Last year's top 500 companies were announced in a list released by the China Enterprise Confederation (CEC) and the China Enterprise Directors Association (CEDA) at a press conference held in Hefei, Anhui province on Sept. 4, 2010.

Statistics show that three businesses had revenues exceeding 1 trillion yuan. China's oil giant Sinopec topped the list for the sixth consecutive year with the revenue of 1.39 trillion yuan, followed by the State Grid Corporation (1.26 trillion yuan) and China National Petroleum Corporation (1.21 trillion yuan).

Also on the top 10 list were China Mobile, Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB), China Life Insurance, China Railway Construction Corporation (CRCC), China Railway Group and Agricultural Bank of China (ABC).

According to the CEC's report, the total revenues of China's Top 500 companies for 2010 stood at 27.6 trillion yuan, a 6.27 percent increase from the previous year.

The top 500 businesses' combined assets surged to 91.3 trillion yuan, with the average assets totaling 183.31 billion yuan, up 22.02 percent from the previous year. The top performers also reported a 24.7 percent hike in net profits to 1.5 trillion yuan. Meanwhile, the average owner's equity amounted to 32.12 billion yuan, an increase of 16.89 percent.

This is the ninth consecutive year the CEC has released its report on the top 500 companies of China, and its sixth year to publish its China Top 500 Manufacturers and China Top 500 Service Companies lists.