On September 20, 2024, the China Enterprise Confederation (CEC) and China Enterprise Directors Association (CEDA) announced the 2024 Top 500 Chinese Manufacturing Enterprises at the World Manufacturing Convention (WMC). This annual ranking highlights the achievements and advancements of China's leading manufacturing companies, setting a benchmark for the industry.
Top 10 Leaders in Chinese Manufacturing
This year’s top 10 manufacturing giants are:
- Sinopec Group
- China Baowu Steel Group Corporation Limited
- Sinochem Group
- China Minmetals Corporation
- Hengli Group
- SAIC Motor Corporation Limited
- Huawei
- FAW Group
- Zhejiang Rongsheng Holding Group
- BYD
These industry leaders have set new standards in innovation, production, and global expansion, contributing significantly to China's economic growth.
Key Highlights from the 2024 Ranking
The 2024 list saw the inclusion threshold rise to 17.062 billion yuan, an increase of 512 million yuan from the previous year, indicating robust growth within the sector. The combined operating revenue of these top 500 companies reached an impressive 52.01 trillion yuan, reflecting a 1.86% year-on-year increase.
Innovation and R&D Investment
Innovation remains a cornerstone for these enterprises, with a total R&D investment of 1.23 trillion yuan—a 12.51% rise compared to last year. The R&D intensity, which measures the ratio of R&D expenditure to operating revenue, has grown to 2.37%, showing a continued focus on technological advancements. The top 500 companies collectively hold 1.4937 million valid patents, including 717,300 invention patents, representing growth rates of 3.85% and 11.35%, respectively. The proportion of invention patents now stands at 48.02%, up 3.24 percentage points from the previous year.
Global Expansion
These leading enterprises are also expanding their global footprint, with foreign assets totaling 7.29 trillion yuan—up 5.81% from last year—and overseas operating revenues reaching 7.13 trillion yuan. This global strategy is enabling Chinese manufacturers to strengthen their presence in international markets.
Regional Distribution of Top Companies
The provinces of Zhejiang, Shandong, Jiangsu, Guangdong, and Hebei host the highest number of companies in the Top 500 list, showcasing their robust manufacturing capabilities and industrial strength.
Anhui’s Rising Influence
Fourteen companies from Anhui Province have made it to the prestigious list, reflecting the region’s growing industrial influence. The notable companies from Anhui include:
- Chery Holding
- Tongling Nonferrous Metals Group
- Conch Group
- Sungrow
- Anhui Truchum Advanced Materials & Technology
- JAC Group
- Gotion High-tech
- Shanying International
- Honglu Steel Structure
- Tiankang Group
- Zhongding Group
- Gujing Group
- Tongling Chemical Industry Group
- Tongling Jingda Special Magnet Wire
These companies represent a diverse range of industries, from automotive and new energy to advanced materials and specialty chemicals, underlining Anhui’s diversified manufacturing landscape.
The Future of Chinese Manufacturing
The 2024 Top 500 Chinese Manufacturing Enterprises list not only highlights the current leaders but also sets the stage for future growth and innovation in the sector. With increased investment in R&D and a strong push towards global expansion, these companies are poised to lead the next wave of industrial transformation in China.
The World Manufacturing Convention continues to be a key platform for showcasing the best of China’s manufacturing sector, promoting global collaboration, and driving high-quality development across the industry.