CHANGCHUN — China released the list of top 500 Chinese enterprises for 2021 on Sept 25, showing improved business performance and better industrial structure.

Combined operating revenues of the top 500 companies reached 89.83 trillion yuan (about $13.9 trillion) in 2020, up 4.43 percent compared to that in the previous year, according to the list jointly released by the China Enterprise Confederation and the China Enterprise Directors Association.

The firms raked in 4.07 trillion yuan in total profits, up 4.59 percent compared to that of the companies on the 2020 list.

State Grid Corporation of China topped the list, followed by the China National Petroleum Corporation and the China Petroleum & Chemical Corporation.

The revenue threshold of the top 500 Chinese enterprises increased by 3.28 billion yuan from a year ago to 39.24 billion yuan, the data showed.

The number of companies whose revenues exceeded 100 billion yuan rose to 222, with eight of them reporting revenues of over 1 trillion yuan.

This year's list also showed an improved industrial structure, as more high-tech and modern services companies such as communication equipment makers and logistics firms were included.

The average R&D spending of the top 500 firms came in at 2.94 billion yuan, up 17.95 percent. The ratio of their R&D expenditure to operating revenues hit a new high of 1.77 percent.