For the first time ever, China now has more companies on Fortune Magazine's top global 500 list than the United States. This is a big achievement for the world's second-largest economy as it continues to battle an economic slowdown brought about by its continued trade dispute with the United States.
According to the Fortune Global 500 list, China now has a total of 129 companies, including 10 from Taiwan. The companies were ranked on the list based on their operating revenues. The list was released on Monday and featured all biggest names in the business world.
China overtook the US on the list in terms of the total number of companies ranked. The US only had 121 companies on the list, which was a drop of 5 companies when compared to last year. A total of 9 Chinese companies were added on the list, with China only having 120 firms last year.
Fortune mentioned in a statement that this year's list was a "historic shift" in the world economic stage, further indicating that China has indeed caught up with its western counterpart. State-owned Chinese firms had significantly contributed to the list, with a 76.3 percent increase when compared to the previous year.
Meanwhile, the share of private companies on the list fell by 19.8 percent when compared to last year. Topping the list for China are three state-owned firms, namely the Sinopec Group, the China State Grid, and China National Petroleum.
The number one position is still being held by US retail giant Walmart, which had held the top spot for the sixth straight year. Saudi Aramco holds the fifth spot on the list this year.
Some of the newer names on the list from China include Gree Electric Appliances and Xiaomi Corporation. China's Alibaba Group and Tencent also made it to the list.
This is the first time ever that the two companies have appeared in the Fortune Global 500. The faster climbing Chinese firm on the list was Country Garden, China's largest developer by sales. The company climbed 176 spots on the list over the past year.
In terms of total profitability, Apple lost a substantial amount this year, allowing Saudi Aramco to overtake it on the list as the most profitable company in the world.
Also aiming to overtake the Cupertino-based giant is China's Industrial and Commercial Bank of China, the country's largest lender. Chinese Banks also managed to dominate the list, accounting for 47.5 percent of all of the Chinese companies' profits combined.
