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Sinopec, ICBC, and China Life are all monopolies except ICBC who, comparatively speaking, faces severe competition. PetroChina and Sinopec dominate China's oil industry while China-Mobile has absolutely monopoly status in telecommunications. China Life also has the same advantage.

Monopolies strangle competition and reduce the overall efficiency of the economy, and their income comes at the expense of consumer interests. The increase in their stock value does not represent increases in efficiency that they bring to their trade. And the fact that they are monopolies is one important element that excites investors and pushes their prices up.

That Chinese companies, propelled by a growing economy, would ascend to the top of the global 500 list has been well anticipated by the world. But we must ask ourselves whether such astounding peaks can improve China's productivity and efficiency, and whether they are helping forge a country whose businesses are globally competitive.