Foreign
Three observations on China’s top 500 enterprises
By Zhang Boling
The recent release of the annual list of China’s top 500 Chinese enterprises not only highlights the increasing scale and quality of Chinese firms, but also the resilience and vitality of the country’s high-quality economic development.
For the 23rd consecutive year, the entry threshold for the list has risen. This year, 267 companies reported annual revenues exceeding 100 billion yuan ($14.04 billion), while 15 surpassed the 1 trillion yuan mark.
As primary economic actors, enterprises drive job creation, propel innovation, and shape industrial advancement. Serving as sector leaders, China’s top 500 enterprises function as a key indicator of broader economic performance.
What sets this year’s data apart? Three notable trends offer insight into the underlying momentum of China’s economic transformation.
China’s market vitality is reinforced by dual-engine growth from both state-owned and private enterprises.
Among the top 500 companies, ownership distribution shows near parity: 251 state-owned enterprises (SOEs) and 249 private firms. This equilibrium reflects the complementary strengths of both models and demonstrates China’s adherence to its established policy of “unswervingly consolidating and developing the public sector while actively encouraging, supporting and guiding the non-public sector.”
SOEs continue to drive strategic advancements: CRRC Corporation Limited pioneers high-end rail technology, with the CR450 trainset establishing new global benchmarks. State Grid Corporation of China is constructing next-generation power system to support the transition to renewable energy. These initiatives underscore the strategic role SOEs play in critical sectors tied to national development and public welfare.
Meanwhile, private enterprises are injecting vitality into emerging industries. Automakers like BYD are driving innovation and leading global new energy vehicle (NEV) sales, while internet technology companies are transforming consumer behavior and supply chain ecosystems through digital innovation. The collaborative and competitive dynamics between SOEs and private firms enhance China’s overall capacity for innovation and resilience.
Synergy between manufacturing and services is redefining industrial competitiveness in China.
Revenue data shows a balanced economic structure: manufacturing contributed 40.48 percent and services 40.29 percent to the total revenue of the top 500 enterprises. This near-parity debunks the traditional view that manufacturing and services compete for dominance, instead demonstrating how manufacturing provides the foundation while services enhance value.
High-end equipment manufacturing has created demand for specialized services such as industrial design and operational management. Meanwhile, the booming NEV sector is fostering new business models in battery recycling and intelligent connectivity, opening a broad space for service-sector growth.
At the same time, digital technologies are accelerating the transformation of traditional manufacturing toward smart production. Supply chain finance is alleviating capital constraints for small and medium-sized enterprises, while upgraded logistics networks support lean operations and real-time delivery, enabling “zero inventory” manufacturing. The integration of manufacturing and services is creating a more efficient and globally competitive industrial system.
Coordinated domestic and international development expands growth potential.
The entry threshold for the 2025 list of the top 500 Chinese enterprises has risen by 11.76 percent from last year, while the overseas assets of listed companies reached 11.96 trillion yuan. The steadily rising transnational index of these firms, combined with solid domestic performance, reflects a development model that balances strong domestic development with expanding overseas presence.
Chinese companies are no longer simply exporting products but exporting value by embedding themselves deeper into global industrial chains. Smartphone manufacturers such as VIVO and Transsion have established significant market shares in emerging markets. This international expansion strengthens domestic development by building more resilient supply chains and enhancing industrial competitiveness.
This dual approach – anchored in domestic stability and bolstered by global engagement – enables Chinese enterprises to maintain strategic momentum amid global uncertainties.
From the complementary roles of public and private enterprises, to the convergence of manufacturing and services, and the interplay between domestic strength and international expansion, China’s top enterprises are powering the country’s economic transformation.
Looking ahead, continued optimization of resource allocation and stronger collaborative innovation will further empower Chinese companies to grow and lead industrial transformation, driving China’s economy steadily along the path of high-quality development.
Foreign
American glaciologist decodes secrets of glaciers on Qinghai-Xizang Plateau
By Zhang Bolan, Wang Xiaobo, People’s Daily
Nestled beneath the campus of Ohio State University in the United States lies a unique repository: an underground “ice core bank.” Within its chambers, thousands of gleaming silver tubes are neatly arranged on steel racks. This vault safeguards the world’s most extensive collection of ice-core archives — irreplaceable records chronicling Earth’s climate fluctuations across an extraordinary 700,000-year timespan.
The visionary behind this initiative is Lonnie Thompson, a member of the American Academy of Sciences and distinguished professor of the School of Earth Sciences at Ohio State University.
Prof. Thompson presents a polite and scholarly figure, often seen with silver-rimmed glasses. However, when discussing glaciers, his demeanor transforms, revealing profound passion and encyclopedic knowledge, as if recounting tales of cherished companions.
Demonstrating remarkable foresight over four decades ago, Prof. Thompson diverged from the prevailing focus on polar regions. He recognized the critical scientific importance of glaciers in mid- and low-latitude areas. This insight propelled him to lead 50 challenging expeditions to remote highlands across nearly 20 countries.
Through the collection and analysis of ice-core samples, he pioneered the reconstruction of global paleoclimate patterns. These foundational contributions earned him recognition as the founder of mid- and low-latitude alpine paleoclimatology.
Prof. Thompson holds the distinction of being the first American glaciologist to conduct scientific research on the Qinghai–Xizang Plateau and the first paleoclimatologist to drill ice cores from Himalayan glaciers. Since 1984, he has visited the plateau 29 times for field research and is known among Chinese colleagues as both a “trailblazer” and a “collaborator” in China’s glacier scientific expeditions.
In 1987, Prof. Thompson worked with Chinese and Russian scientists, including Prof. Yao Tandong, one of the pioneers in China’s glaciological research, to complete the drilling of the first deep ice core at the Dunde ice cap in the Qilian Mountains in the northwest China. In 1989, the research findings were published in Science, one of the world’s leading academic journals, drawing widespread attention from the international science communities.
In 1992, a multinational research team including Chinese and American scientists reached the Guliya ice cap in the west Kunlun Mountains in northwest China and successfully drilled an ice core that set a milestone: at 308.6 meters long, it was then the longest ever retrieved from mid- to low-latitude regions, and it remains the one containing the most extended continuous climate record to date. Spanning over 700,000 years, the core has enabled detailed reconstruction of climatic and environmental changes across multiple timescales since the last interglacial period.
In 1997, on Mount Shishapangma, the 14th-highest mountain in the world in China’s Xizang autonomous region, a joint China-U.S. expedition drilled three Dasuopu ice cores with a combined length of 480 meters and a total weight of 5 tons, setting a world record for the highest-altitude ice-core drilling site, at 7,200 meters above sea level.
Through his long-standing collaboration with Chinese scientists such as Prof. Yao, Prof. Thompson became firmly convinced of one fundamental truth: even amidst extreme climatic conditions, scientists from the United States and China share common goals. Science transcends borders. Ultimately, he believes, the global community must unite to confront the shared challenge of climate change.
Since the late 1980s, Prof. Thompson has dedicated portions of his research funding to support Chinese scientists, inviting them for academic exchanges at the Byrd Polar and Climate Research Center in the United States.
Over the following decades, he has co-authored papers with Chinese researchers in internationally renowned journals such as Nature, substantially elevating the global academic profile of Chinese scientists in this field.
Built upon decades of persistent research and accelerated in recent years by major national science and technology programs such as the Second Scientific Expedition and Research to the Qinghai-Xizang Plateau and “Pan-Third Pole Environment Change Study for Green Silk Road Development” project by the Chinese Academy of Sciences — Chinese scientists have risen to the international forefront of glacier research on the Qinghai-Xizang Plateau.
Prof. Thompson has personally witnessed China’s transformative development and observed the government’s increasing investment in cultivating young scientific talents and modernizing research infrastructure. He notes that China’s ice-core laboratories have grown increasingly sophisticated, with new research campuses established in both Beijing and Lhasa, Xizang autonomous region.
Today, the Qinghai–Xizang Plateau has emerged as a new arena for international ice-core research, alongside the Arctic and Antarctic.
Prof. Thompson remains committed to advancing China-U.S. scientific cooperation in glaciology and to helping China’s glacier research integrate more deeply into the international scientific community.
To advance international support for the China-led Third Pole Environment (TPE) program, Prof. Thompson utilized his academic influence to establish a TPE satellite office at The Ohio State University. He has consistently taken part in TPE Workshops, where he urged Earth scientists focusing on the Third Pole research to share their expertise and collaboratively tackle climate change challenges.
Furthermore, he has facilitated visits and coordinated coverage by international media outlets, including The New York Times, to relevant research institutes in China, enabling the world to gain a better understanding of China’s glaciological research and effort to combat climate change threats
Foreign
Chongqing’s ‘digital roads’ serve as training grounds for smarter vehicles
By Liu Xinwu, People’s Daily
Chongqing, a pivotal hub in China’s intelligent vehicle industry, is transforming its urban roads into digital proving grounds for automotive innovation.
At a demonstration zone in the Western Science City Innovation Center of Intelligent and Connected Vehicle (WICV) in the city, an autonomous electric vehicle recently navigated a scenario emblematic of real-world challenges: as a pedestrian stepped onto a crosswalk, roadside sensors instantly detected the movement, relayed data to the cloud, and triggered a command for the vehicle to slow down and yield — all without human intervention.
This facility exemplifies a future where vehicles communicate, roads perceive, and cloud platforms orchestrate decisions.
“In the demonstration zone, all data streams integrate and update in real time,” said Chang Xueyang, deputy director of the cloud control technology center at the WICV, gesturing to a live monitoring screen. “Through vehicle–road–cloud integration, these routes function as as true digital training grounds.”
Unlike conventional closed test tracks, this 50-kilometers network spans complex urban environments — from highways and interchange to neighborhood streets — simulating real-world situations such as pedestrians and cyclists crossing, or broken-down vehicles blocking lanes.
“For test vehicle, every run is a real-traffic simulation,” Chang noted. “And for the road’s intelligent system, every day delivers stress testing under authentic loads.”
The zone supports not only intelligent connected new energy vehicles, but all vehicle types. With the installation of compliant communication terminals and positioning devices, ordinary private cars, logistics vehicles, and buses can access the system and upgrade their connectivity capabilities.
While benefiting from enhanced safety and convenience, these vehicles also contribute large volumes of real-world data. To date, the system has connected with more than 1,000 vehicles of various types.
“With just a small device installed, our logistics vehicles can run on an intelligent connected system. Parcel deliveries are now linked to traffic signals, real-time road conditions and cloud platforms — making trips safer and smoother,” said Li, a logistics vehicle driver.
With continuous accumulation of massive real data — from different vehicle models and driving behaviors — the system’s decision-making models keep evolving, helping innovative technologies move from the lab into broader application.
According to Lai Chenguang, dean of the School of Vehicle Engineering at Chongqing University of Technology, the zone tackles key industry challenges — bridging the gap between closed testing environments and real-world traffic conditions, and eliminating long-standing “information silos” across systems.
“By combining single-vehicle intelligence with networked capabilities, the zone allows automakers to validate technology in realistic scenarios, reduce research and development (R&D) and mass-production risks, and ultimately accelerate the commercialization of intelligent driving-assistance systems,” he added.
Policy innovation further fuels progress. Chongqing has introduced a series of targeted policies to promote full coverage of perception, decision-making, and control services based on vehicle–road–cloud integration within the demonstration area.
At the same time, the city has explored institutional innovations to address key obstacles to open-road testing, such as fragmented management, road access restrictions, and data fragmentation.
These efforts include breaking down departmental barriers and promoting coordinated governance among transportation, industry and information technology, and public security authorities; innovating test license issuance and traffic accident insurance mechanisms to reduce constraints on road testing; and establishing unified data sharing and security platforms to enable cross-system integration of vehicle, road, and cloud.
With targeted policy support in place, road-testing scenarios have expanded rapidly, generating strong spillover effects for industrial development.
Attracted by the testing environment, 15 automakers have conducted joint testing under unified standards. Test vehicles from companies such as Toyota and Changan have accumulated extensive datasets, accelerating iteration in connected driver-assistance systems and virtual–real integrated testing technologies.
Supporting enterprises like AI Drive and West Genesis have emerged with robust R&D platforms and order-filled product pipelines. Meanwhile, institutions like China Merchant Testing Vehicle Technology Research Institute Co., Ltd. advance innovations such as full-vehicle thermal runaway simulation for safety design.
Today, Chongqing‘s Western Science City has brought together more than 60 intelligent connected vehicle-related enterprises, spanning vehicle manufacturing, key components, charging infrastructure, and autonomous driving operations.
Today, Chongqing hosts more than 270 automotive R&D institutions, including a State Key Laboratory of Intelligent Vehicle Safety Technology. The city has launched an automotive “industrial brain” platform and established four future-ready factories in the automotive sector.
Besides, Chongqing is now home to 754 high-tech enterprises and 3,543 technology-based enterprises in the automotive industry.
Foreign
Suzhou infuse modern trends into traditional craftsmanship of silk weaving
By Wang Weijian, People’s Daily
Silk stands as one of China’s foundational innovations and a defining symbol of Chinese civilization. Today, this ancient textile is undergoing a quiet revolution — transitioning from museum artifacts and luxury goods into contemporary fashion and daily essentials.
At 7 p.m. in Suzhou’s Gusu District, 1990s-born tailor Shi Yi arranges new inventory at Dashi Tailor Shop. Their winter qipaos (Cheongsam), featuring innovative down insulation within traditional silhouettes, blend elegance with practicality, resulting in constant orders.
Since 2023, the Suzhou Silk Museum has digitized textile patterns, transforming static artifacts into dynamic cultural assets. Leveraging this resource, Shi Yi reinterpreted classic motifs — cloud patterns, intertwining vines, and floral-bird designs — for modern aesthetics. This approach birthed sophisticated products: Song brocade handbags merging heritage with functionality; silk cushions elevating living spaces; notebook covers offering tactile cultural experiences. Through such innovations, ancient craftsmanship finds new relevance.
Technology has meanwhile granted silk unprecedented resilience. At Jiangsu Huajia Silk Co., Ltd. in Shengze, Wang Yongyu, deputy general manager of Jiangsu Huajia Silk Co., Ltd (Huajia), demonstrates stain-resistant fabric by pouring red wine onto silk and effortlessly wiping it clean. “We’ve armored silk with nanoscale protection,” Wang explains, solving a centuries-old maintenance challenge.
To address silk’s wrinkling and shape retention issues, Huajia’s R&D team perfected a silk-spandex fusion. This innovation preserves silk’s natural luster, comfort, and breathability while adding elasticity and wrinkle resistance. With 5% annual revenue invested in R&D and over 180 patents secured, Huajia now exports globally.
Innovation extends to production methods. Nearby at Wujiang Dingsheng Silk Company, electronic jacquard looms — enhanced with AI-powered monitoring systems — produce intricate Song brocade. Once painstakingly woven at just 5cm daily, this luxurious textile now flows continuously with machine precision. Chairman Wu Jianhua’s innovations have increased productivity hundreds-fold, democratizing what was historically elite craftsmanship.
Beyond fabric, silk now embodies a lifestyle philosophy. In Qidu township’s 33-hectare “Landscape Mulberry Fields” eco-park, the ancient mulberry-fish pond ecosystem thrives alongside modern silkworm rearing facilities and craft workshops. Partnering with Soochow University and industry leaders, the park serves as an innovation hub.
Founder Liu Ying, whose silk enterprise previously exported to 30+ countries, explains: “After decades perfecting textiles, we now promote a ‘silk lifestyle’ — reconnecting people with sericulture heritage and nature.” Urban professionals like Xu Shasha frequent the park: “Here, city bustle fades. Time slows, and hearts find calm.” In 2025, tens of thousands visited, boosting local homestays and agricultural sales.
Innovation extends to production methods. Nearby at Wujiang Dingsheng Silk Company, electronic jacquard looms — enhanced with AI-powered monitoring systems — produce intricate Song brocade. Once painstakingly woven at just 5cm daily, this luxurious textile now flows continuously with machine precision. Chairman Wu Jianhua’s innovations have increased productivity hundreds-fold, democratizing what was historically elite craftsmanship.
Beyond fabric, silk now embodies a lifestyle philosophy. In Qidu township’s 33-hectare “Landscape Mulberry Fields” eco-park, the ancient mulberry-fish pond ecosystem thrives alongside modern silkworm rearing facilities and craft workshops. Partnering with Soochow University and industry leaders, the park serves as an innovation hub.
The park’s founder, Liu Ying, 63, previously built a silk enterprise whose products were exported to more than 30 countries, with annual output value exceeding 100 million yuan ($14.4 million). “For decades, we focused on weaving every inch of silk well and making every garment well,” Liu said. “Now, we want to convey a ‘silk lifestyle’ rooted in sericulture culture and a return to nature.”
Xu Shasha, an urban office worker, is a regular visitor to the park. On holidays, she brings her family to relax: sipping fragrant mulberry tea, tasting sweet mulberries, enjoying silk-themed creative dishes at a restaurant in the paddy field, and taking part in intangible cultural heritage workshops such as silk weaving.
“Here, the bustle of the city fades away. Time seems to slow, and the heart finds its calm,” Xu told People’s Daily. In 2025, the park drew tens of thousands of visitors, boosting nearby homestays and driving sales of local agricultural products.
In Suzhou, the ancient wisdom of sericulture is no longer just a museum relic–it has become a living economy, vibrant, thriving, breathing new life to everyday life.
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