An industrial robot swings into action at this factory run by Baogang Group in Baotou. [Photo/Baotou news network]

The gleaming offices of China North Rare Earth (Group) High-tech Co. [Photo/Baotou news network]

Champagne bottle corks were popping after Baogang Group and China North Rare Earth (Group) High-tech Co – based in Baotou city – made it onto the prestigious international Forbes Global 2000 List.

The number of Chinese groups on the list, which was released recently, totaled 391 and the two Baotou groups ranked at 1,422 and 1,671, respectively.

Forbes, the business magazine which issues the list annually, is famous for original articles on topics such as finance, industry, investments and marketing.

The various lists released by Forbes are often described as being an "economic barometer" and a "wind vane of wealth".

This year marks the 20th year of the Forbes Global 2000 List. The list collects financial data for each 12 months as of May 5 to calculate and rank four indicators – sales, net profit, assets and market value.

In recent years, Baogang Group has made concerted efforts in sci-tech innovation – optimizing its industrial layout, product structure, comprehensive utilization of resources, as well as green and low-carbon development – to comprehensively boost its core competitiveness.

As the world's leading rare earth enterprise – in integrated production, R&D and trading – China North Rare Earth (Group) High-tech Co has established the world's biggest rare earth raw materials production base and rare earth functional materials manufacturing base.