Taiwan-based iPhone assembly company Hon Hai Precision Industry, otherwise known as Foxconn, was revealed to be at the top of the Hurun list of the top 100 non-domestic companies that have contributed most to the Chinese economy, reports the South China Morning Post. The companies on Hurun Largest Foreign and Hong Kong/Macau/Taiwan Companies in China 2021 had sales of $900 billion in China last year, equivalent to around 6% of its annual GDP, and 2.5 million employees in the country.
“To put this list together, we used China sales as the core measure for assessing which companies made the list, together with the number of employees in China. Mainly because these seem to be the criteria most valued by local governments,” said Rupert Hoogewerf, chairman and chief researcher of Hurun Report. The cut-off to make the list required a company to have annual sales in China of $1.5 billion and 5,000 employees, he added.
China’s economy, the world’s second largest, has staged an impressive recovery from the impact of the Covid-19 pandemic, growing 9.8% in the first three quarters of the year compared to the same period in 2020. The new list highlighted companies that “are perhaps the closest thing to economic role models on how to do business in China,” Hoogewerf said.