With everything from clothing to electronics notoriously made in China, it might be easy to assume various manufacturers take in the greatest profits across the country. You’d be wrong. The most profitable companies in China by far are its banks, with four of them taking the top four slots on the list of most profitable companies throughout the entire nation.
Information on the most profitable companies came from 2015 statistics, the most recently readily available from China Fortune. And the place you’ll want to visit if you’re planning to do high-end business in China is definitely Beijing.
We’ve reported on the below companies profits and revenue, all topping billions of dollars. To better wrap your head around these massive numbers, see this visualization. Let’s get to it.
Industrial and Commercial Bank of China
Not only is the Industrial and Commercial Bank of China Ltd. the most profitable company in the country, but it’s also the largest bank in the word. The largest bank in the world status is based on ICBC’s total assets of 20.61 trillion yuan and the total market value of 1.69 trillion yuan.
Founded in 1980 and located in Beijing, the bank profits for 2015 were 275.81 billion yuan and its revenue 658.9 billion yuan. Profits and revenue translate to $41.3 billion and $98.7 billion in American dollars, respectively.
China Construction Bank
Also located in Beijing, and also known for huge profits and revenue, China Construction Bank takes the No. 2 slot of profitable companies in China. It also falls right behind ICBC as the second-largest bank in the world based on its assets of 16.74 trillion yuan. Profits and revenue for this company in 2015 hit 227.83 billion yuan and 570.47 billion yuan, which works out to $34.1 billion in profits and $85.5 billion in revenue.
Agricultural Bank of China
Often called AgBank, Agricultural Bank of China is the third most profitable company in the country. Headquartered in Beijing, the bank recorded 2015 profits of 179.46 billion yuan, or $26.8 billion. Total revenue for that same year was 520.86 billion yuan, or $78 billion.
Bank of China
Bank of China gets credit as being the oldest bank in mainland China that’s still in existence. It was founded in 1912 and remains headquartered in Beijing. Profits for 2015 hit 169.6 billion yuan while revenue weighed in at 456.33 billion yuan. In U.S. dollars, profits were $25.4 billion and revenue $68.2 billion.
Contrary to what you may be beginning to think, not all of the highly profitable companies in China are banks in Beijing. It also applies to a telecommunications company in Beijing.
China Mobile hit high enough profits in 2015 to take the fifth slot on the overall most profitable list. Profits came to 109.28 billion yuan, or $16.3 billion. Total revenue came to 641.45 billion yuan, or $95.9 billion. The company provides mobile voice and multimedia service via its countrywide mobile telecommunications network.
The oil and gas company of PetroChina Company Limited is the country’s largest oil producer, netting enough profits in 2015 to take the No. 6 slot on China’s most profitable companies lineup. Located in Beijing, the company amassed profits of 107.17 billion yuan and revenue of 2.28 trillion yuan in 2015. Total profits and revenue translates to $16 billion and $340.9 billion in U.S. dollars.
As the list of most profitable companies illustrate, Beijing is the place to find huge companies bring in huge profits. It also shows that the financial industry is thriving. But that doesn’t mean other regions and industries are stagnant. China’s economic growth continues to touch on a number of industries across the entire nation, with the promise of continuing to do so into the future.
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Laurie Lee is co-founder and CEO of Swift Passport and Visa Services. A Chicago native, Laurie loves adventure travel, especially to the Caribbean. She enjoys writing for the Swift Post, as well as for her personal blog, Spare Parts- www.sparebodyparts.com.