The total sales revenue of the top 500 companies in Zhejiang was 3.91 trillion yuan ($640 billion) in 2012, up 20 percent year-on-year, despite the worsening economy, according to the annual list of the top 500 firms in the province released on Tuesday by regional magazine Zheshang.

Zhejiang Materials Industry Group - a State-owned logistics company - topped the ranking with a sales revenue of more than 196 billion yuan, followed by Zhejiang Geely Holding Group, one of the top 10 automakers in China, and Zhejiang Wanxiang Group, a major auto parts company.

The number of companies with sales revenue above 10 billion yuan was more than 100 for the first time in 2012, while the average annual increase rate of the 10 companies with more than 50 billion yuan in sales revenue was 12 percent. The average annual growth of the 44 companies with more than 20 billion yuan in sales revenue was 28 percent.