Industrial and Commercial Bank of China and China Construction Bank have been named the world’s two largest public companies for the sixth consecutive year, as China’s banking sector hit around $US35 trillion in loans in 2018.
The Forbes Global 2000 list showed China and Hong Kong-headquartered firms accounted for 291 of the world’s 2,000 largest companies, with three other Chinese companies alongside ICBC and CCB in the top 10.
Of the top 100 companies, China and Hong Kong lay claim to 21, trailing only the United States with 30.
Agricultural Bank of China came in at fifth, Bank of China at ninth, while Ping An Insurance Group was ranked the world’s 10th largest public company.
Outside of the banking sector, Chinese automotive manufacturers were well represented, accounting for eight of the 32 carmakers ranked in the list.
The top-ranked Chinese car manufacturer was SAIC, at 80th, while Hong Kong Headquartered Geely was 683rd.
Electric vehicle manufacturer BYD was ranked the world’s 694th largest company.
Diversified tech giants Alibaba and Tencent were highly-ranked, at 81st and 105th, respectively, while lesser known tech players HNA Technology and 360 Security Technology also made the Global 2000 list.
Overall, the 2,000 companies represented on the Forbes list account for $US39.1 trillion in sales, $US3.2 trillion in profit, $US189 trillion in assets and $US56.8 trillion in market value.
The top 2,000 companies’ profits collectively rose 28 per cent compared to 2017, Forbes said.
Forbes’ Global 2000 list ranks companies across four metrics; sales, profits, assets and market value.
Each metric has a minimum cut-off value to qualify; $US4.47 billion in sales, $US333.3 million in net profit, assets worth $US10.72 billion and market capitalisation of at least $US6.55 billion.
Firms need to qualify for at least one of the metrics to be eligible for the Global 2000 ranking.