According to the 2016 Fortune Global 500 rankings unveiled on the evening of July 20 Beijing time, the Power Construction Corporation of China (POWERCHINA) came in at 200th with a revenue of $45.6 billion, up 53 places when compared with the previous year. Making great strides in each ranking over four consecutive years, the company is marching towards the ranks of being one of the world's most globalized companies.
The Fortune Global 500 is the most renowned, authoritative barometer of the world's largest companies. Known as the "ultimate list", it is published once a year by Fortune magazine. This year, the number of Chinese companies on the list continues to grow, up to 110 (including seven Taiwanese companies). The total revenue of the Global 500 is $27.6 trillion. However, Chinese enterprises' overall profitability is not strong when compared to US companies. The average revenue for US companies on the list is $63.2 billion, with an average profit of $5.1 billion, which is far higher than that of Chinese enterprises.
Since its inception four years ago, POWERCHINA has not only secured a place on the ranking for four consecutive years, but also improved its ranking each year. POWERCHINA ranked 390th at the time of its inception in 2012. It ranked 354th in 2013, rose to 313th in 2014, and jumped to 253rd in 2015. Securing the 200th place this year is a strong reflection of the company's strong growth and sustainable development.
In the face of China's "new normal" economic development in 2015, POWERCHINA, as the world's largest enterprise integrating power construction, survey, design, construction, and operations, conscientiously implements the decisions and deployments made by the Party Central Committee, the State Council, and the SASAC. It has strived to overcome the pressures of the economic downturn and a slew of problems and difficulties brought about by economic operation by actively implementing the goals and tasks of boosting quality and efficiency. By virtue of strategic initiative for change, transformation and upgrading, it has achieved stable and sound progress in every aspect. In 2015, the group's compound annual growth rate (CAGR) of operating income and gross profit reached 12.42 percent and 12.91 percent, respectively. The main economic indicators are a significant improvement over the previous year. The enterprise has stronger cohesive force and appeal, better reputation and visibility, and a new path in business development, ensuring its ranking in the Global 500.
With these achievements already under its belt, POWERCHINA is still pushing hard for progress. In today's globalized economy, POWERCHINA, centering on the development outline of the 13th Five-year Plan, takes advantage of the Fortune Global 500 rankings to give full play to its advantages of having expertise in water and electricity, and capability in planning and design, construction, and investment and operations. The company is actively integrating into the Belt and Road Initiative and other national strategies, cementing coordination with world-class companies, and building a global marketing system, in a bid to integrate into global industrial cooperation and international competition at a higher level.
