The Zhejiang Outbound Investment Enterprise Association and a Zhejiang-based research institute that studies multinational corporations recently jointly published a list of the "2021 Top 50 Privately-owned Chinese Multinational Companies in Zhejiang".

The Zhejiang-based private multinationals' rankings were based on an overall evaluation of 22 indicators, including their overseas assets, transnational index, and import and export value as of the end of 2020.

Zhejiang Geely Holding Group, China's largest private carmaker, topped the list, followed by Tsingshan Holding Group, Huayou Cobalt, Wanxiang Group, and Hailiang Group.

The top 50 companies had a combined 565 billion yuan ($88.6 billion) in overseas assets, 572.6 billion yuan in operating revenue from abroad, and 260,000 overseas employees. Their aggregate in exports and imports in 2020 was $23.1 billion and $19 billion, respectively.

Despite the negative impact of COVID-19, increased international trade frictions, and stricter restrictions on multinational investors in 2020, the top 50 companies' overseas assets, operating revenue from abroad, and overseas employees grew by 4.72 percent, 32.67 percent, and 17.98 percent year on year, respectively.

Cross-border acquisitions made by the top 50 companies in 2020 amounted to $17.2 billion, making up 45 percent of their total investment abroad.

Among the top 50 companies, 18 are based in Hangzhou, nine in Ningbo, and seven in Shaoxing. Wenzhou and Jiaxing are both home to four companies on the list.