China has for the first time edged past Japan to capture the No. 2 slot in the
Fortune Global 500 list of companies after the US. This is a major development
for China, which overtook Japan to become the world’s second-biggest economy two
years ago.
China added 12 companies to the list, and Japan lost 20 positions as compared to last year’s rankings. The Fortune magazine said China has 73 companies and Japan 68 in the annual rankings by revenue. A significant difference is that most top-ranking Chinese companies are state-controlled corporations, while those from the US, Japan and Europe are private firms.
The Chinese media said there were 79 companies in the Fortune list after counting companies in Taiwan, which China claims to be its own. Three state-controlled energy companies in China — Sinopec Group, China National Petroleum Corporation and State Grid — ranked 5th, 6th and 7th in the listing.
Europe lost 11 companies from the list, sliding from 172 in 2011 to 161 this year. “One of the more remarkable shifts has been in the number of Chinese companies on the list,” Fortune said, pointing out there were only 11 Chinese firms on the Global 500 in 2002.
China added 12 companies to the list, and Japan lost 20 positions as compared to last year’s rankings. The Fortune magazine said China has 73 companies and Japan 68 in the annual rankings by revenue. A significant difference is that most top-ranking Chinese companies are state-controlled corporations, while those from the US, Japan and Europe are private firms.
The Chinese media said there were 79 companies in the Fortune list after counting companies in Taiwan, which China claims to be its own. Three state-controlled energy companies in China — Sinopec Group, China National Petroleum Corporation and State Grid — ranked 5th, 6th and 7th in the listing.
Europe lost 11 companies from the list, sliding from 172 in 2011 to 161 this year. “One of the more remarkable shifts has been in the number of Chinese companies on the list,” Fortune said, pointing out there were only 11 Chinese firms on the Global 500 in 2002.
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