Fortune Magazine has released the 2024 Fortune Global 500 list of the world's largest corporations, with 133 Chinese companies having made the list with Chinese internet and electric vehicle (EV) companies climbing up the ranking, highlighting their growing global competitiveness. State-owned power company State Grid, at No 3, was the highest-ranked Chinese company on the 2024 Fortune Global 500 list, followed by Sinopec Group at No 5, and China National Petroleum. Several private Chinese businesses rose up the ranks. BYD, which overtook U.S.-based Tesla to become the world's biggest EV maker earlier this year, rose 69 places to rank at 143. The ranking of Contemporary Amperex Technology Co (CATL), a leading Chinese EV battery manufacturer, jumped 42 places to No 250. The ranking of Zhejiang Geely Holding Group rose 40 places. The rise in the rankings of Chinese EV companies fully reflects their growing global competitiveness, thanks to their breakthroughs in technological innovation over the years, according to Liu Dingding, a tech industry analyst. “Many of these Chinese EV companies are real global leaders, which is very impressive,” Liu told the Global Times.
Another Chinese company that has faced relentless crackdowns by the U.S. and some other Western countries, but that performed relatively well on the list, is Huawei. The company's ranking rose eight places to No 103, with a 132.4% increase in its profits. Several Chinese internet companies also climbed the rankings. E-commerce giant JD.com rose five places to rank at No 47, with a 121.2% increase in its profits. Meituan's ranking jumped 83 places to No 384, while PDD Holdings, parent company of online shopping site Pinduoduo, made the list for the first time at No 442, with an 80.9% rise in its profit. Tencent Holdings also saw its ranking rise six places to No 141.
The relatively strong performance by Chinese internet companies showed the resilience of China's online shopping sector amid the economic recovery, experts said, also pointing to China's focus on bolstering innovation and improving the business environment to promote high-quality development. “The Fortune Global 500 list shows that Chinese companies are increasingly recognized worldwide, as their rankings rise, thanks to their independent innovation and breakthroughs in core technologies,” Liu said, as reported by the Global Times.
