Fortune magazine said Tuesday 12 Chinese firms had made this year's list, up from 10 last time, in industries ranging from telecommunications to banking.

"The number of Chinese businesses on the list continues to expand each year, as more and more formerly state-owned corporations have their books audited according to Western standards," Fortune said in a statement.

China's new entrants on the prestigious list are China National Petroleum Corp, ranked at 83 in terms of sales, and China Mobile Communications Corp at 332.

The magazine also unveiled a new Asian ranking of companies within the list, with the top 20 spots all going to Japan.

Sprawling trading house Mitsubishi Corp headed the Asian list and was number nine overall, followed by Toyota Motor Corp (10) and rival trader Mitsui and Co Ltd. (13).

Leading the Global 500 list was US oil giant ExxonMobil Corp, supplanting General Motors Corp which had enjoyed four years at the top.

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