July 11th, 2012
06:23 AM GMT
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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