The All-China Federation of Industry and Commerce released the 2024 Top 500 Chinese Private Enterprises list on Oct 12, with Hangzhou securing 36 spots. This marks the 22nd consecutive year that Hangzhou leads all cities in the number of ranked companies.

Of the top 10 in the nation, three are from Hangzhou: Alibaba Group (No 2, with 927.5 billion yuan [$131.1 billion]), Zhejiang Rongsheng Holding Group (No 5, 612.6 billion yuan), and Zhejiang Geely Holding Group (No 10, 498 billion yuan). Other notable Hangzhou firms include Hengyi Group, Wanxiang Group, Ant Group, Transfar Group, and NetEase.

Hangzhou's companies represent 7.2 percent of the national list and a third of Zhejiang's total. The city's presence in both the manufacturing and service sectors remains strong, with 30 of the top 500 manufacturer and 13 of the top 100 service providers.

The top 500 list highlights Hangzhou's economic vitality and the strength of its private sector across various industries.