The stand of Alibaba Group during an industry expo in Fuzhou, Fujian province. [Photo/CHINA DAILY]

China Enterprise Evaluation Association released 2022 China Top 500 New Economy on April 4, a ranking showing that in 2022, the gross revenue of top 500 strongest Chinese enterprises focusing on new economy exceeded 20 trillion yuan ($2.90 trillion), up 24.13 percent year-on-year, 10 percentage points higher than that of 500 strongest Chinese firms and 15 percentage points higher than that of top 500 Chinese private firms over the same time.

Alibaba, a tech giant based in Hangzhou, capital of East China's Zhejiang province, ranked second on the list.