Commercial banks are highlighted among the top 500 Chinese service firms owning to their small quantity and large contribution.
A report on the analysis of the top 500 Chinese firms released for 2013 on August 31 shows that aggregate operating revenue of the top 500 Chinese service firms rose 15.13 percent year on year, up about one time from that of the top 500 Chinese manufacturing firms. And it was the first time for operating revenue growth of the top 500 Chinese service firms to exceed that of the top 500 Chinese manufacturing ones. Aggregate net profit of the top 500 Chinese manufacturing firms dropped 17.47 percent from a year ago and it has been the second consecutive year for the aggregate net profit to fall. While, increment of that of the top 500 Chinese service firms became larger. Modern service firms among the top 500 Chinese service firms contributed to 50.22 percent of the total and it was the first time for the proportion to exceed 50 percent.
Judging from the figures, the nation has made a great breakthrough in the adjustment of economic structure. However, in line with some industry observers, shining performance of modern service firms among the top 500 Chinese service firms should be largely attributed to commercial banks among them. And provided that the performance of those commercial banks is deducted, the proportion of modern service firms to the total will be less than 30 percent. Commercial banks among the top 500 Chinese service firms saw quantity account for 7.8 percent of the total but net profit account for up to 67.5 percent of the total in the meantime.
Li Jianming, vice chairman of the China Enterprise Confederation (CEC), pointed out that commercial banks contributed much to either the top 500 Chinese service firms or the top 500 Chinese firms in terms of net profit contribution. This was quite abnormal and concerned authorities should make some adjustments as soon as possible. Actually, commercial banks among the top 500 Chinese service firms were highlighted as early as a decade ago and the trend became more and more obvious in recent years. In the meantime, the contribution by others among the top 500 Chinese service firms dropped in terms of operating revenue, profit, assets, tax, employment, and so on. Fast growth of commercial banks did not mean that the domestic finance industry was developed as only eight insurers as well as three securities brokers edged into the top 500 Chinese service firms this year.
