Chinese firms make up three of the world’s five biggest corporations, and more than a fifth of the globe’s largest 500 firms, according to a new international ranking.
Fortune Magazine’s annual Fortune Global 500 list, which ranks companies on revenue earned in the most recent financial year, named state-owned power generator State Grid Corporation of China as the world’s second largest company, with $US348.9 billion in revenue in 2017.
State Grid was closely followed by energy industry counterparts SinoPec Group and China National Petroleum, which achieved revenue of $US327 billion and $US326 billion in 2017, respectively, according to Fortune.
Chinese financial services firms also featured strongly in the list, with Industrial & Commercial Bank of China, Ping An Insurance, China Construction Bank, Agricultural Bank of China, China Life Insurance and Bank of China ranked within the top 50.
The most profitable Chinese firm, ICBC, was also ranked as the fourth most profitable firm overall, with a net profit of $US42.3 billion, while China Construction Bank was ranked sixth in terms of profits, with $US35.8 billion.
Fortune reported that the most profitable firm on its list was electronics manufacturer Apple, with a net profit of $US48.3 billion.
Shandong Energy Group recorded the largest revenue increase among Chinese firms on the list, earning 55.8 per cent more in 2017 than in the previous financial year.
China Energy Investment made the biggest jump up the rankings from last year, moving up 175 spots to 101.
Other fast movers included Tencent Holdings, which vaulted 147 places to 331, and Shandong Energy Group, which moved up 138 spots in the list to land at 234.
Retail and technology giant Alibaba Group appeared on the list at 300, well below e-commerce rival JD.com, which was ranked 181st with revenue of $US53.9 billion in 2017.
JD.com increased its revenue by 37.8 per cent on the previous financial year but the e-commerce innovator slumped to a $US22.5 million loss.
Alibaba Group was able to turn a $US9.7 billion net profit from its revenue of $US37.7 billion, Fortune said.
The overall number one position was taken by United States-based retail conglomerate Walmart, which achieved revenue of more than $500 billion in 2017.
Other companies making up the top 10 included Royal Dutch Shell, Toyota Motor, Volkswagen, BP, Exxon Mobil and Berkshire Hathaway.
Wesfarmers was the top-ranked Australian company, at 195, while Woolworths Group followed closely at 228.
There was a total of seven Australian companies ranked in Fortune’s top 500, with the remainder comprising BHP Billiton, Commonwealth Bank of Australia, Westpac Banking, Australia & New Zealand Banking Group and National Australia Bank.