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August 11, 2020

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133 Chinese firms on Forbes list

By Wang Yanlin | 00:00 UTC+8 August 11, 2020 | Print Edition

CHINESE companies showed greater competitiveness in 2020 with the Fortune Global 500 list seeing more of them included in the ranking than any other country.

A total of 133 Chinese companies, including those based on the Chinese mainland, Hong Kong and Taiwan, were ranked as the Fortune Global 500 enterprises, according to the list released yesterday. Nine are headquartered in Shanghai.

In comparison, there were 121 companies from the United States, 53 from Japan, 31 from France, 27 from Germany and 22 from the United Kingdom.

US-headquartered Walmart once again topped the list, followed by three Chinese companies — Sinopec Group, State Grid and China National Petroleum. The top 10 also included Royal Dutch Shell, Saudi Aramco, Volkswagen, BP, Amazon.com and Toyota Motor.

It was the second year that Chinese companies dominated the list after 129 Chinese companies were listed in 2019, compared with 121 US companies.

“It’s hard to overstate the significance of the change in the global economy that represents,” said Cliff Lead, Fortune’s editor-in-chief.

“When the Global 500 list first came out in 1990, there were no Chinese companies on the list. In the intervening three decades, the Chinese economy has skyrocketed, powered by a global trade boom that expanded from 39 percent of global GDP to 59 percent.”

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