Record 54 Chinese Firms Hit Fortune Global 500 This Year

Three Chinese Firms Included In Top 10, Reflecting Country’s Growing Global Clout

Sinopec ranks #7 on the Fortune Global 500 this year

Sinopec ranks #7 on the Fortune Global 500 this year

While the recently released Fortune Global 500 includes dozens of perennial standbys, this year the increasing presence of Chinese firms really stands out. With a record 54 Chinese firms included in the list, including three — Sinopec, State Grid Corp of China and China National Petroleum Corp. — in the top 10, this year’s rankings reflect the growing global presence of China Inc.

From the Beijing Review:

The overall number of Chinese firms on the list increased to 54 from last year’s 43, among which are eight from Taiwan — making China the third largest country for Fortune 500 companies, following only the United States and Japan.

“The new ranking is a good demonstration of China’s rapid economic growth,” said Sun Lijian, a finance professor at Fudan University. “The global economic gravity has increasingly slanted toward emerging markets, China in particular.”

However, as the article — like others — points out, the vast majority of the Chinese firms included in this year’s list are monolithic, state-owned enterprises, illustrating the difficulties faced by Chinese SMEs both in China and on the world stage.