A bird's-eye view of Hangzhou, capital of East China's Zhejiang province. [Photo provided to ehangzhou.gov.cn]

The 2025 China Top 500 Private Enterprises list was released on Aug 28, with 38 companies making the cut based in Hangzhou — capital of East China's Zhejiang province — the highest amount among all cities nationwide for the 23rd consecutive year.

The results were unveiled by the All-China Federation of Industry and Commerce and the Hangzhou number was up by two places from last year, accounting for 7.6 percent of the national total and 35.5 percent of Zhejiang's 107 entries.

Hangzhou also led the country in the Top 500 Manufacturing and Top 100 Services private enterprises rankings, with 29 and 13 companies listed respectively.

Three Hangzhou firms ranked in the national top 10 by total revenue: Alibaba slotted in at second with 981.77 billion yuan ($137.65 billion), Rongsheng Holding ranked seventh with 658.60 billion yuan and Geely Holding came in at eighth with 574.83 billion yuan.

Newcomers Qingyun Holding and Wanxiang Sannong joined the list, reflecting both the quantity and quality of Hangzhou's private sector.

Giants like Alibaba, Rongsheng and Geely continue to anchor industrial clusters, such as Geely's new energy vehicle manufacturing base in Xiaoshan district, where a new car rolls off the production line every 90 seconds.

Officials noted that the rankings highlighted the resilience of Hangzhou's private economy and the results of its pro-business policies.

Overall, the city is advancing its 365 Action Plan to further improve its business environment, aiming for its private economy value to top 1.4 trillion yuan this year.

Hangzhou's Rongsheng Holding ranks seventh with 658.60 billion yuan in total revenue. [Photo/WeChat account: zhelihangzhou]