China pips US in Fortune 500 honors

Business | Stella Zhai 11 Aug 2020

A total of 124 Chinese companies, including those from Hong Kong, ranked among the top 500 in the world in terms of revenue last year, according to Fortune magazine, the first time China exceeded the United States which has 121 firms on the list.

US retail chain Walmart ranked first for a seventh consecutive year, with US$524 billion (HK$4.09 trillion) in revenue in 2019, followed by mainland oil giant Sinopec (0386), according to the Fortune Global 500 for 2020.

State Grid Corporation of China, the mainland electric utility monopoly, went from fifth to third, followed by PetroChina (0857).

The top 500 companies generated total revenue of US$33 trillion, the highest on record.

Ping An Insurance (2318) ranked 21st, with revenue of US$184.28 billion in 2019, up by 8 positions from a year ago.

Among the e-commerce and tech giants, Alibaba (9988) ranked 132, up by 50 positions year-on-year. JD.com (9618), Tencent (0700), and Xiaomi (1810) also listed among the top 500.

In terms of profit, three of the mainland's big four lenders - Industrial and Commercial Bank of China (1398), Agricultural Bank of China (1288), and China Construction Bank (0939) - were among the top 10.

In other news, China's consumer price index, a main gauge of inflation, rose 2.7 percent year-on-year in July with the food price rising 13.2 percent from a year ago, compared with a 2.5 percent increase in June, the National Bureau of Statistics said.

The producer price index fell 2.4 percent from a year earlier, paring a 3 percent year-on-year drop in June.

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