China unveils top 500 private firms, Huawei peaks list

China on Wednesday unveiled its latest ranking for 500 largest private enterprises, with telecom equipment giant Huawei and e-commerce firm Suning atop the list amid sound development of the country's private business.

The list by the All-China Federation of Industry and Commerce came at the 2018 Summit of China Top 500 Private Enterprises held in Shenyang, the capital of northeast China's Liaoning Province.

Revenues of the nine largest private firms all exceeded 300 billion yuan (US$44 billion) in 2017. The top companies include Huawei, Suning, Amer International, JD.com, Weiqiao Pioneering Group, Legend Holdings, Evergrande, Gome Holdings and Hengli Group.

Of the top 500 private companies, 61 firms saw their revenues surpass 100 billion yuan last year, 11 more than in 2016.

"China's private businesses continued to take on a sound development momentum in 2017," ACFIC vice chairman Huang Rong said, adding the private companies have steadily optimized its industrial structure with greater contribution to society.

To be listed as China's top 500 private companies last year, an enterprise need to have its revenues exceeding 15.68 billion yuan.

Eighteen of China's private firms were also listed among the world's top 500 companies, compared with 17 in 2016.