China Post has moved up one place from last year to 21st place on the Top 500 Chinese Enterprises list compiled by the China Enterprise Confederation and China Enterprise Directors Association.

The list was unveiled at the 2016 China Top 500 Enterprises Summit held in Changsha, capital of central China's Hunan Province on August 27.

According to a development report released at the summit, the threshold to enter the current top 500 is 24.3 billion yuan (US$ 3.6 billion), 734 million yuan higher than last year. Together the top 500 Chinese enterprises had revenues of 59.46 trillion yuan, the same as last year. Ninety-nine of the listed 500 enterprises had a combined net profit of 2.74 trillion yuan (US$ 0.41 trillion), an increase of 6.32 percent over last year. Some 295 of the 500 shortlisted enterprises are state owned, accounting for 59 percent of the total.

China Post ranked 21st on the list for its business income of 437.6 billion yuan (US$ 65.5 billion), resulting in a rise of seven places over the past two years. Its income differed by 2.79 billion yuan (US$ 0.41 billion) from China South Industries Group Corp. (CSGC), the 20th-ranked company. China Post is only one step away from the group's target of entering the ranks of China's top 20 by the year 2020.

The report also said that China's economic growth may face a complex situation and large enterprises are facing the grim task of structural reform. It suggested that Chinese companies establish modern enterprise system and improve the quality of products and services.