Phoenix Publishing and Media Group (PPMG) was recently selected in the eighth annual Top 30 Cultural Enterprises in China ranking, coming in first among the 10 cultural enterprises from the publishing sector.

The list, selected by Guangming Daily Press and Economic Daily Press, was released at a cultural reform and development forum held in the city of Shenzhen on May 12.

PPMG has been included among the list for eight consecutive years.

Despite the nation’s economic downturn, major Chinese cultural enterprises still enjoy sound growth momentum with market competitiveness and profitability continuously improving.

Compared with the previous lists, this year’s top 30 enterprises showed a stronger comprehensive strength with the total volume of sales revenue, net profit and tax payments hitting a record high. Seventeen enterprises of the top 30 are listed companies, two more than the last year’s list. Twenty-five enterprises are engaged in foreign trade with an export volume totaling 8.9 billion yuan ($1.4 billion), up 72 percent compared with last year. Twenty-six top 30 enterprises last year appeared in this year’s list.