“When China grew 10% in 2001 it added $126bn to its GDP, equivalent to adding Kazakhstan’s 2010 GDP of $130bn (the 55th-biggest economy in the world) to the world economy. By 2010, China’s 10% annual growth added $891bn, more than the 2010 GDP of the Netherlands, the 16th-largest economy in the world.”

　　“2001年中國經濟增長10%，國內生產總值(GDP)增加額1260億美元，對全球經濟的貢獻相當于哈薩克斯坦（全球第55大經濟體）2010年1300億美元的GDP。到2010年，中國10%的年經濟增長的增加額為8910億美元，超過全球第16大經濟體荷蘭2010年的GDP。”

　　This line, from Renaissance Capital, underscores the scale and the pace of China’s economic rise. But while China’s economy is undoubtedly soaring – China Inc. isn’t keeping up.

　　晉新資本(Renaissance Capital)的以上表述，突現出中國經濟崛起的規模和步伐。不過，雖然中國經濟無疑是在迅速崛起，但中國的公司卻沒有跟上。

　　A trawl through the sector rankings of global companies by market cap shows that, save for a few particular areas, Chinese corporates are still way behind, not just developed market peers, but some emerging market companies too.

　　將全球企業按市值分行業排序，就能看出除了在幾個特殊板塊之外，中國公司的排名仍明顯落后——不僅落后于發達國家的同行，也落后于一些來自新興市場的企業。

　　In basic resources, China has just four companies in the top 50 – Shenhua Energy, the coal giant, comes in a No.6. The other three China entrants are all much further down, China Coal (No. 43), Yangzhou Coal (No. 46), and Chinalco (No. 49).

　　在基本資源板塊，排名前50的僅有4家中國公司——煤炭巨頭中國神華(Shenhua Energy)排名第六。另外三家中國公司的位置更加落后，中煤能源(China Coal)位列43、兗州煤業(Yanzhou Coal)位列46，中鋁(Chinalco)則排名49。

　　In consumer goods China fares even worse. Only the spirits maker Moutai makes it into the top 50, and that’s at a lowly 48th place.

　　在消費品板塊，中國公司的表現更糟。位于前50位的只有生產白酒的茅臺(Moutai)一家，而且僅僅排在48位。

　　China does have the world’s biggest airline by equity value - Air China. But in the wider consumer services sector, it ranks at a disappointing 41st.

　　中國的確擁有全球市值最大的航空公司——中國國際航空公司(Air China)。不過在范圍更廣的消費服務板塊，國航的排名也不盡人意——僅僅位列41位。

　　In financials, China scores high, where its banks occupy the No.1 and the No.2 spot. All-in-all eight Chinese financials feature in the top 50, of which four come in the top ten.

　　在金融板塊，中國的成績搶眼，中國的銀行占據了排名榜的前兩位。總共有8家中國金融企業位列前50名，其中有4家位居前10。

　　In both the healthcare sector and the industrials sector, China Inc. is completely absent.

　　在醫療和工業板塊，中國企業均榜上無名。

　　In oil & gas Petrochina sits at No.2 – behind Exxon Mobil. During the Shanghai stock market bubble (which popped in 2007), Petrochina briefly overtook Exxon as the world’s most valuable company. Exxon now has a near $100bn lead over its Chinese rival. Sinopec and Cnooc both feature in the top 50, making a surprisingly low total of just three.

　　石油天然氣板塊，中國石油(PetroChina)位列第二，僅次于埃克森美孚(Exxon Mobil)。上海股市泡沫期間，中國石油曾短暫超越埃克森美孚，成為全球價值最高的企業。目前埃克森美孚的市值比這家中國對手高出近1000億美元。中國石化(Sinopec)和中海油(Cnooc)均位于前50位，但總計只有三家企業上榜，這一表現也是差得驚人。

　　In technology, Tencent places highest at No.15, Baidu at No.17 and ZTE down at No.47.

　　在科技板塊，騰訊(Tencent)排名最高位列15，百度(Baidu)排名17，而中興通訊(ZTE)的排名僅為47。

　　The telecomms sector sees a return to form – China Mobile sitting pretty at the top of the list, with China Telecom and China Unicom both coming in the top 15. China United Networks (the Shanghai listing of Unicom) also makes the list.

　　從電信板塊可以看出中國企業的回歸——中國移動(China Mobile)穩坐榜首，中國電信(China Telecom)和中國聯通(China Unicom)也都排在前15名之內。中國聯通在上交所上市的名下企業中國聯合網絡通信(China United Networks)也榜上有名。

　　Finally, even in power hungry China, only one mainland outfit sits in the top 50 utilities companies – China Yangtze.

　　 最后，在亟需電力的中國，僅有一家大陸企業長江電力(China Yangtze)躋身電力企業的前50名。

　　All told, that’s just 26 listed Chinese companies in the world’s top 50 largest companies in the world across 10 sectors, ranked by market capitalisation.

　　總而言之，按市值排序，全球十大板塊中最大的前50家公司中，僅有26家中國上市公司。

　　China’s economy is increasingly mighty. But its immature stock market, which opened for business just over two decades ago, remains dominated by a small cluster of state-owned companies. And over the border in Hong Kong, China’s listed giants are concentrated in two sectors: state-owned resources and state-owned financials. Only in media and technology, through New York-listed Baidu and Tencent, is China’s private sector truly competing with the rest of the world’s finest.

　　中國經濟越來越強大，但中國股市20多年前才剛剛建立，尚不成熟，目前仍然由少數的國有企業主導。即使在大陸之外的香港，上市的中國大型企業也集中于兩大板塊：國有資源企業和國有金融企業。只有在傳媒和科技板塊，通過在紐約上市的百度和騰訊，中國私營部門才真正地與全球最佳企業展開競爭。