CCTV Transcripts

CCTV Script 23/07/19

— This is the script of CNBC's news report for China's CCTV on July 23, 2019, Tuesday.

In this year's fortune global 500, the first thing that deserves our attention is the collective growth of the world's largest companies. In the new list, the major operating indicators of the world's top 500 companies have improved significantly compared with last year.

Revenue grew 8.9 percent year on year to nearly $32.7 trillion, while profit rose 14.5 percent year on year to $2.15 trillion, another record high. The most profitable of these companies is Saudi Aramco, which tops the list with a whopping profit of nearly $111 billion, almost twice as much as no. 2 apple.

However, the top of the fortune 500 also showed some solidification.

Walmart is the world's largest company for the sixth year in a row. With the exception of Saudi Aramco, this year's top 10 companies are almost all familiar companies, with only Warren Buffett's Berkshire Hathaway dropping out of the top 10.

In contrast, some smaller companies represent greater dynamism.

This year, there are 25 new and re-listed fortune 500 companies, 13 of which are from China. Including the National Development bank, CRRC group, Tsingshan Holding Group, Jinchuan Group, Gree Electric Appliances, Inc. of Zhuhai, Anhui Conch Cement Co., Huaxia insurance company, Tongling Nonferrous Metals Group, Shanxi Coking Coal Group, Xiaomi, Hailiang Group Company Limited, China general technology (group) holding co. LTD, Formosa Petrochemical.

For the first time, Chinese companies topped the U.S., counted HK and Taiwan. It's also a historic change. China has 129 companies on the list, surpassing 121 in the United States. It shows that the two great powers are neck and neck on the world economic stage.

Meanwhile, Chinese tech companies are injecting new vitality into the world economy. Xiaomi, the youngest company in the world's top 500, is only nine years old. Country garden was a particularly strong performer among Chinese companies, jumping 176 places to 177th from last year。

On the whole, Chinese enterprises have shown a good performance in expanding their business. How can they grow stronger would be the next challenge.

At present, compared with the average level of the world's top 500 companies, Chinese corporate earnings indicators are still relatively low. The gap with US companies is even bigger. In this year's list, the average profit of the world's top 500 companies is $4.3 billion, while the average profit of Chinese companies on the list is $3.5 billion. At the same time, the gap in transnational level is also needed to be closed. However, Chinese enterprises in the return on sales and return on equity these two indicators have reversed the downward trend in recent years, the overall trend is good.

Next, we need to see how Chinese enterprises can be innovation-driven, collectively strong and become more competitive globally.