China's top 500 enterprises achieved a significant milestone last year with revenues hitting a new high of 110 trillion yuan ($15.4 trillion), according to an industrial ranking report released on Wednesday.

The annual report, jointly published by the China Enterprise Confederation and the China Enterprise Directors Association, highlighted a year-on-year 1.58 percent increase in combined revenues, totaling 110.07 trillion yuan in 2023, reported China Central Television. 

The entry threshold for this year's list rose to 47.38 billion yuan, up by 383 million yuan from the previous year.

The growing revenues mark a new step forward for China's top firms, said Zhu Hongren, executive vice-president of the China Enterprise Confederation.

This year's rankings reflect the deepening focus on innovation and quality development among China's largest corporations, setting a robust precedent for future economic growth. 

Zhu noted that there have been new enhancements in development quality, with the leading enterprises focusing on high-quality development while maintaining steady overall growth.

"Strategic emerging industries are crucial carriers for the development of new quality productive forces in our country. The list shows significant progress and a substantial increase in both revenue and profits in these sectors, driven by major enterprises," said Zhu.

The release also included specialized rankings for the Top 100 Strategic Emerging Industry Enterprises, Top 500 Service Enterprises and Top 100 Multinational Companies.