Posted on 07/23/2019 11:14:41 AM PDT by Enlightened1
The number of US companies on the list has declined to 121 from 126 last year
The contribution of state-owned enterprises has risen to 80.2 per cent of Chinese companies on the list from 76.3 per cent last year
In a first, more Chinese companies have made it to Fortune magazine’s list of the world’s top 500 firms this year, than from the United States.
A total of 129 companies, including 10 from Taiwan, were ranked among the world’s biggest firms by operating revenue, according to a list released on Monday. Their number rose from 120 last year, while the number for the US declined from 126 last year to 121 this year.
“Excluding Taiwan, 119 companies from mainland China and Hong Kong made it to the list, almost on par with the US. This is a historic shift,” the magazine said in a statement.
The contribution of state-owned enterprises also rose, with SOEs representing 80.2 per cent of Chinese companies on the list, up for 76.3 per cent last year. The share of private companies fell to 19.8 per cent in 2019 from 23.7 last year, according to a calculation by the South China Morning Post based on the list. This calculation excludes companies from Hong Kong and Taiwan.
Three SOEs – Sinopec Group, China National Petroleum and State Grid – were among the top five companies this year. US retail giant Walmart retained the top spot for a sixth straight year, while Saudi Aramco took the fifth spot.
Chinese companies also accounted for 13 out of a total of 25 new entrants to the list. Gree Electric Appliances and Xiaomi Corporation were among the biggest new entrants, while Country Garden, China’s largest developer by sales, was the fastest climber worldwide, rising by 176 spots over the past year.
(Excerpt) Read more at scmp.com ...
In terms of profitability, Saudi Aramco overtook Apple as the most profitable company in the world.
Yes, but only if you count Taiwan as part of China.
We built that!
“Excluding Taiwan, 119 companies from mainland China and Hong Kong made it to the list, almost on par with the US. This is a historic shift,” the magazine said in a statement.
True that. Plus, the Chinese companies would be nowhere without their government subsidizing what they call their "national championship" companies. And "subsidizing" doesn't mean a tax break hear and there like we say it in the U.S. It means the Chinese govt funds them practically fully if need be to compete in the global economy.
And a lot of Americans loss their jobs to cheap wages.
Oh and of course...., ONE WAY TRADE that works only for China.
Too free market.
We win.
China should be its own subset of economic study in the West. These large state-run companies are basically profit-making operating arms of its government ministries. Its tough for many Americans to grasp such a concept.
Imagine HUD running a property development company in major American cities, or Treasury running an infrastructure investment fund, or FDA owning a drug-manufacturer.
Its AOC, Warren and Sanders’ wet dream. Its also why corruption is rampant in China and one of the reasons Xi Jinping is grasping for maximum power is his attempt to manage it.
My theory is the cheap labor increases profit margins and none of the "savings" are passed to the US consumer. So they make cheap crap and tell us how great it is.
“And a lot of Americans loss their jobs to cheap wages.”
But a lot of people in NYC and DC got very rich.
How many of these very big companies are subsidies by the government and have connections to the CCP ?
Measured by Revenue from the article. So no word on how they ranked based on profit? And 80% are state owned?
The article said 82%
Taiwan is not part of China, you moronic liberal jerks!! Fortune is a other magazine that’s dying...
The Chinese hold $1.23 trillion of our national debt. The more their economy rises, the more U.S. Treasury bonds they can buy. It’s not all bad that China’s wealth is growing.
Still, China ‘s come a long way - and the Chinese people can thank President is Xi Jinping for a lot of this success.
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