July 11th, 2012
06:23 AM GMT
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Despite slowing economic growth, China has more companies on Fortune's Global 500 list of the world's top firms than Asian rival Japan.

In its annual rankings released Tuesday, Fortune magazine lists 73 companies in China, second only to the United State’s 132. Japan is in third place with 68 companies in the top 500.

To qualify for this year’s rankings, companies had to report earnings of at least $22 billion last year.

China’s largest company, oil producer and refiner Sinopec Group, was the best performer at No. 5 overall, due to increased production of crude oil and natural gas, according to Fortune.

The company, better known as China Petroleum and Chemical Corp., had revenues of $375 billion in 2011.

However, as the BBC reports, China has cut retail fuel prices by about 5% this week, which could affect the company going forward.

Other Chinese companies in the top ten include China National Petroleum and state-owned power company State Grid.

According to the International Business Times, China has been steadily creeping up on Japan in the rankings, adding 62 businesses to the list since 2002. From last year, China added 11 companies to reach its record-high 73.

The Industrial and Commercial Bank of China, which was recently named the world’s most profitable bank, ranked as the third most-profitable company on the list behind two energy companies, Russia’s Gazprom and the U.S.’s Exxon Mobil.

The rankings reflect a shifting global landscape as the number of companies from the U.S. and Europe fell this year.

There were 11 fewer European companies on the list as the Euro Crisis continues to take a toll on economic performance. The United States dropped 14 companies from the list.

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Filed under: BusinessChinaJapan

soundoff (14 Responses)
  1. Allan Sy

    Second paragraph: 73 "countries" in China?

    July 11, 2012 at 6:43 am |
  2. Chocolate cupcakes

    Well gee, they only have what, 10 times more people? I'm shocked and awed by China.

    July 11, 2012 at 7:23 am |
  3. This not the truth.

    As a Chinese , I want to say most of them are country's company . Government protects them.

    July 11, 2012 at 11:21 am |
  4. Hmm

    Chocolate C.
    Someone is bitter. USA is still top in the list. There you go. Feeling better now?

    July 11, 2012 at 12:26 pm |
  5. reality

    American companies and banks made their money from slavery,military arm sales and manufacturing,the fake american dream,wars,debt,shady marketing and essentially lies.

    July 11, 2012 at 1:05 pm |
  6. teffory

    He means state owned companies, which usually were thought to be monopolistic by normal chinese.

    July 11, 2012 at 1:09 pm |
  7. Jacob M

    It's not the Global Fortune 500, it's the Fortune Global 500. It's also not referred to as the Fortune 500 – that's a list of the 500 largest US-based companies; this is shorthanded as the Global 500.

    I'm sorry if I believe that journalism should be accurate. Wait – no I'm not.

    July 11, 2012 at 1:10 pm |
  8. Jacob M

    @Hmm: "USA is still top in the list. There you go. Feeling better now?"

    Umm... Royal Dutch Shell is not an American company. It's based in the Netherlands – specifically, The Hague.

    July 11, 2012 at 1:15 pm |
  9. Jake C


    He was referring to the total amount of fortune 500 companies, the U.S. leads with 132/500

    July 11, 2012 at 1:27 pm |
  10. thatsmyviewpoint

    Reblogged this on That Is My Viewpoint.

    July 11, 2012 at 2:02 pm |
  11. Jacob M

    @Jake C: Ah, good point. My mistake. I interpreted "top in the list" in a different way.

    Apologies, @Hmm.

    July 11, 2012 at 2:29 pm |
  12. China

    So what?

    Most french big companies are also in the hands of governements.
    CHina and France are so called national economies.

    They win.

    You bite China and France.


    July 11, 2012 at 7:18 pm |
  13. Marco Hsiao

    Mainland China will overtake the US in Fortune 500 list in about 2025.

    Besides, Mainland China has millions of small civilian businesses; they are getting commercial experiences, growing and becoming stronger.

    July 12, 2012 at 4:09 am |
  14. medhat

    Strangest way to the marriage application


    July 12, 2012 at 8:59 pm |

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