Private businesses deliver great contributions toChina's economy after they had been banned for decades. Recently, a latest ranking of China's top 500 private enterprises -- ranked in terms of their revenue and overall strength -- was jointly published by the China Non-Governmental Enterprise Directors Association, the National Statistical Society of China and the research center for enterprises of the China Academy of Management Science.

Home appliance giant Suning Commerce Group Co., Ltd. ranks No. 1 on the list, with the annual business revenue of 232.72 billion yuan (US$38.17 billion). Legend Holdings, parent company of China's largest PC manufacturer Lenovo, took up a second spot, with revenues of 226.65 billion yuan (US$37.17 billion), followed by Huawei Investment & Holdings Co., Ltd., with a total revenue of 220.2 billion yuan (US$36.11 billion).

According to the report, the annual revenues of the top 500 private enterprises in 2012 totaled at some 10.5 trillion yuan (US$1.72 trillion), around 20.99 billion yuan (US$3.44 billion) on average, with a year-on-year growth of 12.88 percent.

Most of the top 500 companies belong to the industries of construction, electric machinery, equipment manufacturing and non-ferrous metal smelting.

Let's take a look at the top 10 Chinese private enterprises.

 Guangsha Holding Group 廣廈控股集團有限公司

Guangsha Holding Group [File photo]

Sector: Construction and real estate

Headquarters: Zhejiang Province