China Inc, smaller than you think

飞雪寒冰

“When China grew 10% in 2001 it added $126bn to its GDP, equivalent to adding Kazakhstan’s 2010 GDP of $130bn (the 55th-biggest economy in the world) to the world economy. By 2010, China’s 10% annual growth added $891bn, more than the 2010 GDP of the Netherlands, the 16th-largest economy in the world.”
“2001年中国经济增长10%，国内生产总值(GDP)增加额1260亿美元，对全球经济的贡献相当于哈萨克斯坦（全球第55大经济体）2010年1300亿美元的GDP。到2010年，中国10%的年经济增长的增加额为8910亿美元，超过全球第16大经济体荷兰2010年的GDP。”

This line, from Renaissance Capital, underscores the scale and the pace of China’s economic rise. But while China’s economy is undoubtedly soaring – China Inc. isn’t keeping up.
晋新资本(Renaissance Capital)的以上表述，突现出中国经济崛起的规模和步伐。不过，虽然中国经济无疑是在迅速崛起，但中国的公司却没有跟上。

飞雪寒冰

A trawl through the sector rankings of global companies by market cap shows that, save for a few particular areas, Chinese corporates are still way behind, not just developed market peers, but some emerging market companies too.
将全球企业按市值分行业排序，就能看出除了在几个特殊板块之外，中国公司的排名仍明显落后——不仅落后于发达国家的同行，也落后于一些来自新兴市场的企业。

In basic resources, China has just four companies in the top 50 – Shenhua Energy, the coal giant, comes in a No.6. The other three China entrants are all much further down, China Coal (No. 43), Yangzhou Coal (No. 46), and Chinalco (No. 49).
在基本资源板块，排名前50的仅有4家中国公司——煤炭巨头中国神华(Shenhua Energy)排名第六。另外三家中国公司的位置更加落后，中煤能源(China Coal)位列43、兖州煤业(Yanzhou Coal)位列46，中铝(Chinalco)则排名49。

飞雪寒冰

In consumer goods China fares even worse. Only the spirits maker Moutai makes it into the top 50, and that’s at a lowly 48th place.
在消费品板块，中国公司的表现更糟。位于前50位的只有生产白酒的茅台(Moutai)一家，而且仅仅排在48位。

China does have the world’s biggest airline by equity value - Air China. But in the wider consumer services sector, it ranks at a disappointing 41st.
中国的确拥有全球市值最大的航空公司——中国国际航空公司(Air China)。不过在范围更广的消费服务板块，国航的排名也不尽人意——仅仅位列41位。

飞雪寒冰

In financials, China scores high, where its banks occupy the No.1 and the No.2 spot. All-in-all eight Chinese financials feature in the top 50, of which four come in the top ten.
在金融板块，中国的成绩抢眼，中国的银行占据了排名榜的前两位。总共有8家中国金融企业位列前50名，其中有4家位居前10。

In both the healthcare sector and the industrials sector, China Inc. is completely absent.
在医疗和工业板块，中国企业均榜上无名。

In oil & gas Petrochina sits at No.2 – behind Exxon Mobil. During the Shanghai stock market bubble (which popped in 2007), Petrochina briefly overtook Exxon as the world’s most valuable company. Exxon now has a near $100bn lead over its Chinese rival. Sinopec and Cnooc both feature in the top 50, making a surprisingly low total of just three.
石油天然气板块，中国石油(PetroChina)位列第二，仅次于埃克森美孚(Exxon Mobil)。上海股Shi泡沫期间，中国石油曾短暂超越埃克森美孚，成为全球价值最高的企业。目前埃克森美孚的市值比这家中国对手高出近1000亿美元。中国石化(Sinopec)和中海油(Cnooc)均位于前50位，但总计只有三家企业上榜，这一表现也是差得惊人。

飞雪寒冰

In technology, Tencent places highest at No.15, Baidu at No.17 and ZTE down at No.47.
在科技板块，腾讯(Tencent)排名最高位列15，百度(Baidu)排名17，而中兴通讯(ZTE)的排名仅为47。

The telecomms sector sees a return to form – China Mobile sitting pretty at the top of the list, with China Telecom and China Unicom both coming in the top 15. China United Networks (the Shanghai listing of Unicom) also makes the list.
从电信板块可以看出中国企业的回归——中国移动(China Mobile)稳坐榜首，中国电信(China Telecom)和中国联通(China Unicom)也都排在前15名之内。中国联通在上交所上市的名下企业中国联合网络通信(China United Networks)也榜上有名。

飞雪寒冰

Finally, even in power hungry China, only one mainland outfit sits in the top 50 utilities companies – China Yangtze.
最后，在亟需电力的中国，仅有一家大陆企业长江电力(China Yangtze)跻身电力企业的前50名。

All told, that’s just 26 listed Chinese companies in the world’s top 50 largest companies in the world across 10 sectors, ranked by market capitalisation.
总而言之，按市值排序，全球十大板块中最大的前50家公司中，仅有26家中国上市公司。

China’s economy is increasingly mighty. But its immature stock market, which opened for business just over two decades ago, remains dominated by a small cluster of state-owned companies. And over the border in Hong Kong, China’s listed giants are concentrated in two sectors: state-owned resources and state-owned financials. Only in media and technology, through New York-listed Baidu and Tencent, is China’s private sector truly competing with the rest of the world’s finest.
中国经济越来越强大，但中国股Shi20多年前才刚刚建立，尚不成熟，目前仍然由少数的国有企业主导。即使在大陆之外的香港，上市的中国大型企业也集中于两大板块：国有资源企业和国有金融企业。只有在传媒和科技板块，通过在纽约上市的百度和腾讯，中国私营部门才真正地与全球最佳企业展开竞争。