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Title page
Contents
INTRODUCTION 2
1. CORPORATE STRUCTURES WITH CHINESE CHARACTERISTICS 4
1.1. Varieties of state ownership 5
1.2. Listing status 13
1.3. Examples 18
1.4. CCP influence in the private sector 25
2. MAPPING THE LANDSCAPE OF CHINA'S LARGEST COMPANIES 28
2.1. Findings on China's largest companies by revenue 31
2.2. Findings on China's largest listed companies by market cap 38
2.3. Drivers 43
CONCLUSION 54
REFERENCES 56
APPENDIX A: METHODOLOGICAL CHOICES ON METRICS, DATA, SAMPLING, AND CODING 60
APPENDIX B: CHINESE COMPANIES IN 2021 FORTUNE GLOBAL 500 RANKING 68
APPENDIX C: CHINESE TOP LISTED 100 COMPANIES BY MARKET CAPITALISATION AT END-2021 77
Table 1. Comparing taxonomies 10
Table 2. Chinese companies in the 2021 Fortune Global 500 ranking, by ownership and listing status 34
Table 3. Non-public enterprises among Chinese Fortune 500 companies, 2015 versus 2021 37
Table 4. Top 25 non-public enterprises by market capitalisation, end-2021 42
Table 5. Top 10 listed state-owned, mixed-ownership, and nonpublic enterprises by market capitalisation, 2010 versus 2021 43
Table 6. Changes in ownership category 45
Table 7. Average and median state ownership stake in Chinese Listed Top 100 companies at end-2010 and end-2020 46
Table 8. Impact of new listings during 2011-21 on the 2021 Chinese Listed Top 100 49
Figure 1. Subset of Chinese companies in the Fortune Global 500 rankings 29
Figure 2. Aggregate revenue of Chinese Fortune 500 companies, by ownership category, 2004-20 32
Figure 3. Share of the private sector (nonpublic enterprises) in subset of Chinese Fortune 500 companies across different metrics, 2004-20 32
Figure 4. Share of aggregate revenue of Chinese Fortune 500 companies accounted for by listed companies, 2004-20 34
Figure 5. Revenue of state-owned enterprises (SOEs) and mixed-ownership enterprises (MOEs) among Chinese Fortune 500 companies, by listing status... 35
Figure 6. Listing status of nonpublic enterprises (NPEs) among Chinese Fortune 500 companies, 2004-20 36
Figure 7. Aggregate market capitalization of Chinese Listed Top 100 companies, by ownership category, 2010-21 39
Figure 8. Share of the private sector (nonpublic enterprises) in Chinese Listed Top 100 companies across different aggregates, 2010-21 40
Figure 9. Platform-services companies among nonpublic enterprises (NPEs) in Chinese Listed Top 100, 2010-21 41
Figure 10. State ownership in 2010 versus 2020 among Chinese Listed Top 100 by market capitalisation at end-2010 47
Figure 11. "New" vs "old" listings among Chinese Listed Top 100, aggregate market capitalisation, by ownership category, 2010-21 49
Figure 12. Number of Chinese listed companies, by listing jurisdiction, 2010-21 50
Figure 13. Sectoral mix of Chinese Fortune 500 companies, by aggregate revenue, 2004-20 51
Figure 14. Sectoral mix of Chinese Listed Top 100 companies, by aggregate market capitalisation, 2010-21 51
Figure 15. Revenue of Chinese Fortune 500 companies, by sector and ownership category, 2004-20 52
Figure 16. Market capitalisation of Chinese Listed Top 100 companies, by sector and ownership category, 2010-21 53
Boxes
Box 1. 'Actual controller' in mainland Chinese law and statistics 6
Box 2. China's SASACs and other state holding entities 11
Box 3. China's variable-interest entities 17
초록보기 더보기
This paper documents recent structural changes in China’s corporate landscape, based on company level data, providing a complementary perspective to that of official Chinese statistics. We classify China’s largest companies by revenue since 2004 (based on Fortune Global 500 rankings), and largest listed companies by market capitalisation since 2010, into state and private-sector categories, using a conservative definition of the private sector. Among the largest companies by revenue, the private sector was non-existent in the mid-2000s but has grown steadily in the past decade, even though the state sector still dominates. The aggregate revenue of private-sector companies grew from zero in Fortune’s ranking in 2005 (based on 2004 revenue) to $104 billion in the 2011 ranking, or merely 3.8 percent of the $2.78 trillion in aggregate revenue for all Chinese companies in the ranking, and to $1.7 trillion in the latest 2021 ranking (based on 2020 revenue), or 19 percent of the Chinese companies’ aggregate revenue. As for market value of the largest listed firms, the private sector’s share in the top 100 listed Chinese companies was only 8 percent at end-2010 but crossed the 50 percent threshold in 2020 and retreated slightly in 2021 to 48 percent, following that year’s regulatory crackdown on several private-sector-dominated industries. These findings do not support a narrative of broad based rollback in recent years of previous private-sector expansion.
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