A total of 93 companies from East China's Zhejiang province entered the list of the country's top 500 private enterprises in 2018, according to an announcement made at a summit in Shenyang, Liaoning on Aug 29.

This year marks the twentieth consecutive year that Zhejiang has topped the list with the largest number of companies included. Zhejiang was followed by Jiangsu (86), Shandong (73) and Guangdong (60).

The list, co-released by the All-China Federation of Industry and Commerce and the Liaoning Provincial People's Government, is a strong reflection of the development of China's private economy and the strength of the private sector in different regions.

To be included a company's revenue last year had to be in excess of 15.68 billion yuan ($2.29 billion). The combined total revenue of list's businesses stood at 24.48 trillion yuan in 2017, or an average of 48.96 billion yuan per company.

Xu Jianfeng, an expert from the Zhejiang Academy of Social Sciences said the stable performance of the province's private economy is a result of Zhejiang's efforts to upgrade its economic structure and improve the business environment.

Zhejiang Geely Holding Group, a famous Chinese car manufacturer, ranks 11th on the list of China's top 500 private enterprises in 2018. [Photo/sohu.com]