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China to have as many giant companies as US and Canada combined by 2025, report says
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CHINA will have as many large companies with annual revenues over US$1 billion as the total number of such companies in the United States and Canada by 2025, McKinsey consultants projected in a report today.
There are about 8,000 companies worldwide with revenues of more than US$1 billion, and almost three-quarters are based in developed regions. However, another 7,000 companies will grow to that size in 12 years, and almost 2,000 of the new names are likely to be based in China, the McKinsey consulting firm said in Shanghai.
“The world’s competitive landscape will be transformed over the next 10 to 15 years by the rise of a formidable new breed of large, emerging-market companies,” said Jonathan Woetzel, director of McKinsey Global Institute and one of the report’s authors. “The long-established dominance of Western multinationals is about to be challenged.”
Emerging economies currently account for one-third of world gross domestic product, but are only home to a quarter of large companies. This is because shifts in the corporate landscape have lagged behind the shift of GDP from the developed countries to the emerging regions.
The number of large companies in emerging regions is poised to more than triple by 2025, rising from around 2,200 today to about 7,000 in 12 years, which reflects rising incomes and growing local market opportunities in the regions, as well as the fact that local companies are expanding, maturing, and reconfiguring through mergers and acquisitions, said the report.
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