A view of Hengli Group’s industrial park in Nantong City. (CFP)

The private sector has experienced booming development across the Yangtze River Delta, according to the latest list of the Top 100 enterprises in the region, which includes Shanghai and the provinces of Zhejiang, Jiangsu and Anhui.

The threshold for inclusion in the list reached 78.16 billion yuan, an increase of 5.66 billion yuan from the previous year. The top five companies in terms of revenue are China Baowu Steel Group, Alibaba, Hengli Group, SAIC Motor, and Zhejiang Rongsheng. For the first time, the total revenue of the Top 100 enterprises exceeded 20 trillion yuan, reaching over 21 trillion yuan with a growth rate of 5.33%.

The inaugural list, released in 2019, featured Alibaba and Meituan as the only two internet service companies. This year, six internet service companies made the list.

The rise of emerging service industries including the Internet has supported the region's transition from traditional to new growth drivers. By industry, the internet service sector achieved revenue of 1.82 trillion yuan, an increase of 252.43 billion yuan and a growth rate of 16.10%. It ranked third in revenue scale, behind the petrochemical and chemical fiber industry and the ferrous metallurgy industry. The sector also posted net profits of 247.28 billion yuan, leading all industries in the Top 100.

Meanwhile, the robust development of the private sector has become a critical pillar supporting the delta region’s economic growth. A total of 49 private enterprises made it to the list with a revenue of over 10.7 trillion yuan, or 51.32% of total, surpassing state-owned enterprises for the first time. Notably, all the six internet service companies on the list are private enterprises.

In 2023, the private sector contributed to 57.9% of Jiangsu’s GDP, while Shanghai is emerging as a hub for private enterprise headquarters.