Private firms lead in innovation and job creation, says report

China's top 500 private companies have made significant contributions in fostering innovation, creating jobs and tax contributions, a new report said on Monday.

The report, published by the China Federation of Private Enterprises, an industry association, and the China Academy of Management Science, a government think tank, ranked Legend Holdings Corp, the largest shareholder in personal-computer maker Lenovo Group Ltd, as the leading private enterprise in China with operating revenues of 289.5 billion yuan ($45 billion). It was followed by telecom giants Huawei Technologies Co Ltd and retail giant Suning Commerce Group Co Ltd with revenues of 288.2 billion yuan and 282.9 billion yuan, respectively.

Private firms have made an increasingly larger contribution to the economy and made more efforts in innovation, investment and international competitiveness, in addition to job creation and tax contributions, the report said.