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The list of Top 500 Enterprises in China was promulgated by the Chinese Federation of Enterprises (CFE. China Petrochemical Corporation (Sinopec), a giant state-owned enterprise, ranks first in the country's top 500 enterprises this year, with business volume of 634.2 billion yuan, the China Business News reported on Friday.

Zhejiang Silk Holding Co., Ltd. has ranked among No. 432 among the top 500 enterprised with a revenue of 5.47 billion yuan and it became the only silk company into top 500 enterprises.

This year the business income of China's Top 500 enterprises reached 11.75 trillion yuan, accounting for 86 percent of the country's gross domestic product (GDP).

Compared with the Top 500 companies in the world, most of China's Top 500 are state-owned enterprises in petroleum, power and steel industries that are monoplized, said Professor Liu Jisheng with the Qinghua University.