Record 110 Chinese companies on Fortune Global 500
July 25, 2016 Category Macro-economy, Weekly
A record 110 Chinese companies are in the latest Fortune Global 500 list, 13 of which made their debut, including China Railway Rolling Stock Corp, JD.com, Midea and Wanda. “We will see the continued rise of Chinese companies to capture that tremendous growth of the local economy,” said Adam Xu, Partner of Strategy&, PricewaterhouseCoopers’ strategy consulting business. Three of the top five companies on the list are from China. State Grid rose to second place from seventh last year, surpassing China National Petroleum Corp (CNPC) and Sinopec Group. State Grid, generating USD329.6 billion in sales last year, attributed its performance to successful investment strategies and research and development (R&D) input. Among the 13 debut Fortune Global 500 companies from China, JD.com ranks at 366, with revenue reaching USD28.85 billion last year. JD.com positions itself as a self-managing e-commerce giant. China Railway Rolling Stock Corp, which ranks 266, has grown into a leading global supplier of bullet trains and subway cars. State-owned companies (SOEs) topped the Chinese companies on the list, because the ranking is based on the companies’ revenue instead of their profitability, said Han Xiaoping, an independent energy analyst. China Vanke debuted on the list at 356, with annual revenue of USD29.33 billion, followed by Dalian Wanda Group at 385 and Evergrande Real Estate Group at 496, the China Daily reports.
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