Private firms help bolster nation's high-quality growth efforts

XINING - With sound development and greater innovation, private businesses have played a bigger part in China's pursuit of high-quality economic growth.

The total revenue of China's top 500 private companies reached 28.5 trillion yuan ($4 trillion) in 2018, up by 16.44 percent year-on-year, according to a report released by the All-China Federation of Industry and Commerce (ACFIC) last week. Their total assets and net profit after tax also registered double-digit growth year-on-year, said the report.

Huawei peaked the 500 list with a revenue of 721.2 billion yuan in 2018.Top companies also include Suning, JD, and Legend Holdings.