China set to tie with US in large MNCs
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China will boast the same number of large companies with annual revenues of more than US$1 billion as the United States and Canada by 2025, McKinsey & Co projected in a report yesterday.
Nearly three-quarters of the 8,000 companies worldwide with more than US$1 billion in revenues are based in developed regions but the consulting firm said another 7,000 enterprises will grow to this size in 12 years, and almost 2,000 of the new companies are likely to be based in China.
“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,” Jonathan Woetzel, director of McKinsey Global Institute and one of the report’s authors, said in Shanghai yesterday. “The long-established dominance of Western multinationals is about to be challenged.”
Emerging economies now account for one-third of the global gross domestic product but are home to a quarter of the large companies. The number of companies is set to more than triple from around 2,200 to about 7,000 by 2025 due to rising incomes, opportunities and mergers & acquisitions, the report said.
Another study by US-based consultant Booz & Co said there are now 75 Chinese companies among the top-1,000 global innovative enterprises and a growing number of large Chinese firms are spending more in research and development.
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