REGIONAL> Development
35 Chinese firms make Fortune 500 list this year
By Wan Zhihong (China Daily)
Updated: 2008-07-11 08:24

China's largest refiner Sinopec, together with 34 other Chinese companies, made it to this year's Fortune 500 list released Thursday, the best-ever showing by Chinese companies in the ranking.

With sales of $159.26 billion, Sinopec led the Chinese group at the 16th place, followed by State Grid, ranking 24 and China National Petroleum Corp (CNPC), 25.

Among the 35 companies, 26 are from the mainland, three from Hong Kong and six from Taiwan.

A total of 19 State-owned companies under the central government are on the list. Among them, energy, financial and telecommunications companies account for a large part.

China's three leading oil companies - CNPC, Sinopec and China National Offshore Oil Corp (CNOOC) - as well as the country's two power grid companies - State Grid and China Southern Power Grid - found place on the list.

The country's four leading banks - Industrial and Commercial Bank of China, China Construction Bank, Bank of China and Agricultural Bank of China - featured in the list.

US retailer Wal-Mart kept the top slot, with a sales figure of $378.8 billion. It was the only retailer in the top 10.

Wal-Mart is followed by Exxon Mobil, with sales of $372.8 billion, Royal Dutch Shell with $355.7 billion, BP with $291.4 billion and Toyota Motor with $230.2 billion.

Overseas growth has been a bright spot for many of the world's largest corporations. Wal-Mart's international sales now make up 24 percent of the company's total revenue.

US corporations occupied 153 places among the top 500, down from 162 a year ago, representing its worst performance in more than a decade.

US firms that fell off the list included the now-defunct investment firm Bear Stearns, along with Nike and Gap.

Japan had 64 firms on the list and France had 39, compared with Germany's 37 and Britain's 34.

India had seven companies led by Indian Oil and Reliance Industries. Russia had five, the biggest being Gazprom.

The total revenue of Global 500 companies amounted to $23.6 trillion, up 13 percent, and profits were $1.6 trillion, up 3.9 percent.

While the Fortune ranking is based only on revenues, other rankings use profits and other factors.