The China Non-Governmental Enterprise Directors Association, the National Statistical Society of China and the research center for the enterprises of the China Academy of Management Science jointly released the country's 2010 top 500 private enterprises list, in which Jiangsu Shagang Group, Suning Appliance, and Legend Holdings Ltd. occupy the top three places.

Shagang Group, with a revenue totalizing 146.31 billion yuan ($21.93 billion), has been on the top of the list for consecutive two years. Suning and Legend Holdings follow with 117 billion yuan ($17.53 billion), and 106.37 billion yuan ($15.94 billion) respectively.

Having gone through a tough period last year, the country's economy could maintain relatively stable and recovered swiftly, a big part of it owed to the great achievements and contribution private enterprises have made, which created many jobs and also that benefited from favorable policies launched by the central government.

The country's top 500 accumulated a total of 4.74 trillion yuan ($639.94 billion) in revenue, 9.47 billion yuan each on average up 15.38 percent year-on-year. In addition, their total assets are estimated at over 3.9 trillion yuan ($584.6 billion).

Of all, 49 enterprises boasted of revenue that exceeds 20 billion yuan; 123 exceed 10 billion yuan.

Although regional economies in central and west China experienced rapid growth, eastern areas dominated the proportion making up 74.6 percent of the total with 373 enterprises. The central areas accounted for 13.6 percent with 68 enterprises; western areas made up 7.6 percent with 38 enterprises and northeastern areas accounted for 4.2 percent of the total with 21 enterprises.

Enterprises in the fields of architecture, smelting, calendaring and processing of black mental and nonferrous metal; wholesale and retail, manufacturing of electronics machine, cable and instruments; manufacturing of textile and chemical fibers had the most companies listed. Also, the number of property development enterprises increased to 31 from last year's 20.

The report also stressed that after the financial crisis, more and more private firms have become aware of the significance of technology innovation, structure adjustment, managerial improvement and brand-building for the long run.

It also pointed out apparent problems among private firms like dull capital, insufficient investment for creating talents and innovation as well as the high taxes they are imposed.