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?The top six companies in the latest annual ranking of China’s 500 highest-earning private firms each made a revenue of more than 300 billion yuan (45 billion US dollars) last year.

Telecoms giant Huawei once again comes out on top in the report by the China Federation of Industry and Commerce.

CGTN photo

The Top 500 Chinese Private Enterprises ranked by 2016 revenue made a total revenue of more than 19 trillion yuan and a total profit of 835.5 billion yuan, the study showed, noting 16 of them ranked in a global top 500.

This year, the ranking features more companies from the service industry and fewer from the manufacturing sector.

A total of 154 companies from the service industry are in the top 500, compared with 117 back in 2012, when the list was first compiled.

The 285 manufacturers on the list account for 57 percent of the total.

As leaders in China’s private sector, the top 500 companies have been playing a major role in national development plans. Some 210 are involved in the Belt and Road Initiative, and 116 work in coordinated development of the Beijing-Tianjin-Hebei region.