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Sputnik: China Outpaces US With Record 133 Firms on Fortune 500 List for First Time in History Amid Trade War
The listing of the world's biggest companies saw 133 Chinese firms across the mainland, Taiwan and Hong Kong make the roster compared with 121 US businesses. The news comes amid a major surge in foreign investment in Chinese tech firms amid the ongoing US trade war with China.
Chinese firms listed on the Fortune Global 500 have surpassed US companies for the first time in history, it was found on Monday.
Three Chinese state-owned enterprises (SOEs) - Sinopec Group, State Grid and China National Petroleum - came in second, third and fourth, respectively, with Arkansas-based Walmart topping the list.
“Chinese companies outnumbering US ones shows that China’s economy is large enough to cause US concerns,” Zhang Lin, an independent political economist in Beijing said in a statement.
But many Chinese firms on the list were SOEs backed by the Chinese government in the world's largest market, Fortune said.
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WNU Editor: These Chinese firms are controlled by the Chinese government, and many of them are playing an increasingly powerful role in advancing China's interests around the world. Their sheer size and wealth will guarantee that. So when you hear political leaders in the West say that China does not play a significant role in influencing their elections/policy decisions/business climate/etc. .... do not believe them. In today's global economy China has positioned itself to be everywhere. The Fortune Global 500 list is here .... Global 500 (Fortune).
