On the morning of July 19, the Jiangsu Federation of Industry and Commerce (JFIC) released its lists of the Top 100 Private Enterprises and Top 100 Private Manufacturers for 2019. GCL Group placed 10th on the former and 6th on the latter while Jiangsu Zhongneng Polysilicon (a GCL subsidiary) placed 100th on the latter.

 

At the event, Xu Zhongzi (deputy director of the Jiangsu Provincial Standing Committee and JFIC chair) stated that these lists reflect steadfastness in the “Four Confidences” of privately run companies and that they demonstrate the companies’ strong sense of morality, promotion of culture, pursuit of growth, and innovation, all of which are part of the spirit of companies in Jiangsu. Such enterprises are contributing to strengthening the real economy. The lists are verification that, in an environment in which the provincial committee and provincial government are carrying out comprehensive intensification of reform, advancement of streamlined administration, further delegation of power to lower levels, and the reaping of reform benefits, the private economy is gaining vitality and thus advancing the “two healths” concept (healthy development of the private economy and those who work in it).

 

Jiangsu is seeing especially stable private enterprise development and continually improving economic development in the aspects of both quality and performance. In 2018, the value added for above-designated-scale private enterprises in Jiangsu saw annual growth of 4.1%, operating revenue grew by 7.6%, and profit rose by 10.1%. Major performance indicators have maintained stable growth, as have the steadiness of development, coordination, and inclusivity.

 

Gu Wanfeng (deputy head of the Jiangsu Provincial Committee United Work Front Department and Party secretary of the JFIC) released the lists, stating that this is the JFIC’s first release of Jiangsu’s top 100 private companies and private manufacturers. The rankings were decided based on surveys of all above-designated-scale companies in the province and their 2018 revenue figures. This year’s names for private companies all boasted revenue of at least CNY16.199 billion (USD2.35 billion): 11 companies had revenue of over CNY100 billion (USD14.5 billion), 21 had revenue of over CNY50 billion (USD7.25 billion), and 79 had revenue of over CNY20 billion (USD2.9 billion). As for private manufacturers, all had revenue of over CNY5.773 billion (USD839 million): 7 companies had revenue of over CNY100 billion, 12 had revenue of over CNY50 billion, 52 had revenue of over CNY20 billion, and 84 had revenue of over CNY10 billion (USD1.45 billion).