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129 Chinese firms in Fortune 500
By:Xu Chuxin, Wu Qiong  |  From:english.eastday.com  |  2019-07-29 16:19

This year, the Fortune 500 list saw 25 new and re-listed companies, 13 of which are from China.

For the first time ever, China has overtaken the US in the number of listed companies.

Chinese technology companies especially are injecting new vitality into the world economy. While there are many Chinese newcomers this year - which include Xiaomi, the China Development Bank, CRRC, the Tsingshan Holding Group, the Jinchuan Group, and Gree - Xiaomi deserves special mention as the 9-year-old company is the youngest in the world's top 500. In the field of Internet companies, 3 Chinese companies made the list this year including JD, Alibaba, and Tencent, all improving their ranks from last year.

All 5 listed real estate enterprises on the Fortune Global 500 are from China, with each having improved their position significantly from last year.

It is worth noting that the profitability of Chinese companies does not reach the average level of the world's top 500 companies, as the average profit is $4.3 billion, while the average profit of Chinese companies on the list is $3.5billion. If compared with solely US companies, the gap is even wider.

As the report said, in 2019, 119 Chinese companies (excluding those in Taiwan) made the list with average sales of $66.5 billion, net assets of $35.4 billion and profits of $3.5 billion.

Among the total 129 Chinese enterprises on the list, only 48 are central enterprises under the supervision of SASAC (the State-owned Assets Supervision and Administration Commission of the State Council), mainly concentrated in industries providing capital, energy, raw materials and other production factors, with Sinopec, PetroChina and State Grid among the top 10. On the other hand, the rise of non-SASAC enterprises in the global economy signifies the increasing role of market forces in China's economic transformation.

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