Chinese companies reshaping global business
July 30, 2019 Category China News Round-up, Weekly
The latest Fortune Global 500 list not only shows that Chinese firms outnumber counterparts from the United States on the list, but also demonstrates how China’s private sector is reshaping the global business landscape. Chinese companies accounted for 129 of the world’s 500 largest corporations by revenue, exceeding the U.S. at 121, for the first time since the rankings began in 1990. Among the Top 10 newcomers on the Fortune Global 500 are the China Development Bank (67); CRRC Group (359); Tsingshan Holding Group (361); Jinchuan Group (369); Gree Electric Appliances (414), Anhui Conch Group (441); and Huaxia Life Insurance (442).
China was also the top performer in terms of newcomers and companies with the largest leaps in rankings. Most Chinese enterprises on last year’s list had higher rankings this year. “China’s performance indicates that the torrents of merger and acquisition activities aiming to forge globally influential conglomerates are starting to pay off,” said Jiang Qingyun, Business Professor at Fudan University’s School of Management. China led in the number of metal, construction, automotive and real estate companies. However, healthcare and medical companies in the U.S. outnumbered Chinese counterparts on the list.
Chinese technology companies are making strides. Among the 10 companies registering the biggest jumps, six came from China, including Alibaba Group which was up 118 spots to 182, Tencent, which moved up 94 places to 237, and Huawei, up to 61 from 72 last year. The combined revenue of Chinese companies accounted for 25.6% of the Fortune Global 500 list’s total, behind the U.S. at 28.8%. The average profit of the 119 Chinese companies on this year’s list stood at USD3.5 billion, lower than the list’s average of USD4.3 billion. But it also improved from USD3.1 billion for the 111 Chinese companies on last year’s list. Chinese companies are relatively smaller in profitability but they are growing at a much faster pace, the China Daily reports.
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