China's six companies entered the Forbes ranking
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According to the Chilean Courier reported on November 26, among the 20 largest companies in the Forbes Magazine selection this year, there are six in mainland China, namely China Construction Bank, China Shenhua Energy, China Communications Bank, COSCO Group, and Dongfeng Motor Group. As well as the Shanghai Electric Group, Hong Kong’s Link Real Estate Fund is also on the list. James Doon, a Chinese expert at the Kartu Institute, believes that the rapid development of Chinese companies is mainly due to the rapid development of the Chinese economy at a double-digit rate and the strong demand for building materials, automobiles and energy. James is worried that China will repeat the mistakes of Japan. In 1990, many of the world’s largest banks all belonged to Japan. When the bubble burst, everything changed. China is likely to have the same situation. Although the Chinese government has neglected the private sector, the private sector is slowly taking an increasingly important position. Twenty years ago, 100% of China’s products were produced by state-owned enterprises, but according to the latest news from the Chinese Academy of Social Sciences, currently 50%. The products are produced by private companies and it is expected that by 2010, 75% of the products will be produced by private companies.