China's Fortune Global 500 companies rise to 143

Skyscrapers border the lush green landscaping in Shenzhen's central business district. - China Daily

BEIJING (China Daily/ANN): Chinese companies have thronged the 2021 Fortune Global 500 list amid steady economic fundamentals and healthy business growth in the country.

A total of 143 Chinese companies made it to the Global 500 list this year, surpassing runner-up United States for the second consecutive year.

China had more Fortune Global 500 companies than the United States for the first time in 2020, with 133 firms on the list.

The State Grid Corporation of China (SGCC) moved up to the second spot this year, ranking only after US retail giant Walmart.

China National Petroleum Corporation (CNPC), the country's largest oil and gas producer, and China Petroleum & Chemical Corporation (Sinopec Corp), the country's largest oil refiner, grabbed the fourth and the fifth place, respectively.

Twenty-five companies in the Guangdong-Hong Kong-Macao Greater Bay Area made it to the Fortune Global 500 list for 2021, increasing by four from last year.

Guangdong province had 16 companies — eight from Shenzhen, five from Guangzhou, two from Foshan, and one from Zhuhai. Two Guangzhou-based companies, Guangzhou Pharmaceuticals Corp and Guangzhou Construction Group, were on the list for the first time.

Hong Kong had nine companies on the list.

The Fortune Global 500 is an annual ranking of the top 500 enterprises in the world and has been published since 1995. It is widely used as a measurement for business performance and competitiveness.

Among Shenzhen-based companies in the world’s top 500 ranking, Ping An Insurance ranked 16th, followed by Huawei Investment and Holding and Amer International Group, which ranked 44th and 68th respectively.

The annual ranking of social media and gaming giant Tencent Holdings advanced 65 places to 132nd. Property developer China Vanke ranked 160th, advancing 48 places from last year.

Fortune’s analysis noted that as global industrial chain and competition rules are currently undergoing restructuring, Chinese companies should grasp the opportunity to enhance their competitiveness and play a bigger role in the world business landscape.

The strong performance indicates that China has maintained a robust economic growth while businesses are growing healthily, noted Pan Helin, an expert in economics at Zhongnan University of Economics and Law. - China Daily/Asia News Network

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