FOR THE FIRST TIME. Chinese enterprises made more money than firms in the US or elsewhere on the planet, it was revealed yesterday. And an obscure Chinese firm you’ve never heard of called State Grid came in well ahead of Apple Inc.
The data is in the 2022 Fortune Global 500 chart, released yesterday.
It also showed that China was the country with the largest number of companies in the Fortune Global 500, a position it has occupied for four years in a row.
Latest data shows 145 of the world’s top 500 firms were from China, and contributed 31 per cent of the total revenue. The United States came second with 124 and Japan with third with 47.
A little known Chinese firm called State Grid Corporation appeared in third place in the chart, well ahead of Apple in 7th place. State Grid supplies large-scale electricity supply products around the world. Its success in making it to the top three is particularly remarkable, given that western allies have been trying to halt its expansion in Europe, Australia, and around the world.
The company’s products have been banned by western nations on “security” grounds, although they are popularly used in Asia, Africa and Latin America without any problems.
Fortune’s list of Chinese firms includes those in Mainland China, Hong Kong, and Taiwan.
It’s been a great year for business, the magazine said. “Aggregate sales for the Fortune Global 500 hit US$37.8 trillion, an increase of 19 per cent – the highest annual growth rate in the list’s history,” an editorial said.
China’s results show its rising prowess in manufacturing and infrastructure, but overall profitability across the board still lagged behind US firms, the data showed.