Daily News-20190711

 |  Xinhua/ China Daily

Today's point:

1.Macro:

China's top 500 companies account for half of China's GDP

2.Industries:

Shanghai sees double-digit growth in foreign investment

3.Trade:

China imports beef from Panama for the first time

4.Companies:

Swiss pharmaceutical giant boosts innovative drug R&D in China

 

 

Quick view

1.China's top 500 companies account for half of China's GDP

The top 500 Chinese companies saw their revenue reach 45.5 trillion yuan, an increase of 14.8 percent year-on-year, accounting for more than a half of China's GDP that broke through 90 trillion yuan last year, according to Fortune magazine's Chinese edition on Wednesday.

The net profits of the 500 companies reached 3.635 trillion yuan, up 4.21 percent from a year earlier, and the threshold to list in China's Fortune 500 ranking rose to 16.23 billion yuan revenue, up by 17 percent year-on-year, said the magazine.

The top three companies are China Petroleum & Chemical Corporation (Sinopec), Petrochina Company Limited and China State Construction Engineering Corporation Limited, with 2.89 trillion yuan, 2.35 trillion yuan and 1.3 trillion yuan in revenue, respectively, and 63.09 billion yuan, 52.59 billion yuan and 38.24 billion yuan in profits, respectively.

The top 10 most profitable companies are China's "Big Four" banks - Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China and the Bank of China -  and China Mobile Limited, Ping An Insurance (Group) Company of China Ltd, China Merchants Bank Co Ltd, Tencent Holdings Ltd, Bank of Communications Co, Ltd and Alibaba Group Holding Ltd, and their total profits reached 1.46 trillion yuan, accounting for 40.3 percent of the 500 companies' profits.

Kweichow Moutai Co Ltd has the highest profit margin among the 500 companies, the figure hitting 45.6 percent, and its revenue and profit are 77.2 billion yuan and 35.3 billion yuan.

This year, the ranking has 42 newcomers or re-listed companies. Xiaomi Corporation makes its debut with 174.92 billion yuan in revenue and 13.55 billion yuan in profits to take 53th spot.

(source: China Daily)

 

2.Shanghai sees double-digit growth in foreign investment

Shanghai received $9.75 billion of foreign investment in the first half of 2019, up 13.9 percent year on year, according to the Shanghai Municipal Commission of Commerce Wednesday.

The total contractual foreign investment reached $22.86 billion, a year-on-year growth of 6.3 percent.

The technology industry, including electronics, biomedicine and artificial intelligence (AI), saw the fastest growth of foreign investment in the period, surging 230 percent year on year.

The commission said 23 regional headquarters of multinational corporations were set up in Shanghai in the period, bringing the total number to 693.

Yang Chao, deputy head of the commission, said the growth of foreign investment into Shanghai shows foreign investors have continued to tap into the Chinese market, and the improving structure and quality of foreign investment reflects the Chinese economy's transition from high-speed growth to high-quality development.

(source: Xinhua)

 

3.China imports beef from Panama for the first time

The first batch of imported beef from Panama has entered the Chinese market, Shanghai customs office said Wednesday.

The imported Panamanian beef, weighing 23 tonnes, is part of new bilateral trade agreements between the two countries.

The beef left Panama on June 22 and was transported to China by sea.

Beef is Panama's second export to China since the two countries established diplomatic ties on June 13, 2017.

(source: Xinhua)

 

4.Swiss pharmaceutical giant boosts innovative drug R&D in China

Swiss pharmaceutical giant Novartis is expanding its research and development of innovative drugs in China, an executive of the company said.

Novartis is expected to submit 50 new drug applications for regulatory approval in China between 2019 and 2023, John Tsai, head of global drug development and chief medical officer for Novartis, said during an interview with Xinhua.

Benefitting from China's pharmaceutical regulatory reform, which enables pharmaceutical companies to develop drugs much faster, Novartis has received 24 approvals for new drug applications in the country in the last two years, including nine new molecular entities, according to Tsai.

One of the new drugs that will be available in the Chinese market is an orally taken asthma drug, which is described by Tsai as unique because most of the drugs for asthma are not taken orally.

Tsai said the respiratory disease is one of the top five diseases in China. The company will report the results of a 5,000-patient study for the drug before the end of the year.

"We've seen significant advancements in China's development process through the regulatory reform," Tsai said.

He took the timelines for clinical trial application as an example. The approval which used to take up to three years in China can now be shortened to three months.

"The speed is similar to other countries now. This would potentially allow the same drug development in China as the rest of the world in terms of timelines," Tsai said.

The company established China Novartis Institutes for BioMedical Research in Shanghai in 2006.

China's National Medical Products Administration approved 18 new cancer medicines in 2018, up 157 percent from 2017. The approval time for new cancer drugs has been cut in half by 2018, with an average of 12 months.

(source: Xinhua)

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