Need for more private enterprises

China is well represented in Fortune's 500 Enterprises, but we should not overlook the problems exposed by the list, said an article in the Beijing Youth Daily (excerpts below).

The number of Chinese enterprises in the list has increased from 73 last year to 89, second only to 132 from the US.

It is good to see Chinese enterprises do so well but there are still many problems.

Of the 89 Chinese enterprises on the list there are only seven private enterprises, while almost all US enterprises on the list are private.

Private enterprises are the most dynamic economic unit and the main body of a sound and healthy market economy.

Moreover, nine Chinese banks on the list account for 55.2 percent of overall revenue of Chinese enterprises on the list, while the rate for that of the US is only 11.9 percent.

The Chinese banking industry grabs too much revenue from the economy.