed the list of the Top 500 private enterprises in Guangdong, Jiangsu, Shandong, and Zhejiang provinces, providing an indirect understanding of the development of the private economy in these four major economically strong provinces.

Number of private enterprises on the Top 500 list

The total number of the Top 500 private enterprises in the four economically strong provinces is 295, accounting for 59% of the national total. Among them, Zhejiang leads the way with 106 enterprises, ranking first nationwide for 26 consecutive years.

Table: Top 500 Private Enterprises in the Four Provinces

Source: Firestone Creation Industrial Data Center

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Enterprise Revenue

The combined revenue of the Top 500 private enterprises in the four provinces exceeded 25 trillion yuan in 2023, accounting for nearly 60% of the national total. The revenue of each province and the revenue of leading enterprises are as follows:

Table: Revenue of Private Enterprises on the Top 500 List in the Four Provinces

Source: Firestone Creation Industrial Data Center

Listed Companies Among the Top 500 Private Enterprises

Among the Top 500 private enterprises in the four provinces, there are 60 listed companies. Guangdong Province has the highest proportion, with 24 out of 50 Top 500 private enterprises being listed, accounting for nearly 50%.

Figure: Number of Listed Companies Among the Top 500 Private Enterprises in the Four Provinces

Source: Firestone Creation Industrial Data Center

High-tech Enterprises Among the Top 500 Private Enterprises

Guangdong Province has the largest number of high-tech enterprises among the four provinces, while Zhejiang and Jiangsu are neck and neck.

Figure: Number of High-tech Enterprises Among the Top 500 Private Enterprises in the Four Provinces

Source: Firestone Creation Industrial Data Center

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Regional Distribution of the Top 500 Private Enterprises

In terms of the distribution of the Top 500 private enterprises in the four provinces, there is an issue of uneven geographical distribution.

Zhejiang Province is led by Hangzhou and Ningbo, the "twin stars," which lead the way in both the digital economy and manufacturing sectors. Shaoxing, Wenzhou, Huzhou, Jiaxing, and Taizhou are developing in coordination.

Figure: Distribution of the Top 500 Private Enterprises in Zhejiang Province

Source: Firestone Creation Industrial Data Center

The Top 500 private enterprises in Jiangsu Province are mainly concentrated in Suzhou and Wuxi, with a significant gap compared to other cities.

Figure: Distribution of the Top 500 Private Enterprises in Jiangsu Province

Source: Firestone Creation Industrial Data Center

Dongying City has the highest number of Top 500 private enterprises in Shandong Province in 2024, with 15 enterprises on the list. Binzhou and Weifang rank second with 7 and 6 enterprises, respectively.

Figure: Distribution of the Top 500 Private Enterprises in Shandong Province

Source: Firestone Creation Industrial Data Center

Shenzhen leads the way in Guangdong Province, with over 50% of the enterprises on the list. Compared to Foshan and Guangzhou, Shenzhen has a significant advantage.

Figure: Distribution of the Top 500 Private Enterprises in Guangdong Province

Source: Firestone Creation Industrial Data Center

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Summary

Through the above comparisons, we can observe the following characteristics of the distribution of the Top 500 private enterprises in the four major economically strong provinces in 2024:

Zhejiang Province continues to maintain its leading position with the largest number of enterprises on the list and a wide range of industries; Jiangsu Province follows closely behind, with strong manufacturing capabilities but a significant gap between southern and northern Jiangsu; Guangdong Province has a relatively smaller number of enterprises on the list but high-level development and strong innovation capabilities among its leading private enterprises; Shandong Province has a high proportion of manufacturing enterprises, with particular advantages in heavy industry.

The leading private enterprises in these four economically strong provinces, with their respective strengths and characteristics, provide strong support for the sustained and healthy development of the private economy in the region and even nationwide.