Nine companies from Shanxi province have been selected for the 2025 Top 500 Chinese Private Enterprises list, released by the All-China Federation of Industry and Commerce on Aug 28.

Shanxi enterprises on the list include Pengfei Group Co (ranked 88th), Jingang Holding Group (165th), Jinnan Steel Group (176th), and Jianbang Group (193rd), among others.

The combined revenue of these nine companies has reached a new high of 463.45 billion yuan ($65.02 billion), an increase of approximately 46 billion yuan from 2024. Pengfei Group remains the only private business in Shanxi with revenues exceeding 100 billion yuan, climbing four places in the rankings.

The 2025 Top 500 Chinese Private Manufacturing Enterprises list was also released, featuring 11 companies from Shanxi, including Jingang Holding Group, Jinnan Steel Group, and Jianbang Group.

In recent years, Shanxi has placed significant emphasis on developing the private economy, implementing reform measures to support its growth. Various levels of government departments have collaborated to create a favorable business environment, promoting the expansion of the private economy.

As a result, private economic entities in Shanxi have steadily increased in number, with enhanced innovation and improved scale and quality, becoming a vital driving force for the province's economic development.