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In 2022, based on revenue, China’s leading construction company was China State Construction Engineering with an annual turnover of more than **** trillion yuan. Since 2012, the enterprise had increased its revenue by more than *** percent. Similar to many corporations represented in the ranking, China State Construction Engineering is a publicly-traded company with close ties to the Chinese government.

State-owned enterprises

State-owned enterprises (SOEs) play a crucial role in many sectors in the Chinese economy and the construction sector is no exception. For the government, SOEs are a very practical tool because they can act as adjustment screws for the economy and serve as useful vehicles to carry out economic policy. Even though SOEs only account for a small share of the total number of companies in the construction industry, their sizes are significantly bigger.

China Railway Group

According to the Forbes ranking, China Railway Group was the second-largest construction company based on revenue. The enterprise is in many ways a good example of a quasi state-owned entity in the construction sector. It underwent structural reform and was able to increase its revenue in recent years. Part of the reform was that China Railway Group became a publicly-traded company on the stock exchange in Hong Kong and Shanghai. However, the company’s major shareholder is the state-owned China Railway Engineering Corporation.