From China's blizzards early in the year and the Sichuan earthquake in May to the global financial meltdown as the year ended, natural and manmade disasters were a continual drag on Greater China's (China-Taiwan-Hong Kong) economic development last year, but with crisis comes transformation.
Never in its history had the nation, its people and businesses encountered such an inconceivable turn of events.
Armed with a multitude of questions about the direction of China's economic development, CommonWealth Magazine's reporters spent two weeks scouring China, covering more than 8,000 kilometers during their journey to bring back firsthand reports from eight cities in key regions around China, including the Yangtze Delta, Inner Mongolia, Shaanxi and the mountainous regions of northern Guangdong Province.
Firms Targeting Domestic Market Dominate Exporters
The Top 1,000 Greater China companies on the 2009 CommonWealth Magazine list last year raked in a combined NT$100.14 trillion in operating revenue, undaunted by the floundering global economy.
The Hong Kong Stock Exchange remained the market of choice for the listing of shares among the Top 1,000. A total of 284 companies, with combined operating revenue of NT$27.5 trillion, or 31 percent of the top 1,000's total, are listed on the Hong Kong bourse. A further 253 companies are listed in Shanghai, 252 are listed in Taipei, and 161 are listed in Shenzhen. Fifty are listed on two markets (Hong Kong/Shenzhen or Hong Kong/Shanghai).
China Petroleum & Chemical Corp. (Sinopec), with operating revenue of NT$7.5 trillion, retained its crown as the top of the heap, and even posted a 20.5 percent jump in operating revenue over the previous year.