A total of 142 Chinese companies, including those from Taiwan, have secured positions on the annual Fortune Global 500 list, making it the fifth consecutive year that Chinese companies have dominated the list in terms of sheer numbers.
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Chinese companies have surpassed their American counterparts in terms of the number of entries on this year's Fortune Global 500 list, which ranks the world's wealthiest enterprises based on revenue. The list highlights China's growing strength in emerging sectors, particularly in new energy, on a global scale.
A total of 142 Chinese companies, including those in Taiwan, secured spots on the annual list, making it the fifth consecutive year that Chinese companies have dominated in terms of quantity. Following China, the United States and Japan came in second and third with 136 and 41 enterprises, respectively.
Notably, China's Contemporary Amperex Technology Co Ltd, recognized as the world's largest electric vehicle battery manufacturer, made its debut on the list this year, ranking at 292nd. Similarly, another Chinese firm, new energy vehicle manufacturer BYD, climbed 12 places compared to the previous year, securing the 212th spot.
Furthermore, the list features a total of nine Chinese vehicle manufacturers, with many of them making significant strides in new energy vehicle technologies.
Wang Peng, a senior researcher at the Beijing Academy of Social Sciences, emphasized that this collective performance by Chinese companies highlights China's growing international influence in the new energy sector. He noted that China has been gaining momentum in NEV-related technologies and products in recent years, and with its massive market, Chinese companies in the new energy sector are expected to have an even stronger global presence in the years to come.
According to the China Association of Automobile Manufacturers, China recorded approximately 6.89 million new energy vehicles (NEVs) sales last year, representing a remarkable 93 percent year-on-year increase.
A report released by SNE Research further highlighted that Chinese companies dominated the global market, accounting for six of the top 10 NEV battery makers in terms of installation.
However, Wang Zhile, a former senior researcher at the Chinese Academy of International Trade and Economic Cooperation, noted that many leading Chinese companies experienced a decline in their rankings this year, resulting in a wider gap between their average profits and those of other Fortune Global 500 companies.
The average profit of Chinese mainland and Hong Kong-based companies on the list stands at $3.9 billion, falling short of the global average of $5.8 billion and US firms' $8 billion.
Wang attributed these shifts to the impact of the COVID-19 pandemic and global conflicts, which have led to significant changes in the global economy and the restructuring of the industrial chain. These external factors have, to some extent, affected the development of Chinese companies. As a result, major Chinese companies still encounter challenges in achieving high-quality development, he added.
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