Three Chinese companies make top 10 on 2024 Fortune Global 500 list

 China's economic prowess shone brightly on the global stage in 2023, as exemplified by the remarkable performance of its corporate giants. According to the latest Fortune Global 500 list, China's State Grid secured the third spot with a staggering revenue of $545.95 billion, as reported by Fortune China.

Notably, the top ten ranks featured a strong Chinese presence, with Sinopec Group and China National Petroleum Corp claiming the fifth and sixth positions with revenues of $429.7 billion and $421.71 billion respectively. This achievement underscores China's growing influence in the global business landscape, with three Chinese enterprises dominating the upper echelons of the prestigious list.

Maintaining its long-standing dominance, Walmart retained its coveted position at the summit for the 11th consecutive year, boasting a substantial revenue of $648.13 billion. Amazon also made a remarkable comeback, clinching the second spot with a revenue of $574.79 billion, reaffirming its influential presence in the global market.

The Fortune Global 500 list further showcased China's economic might with a total of 133 Chinese companies making the cut, collectively amassing an impressive revenue of approximately $11 trillion in 2023. Among these companies were 10 prominent automobile and auto parts enterprises, symbolizing China's growing strength in the automotive sector.

In a testament to China's automotive industry's dynamism, Chery debuted on the list for the first time, securing the 385th position with a revenue of $39.1 billion. Additionally, BYD witnessed a substantial revenue surge from $63 billion to $85.1 billion, propelling its ranking up by 69 places from the previous year.

The financial sector also witnessed Chinese dominance, with three Chinese commercial banks—Industrial and Commercial Bank of China, China Construction Bank, and Agricultural Bank of China—garnering positions in the top 10 list in terms of profit. Notably, Industrial and Commercial Bank of China led the pack with a profit exceeding $51.4 billion, underscoring the robust performance of Chinese financial institutions on the global stage.

China's remarkable achievements in the 2023 Fortune Global 500 list not only reflect the country's economic strength and resilience but also herald a promising future for Chinese businesses in the global arena.