Oil firms, a mobile operator and banks topped the latest list of China's 500 leading companies in terms of sales, a state-level industry organization announced over the weekend. The ranking is based on each company's sales in 2002.

China National Petroleum Corp, China Petroleum and Chemical Corp and China Mobile Communication Corp were ranked the top three. Industrial and Commercial Bank of China was the only bank to make it among the top five at No 4.

This is the second annual list compiled by the Beijing-based China Enterprise Confederation.

CNPC took the No 1 spot on sales of 379.2 billion yuan (US$45.74 billion).

This figure is smaller than that of State Power Corp, which took last year's top spot with 400.4 billion yuan in sales.

However, the central government split State Power into two power grid companies and five power generating companies at the end of last year to end its monopoly over China's electricity power market.

Fueled by China's booming auto market, China First Automotive Works Group soared to seventh place as its sales jumped to 127.2 billion yuan, 2.45 times that of the previous year. It was 18th on last year's list.

Another newcomer to the top 10 list is China Life Insurance Company, whose sales increased to 126.18 billion yuan in 2002, 55.2 percent higher than the previous year when it reached 12th place.

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