Chinese Companies Top Japanese For First Time in Fortune 500
China has overtaken Japan on the Fortune Global 500 for the first time on the list of the world’s biggest companies by revenue.
While US companies held the plurality of slots on the list, with 132 US firms featured, Chinese companies came in second, with 73, followed by 68 Japanese companies. China’s ascent marked the addition of 12 companies to the prestigious list, while the number of European firms fell to 161 from 172 in 2011. Eight energy businesses dominated the top 10, three of them Chinese companies; Sinopec Group, China National Petroleum and State Grid.
After Shell, the remaining companies in the top 10 are, in descending order: ExxonMobil; Wal-Mart Stores; Britain’s BP; Chinese companies Sinopec Group, China National Petroleum and State Grid; Chevron, ConocoPhillips and Toyota Motor.
The annual ranking reflected the shifting global landscape as the United States faces mounting competition from foreign rivals.
“Although the US still hosts the lion’s share of Global 500 corporations, no country has lost more companies during the last decade. There are 132 US-headquartered businesses on this year’s list, down from 197 a decade ago,” the magazine said.
-AFP