The revenue of Chinese Fortune Global 500 companies surpassed that of their US counterparts for the first time in fiscal 2021, according to the magazine’s annual ranking.
The revenues of the Chinese companies on the list accounted for 31% of the total, surpassing their US equivalents, which accounted for 30%.
Aggregate sales for Fortune 500 companies increased 19%, the highest annual growth rate in the list’s history.
Sales of Global 500 companies reached $37.8 trillion, equivalent to two-fifths of global GDP in 2021.
“The rebound from COVID-19 created a huge tailwind for the world’s largest companies by revenue,” Fortune said.
Walmart topped the revenue chart, followed by Amazon. Chinese energy giants State Grid, China National Petroleum and Sinopec held the top five spots.
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Saudi Aramco was the most profitable company in the world, with $105 billion in profit. China’s top three commercial banks – Industrial and Commercial Bank of China (ICBC), China Construction Bank and Agricultural Bank of China – were among the top 10 most profitable on the list.
The revenues of the Chinese companies on the list accounted for 31% of the total, surpassing their US equivalents, which accounted for 30%.
The combined net income of all the companies on the list exceeded $3 billion, up 88% year-over-year, the highest profit since 2004.
Despite the increased profitability of Chinese companies, the data showed that they continue to lag behind their international peers.
The average profit of the 145 Chinese companies on the list was about 4.1 billion dollars, 2.1 billion less than the average.
Chinese internet giants JD.com, Alibaba and Tencent moved up the table, ranking 46th, 55th and 121st, respectively, their best result since entering the list.
The table ranked companies based on their total operating income for fiscal year 2021, which ended March 31, 2022.
Article republished from the Chinese state media CGTN within the framework of an agreement between both parties to share content. Link to original article: https://news.cgtn.com/news/2022-08-04/Fortune-Global-500-Chinese-giants-revenues-surpass-US-counterparts-1cdZ4E1Bzt6/index.html
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