366 domestically traded firms are listed in the Fortune China 500 this year, the highest tally on record, according to the annual rankings of China’s top 500 public firms. Publicly-traded Chinese firms on the list booked CNY50.5 trillion in combined revenues, up 11% from the previous year. Their net profits reached CNY4.2 trillion, an increase of over 16% year-on-year. The list was compiled by the Chinese version of Fortune magazine and the wealth management unit of China International Capital Corp. To put it in perspective, China’s GDP topped CNY99 trillion last year, meaning that the combined income of these firms exceeded half of the nation’s GDP. The threshold for firms to be included in the Fortune China 500 this year nears CNY17.8 billion in annual revenues, up 10% from the previous year. This year’s top three – Sinopec, CNPC and China State Construction Engineering Corp – were unchanged from last year. Ping An Insurance still held the fourth spot, remaining the top non state-owned firm on the list. The 10 most money-making listed firms comprise several commercial banks, insurers, and Alibaba, China Mobile and Tencent.

Noteworthy this year is the upward move of privately-run internet firms including JD.com and Alibaba. The former holds the 13th spot on this year’s ranking, up from last year’s 17. Alibaba moved to 18th on the list from the previous year’s 24th.

With top internet services firms gradually becoming profitable, firms in this category showed 300% growth in net profits year-on-year. A total of 39 firms either made it to this year’s ranking for the first time or made it back on the list. NASDAQ-listed e-commerce site Pinduoduo is a new addition, ranked 321 on the list. Among the noticeable new list members is Transsion, the Chinese handset maker dubbed “king of African smartphones”, which trades on the NASDAQ-style STAR Market in Shanghai. An increasing number of premium firms have opted to float on China’s domestic stock markets, buoyed by the nation’s capital market reforms that put in place a registration-based IPO system and which made the STAR Market and the ChiNext market in Shenzhen a twin engine to power the economy’s quality growth, market watchers said.

Wang Tao, Chief China Economist at UBS, revised upwards China’s GDP growth forecast to 2.5% for this year from the previous estimate of 1.5%. With worsening China-U.S. relations, more firms are switching their listing from the U.S. to Chinese stock markets. Some of the Chinese firms on the U.S. Entity List such as ZTE and Hikvision are also on the Fortune list. ZTE saw its ranking drop to 112 from last year’s 107, while Hikvision climbed up one place to 183 this year, the Global Times reports.

The Beijing Local Financial Supervision and Administration Bureau is planning to attract U.S.-listed Chinese firms to return by coming up with supportive policies and carrying out pilots in the “New Third Board” or other bourses, after the NASDAQ tightened listing rules for Chinese firms due to the U.S. push for financial decoupling with China.”The innovative measures implemented by the SSE, the STAR market and the SEHK have opened the doors for global investors to access cutting edge technology companies from the most dynamic economies in the world, and for those companies to have greater access to the capital markets,” said Eric Jing, Executive Chairman of Ant Group.