This is how Fortune magazine introduced its latest Fortune Global 500, the largest companies in the world by revenue:
“As the Chinese Century nears its third decade, Fortune’s Global 500 shows how profoundly the world’s balance of power is shifting. American companies account for 121 of the world’s largest corporations by revenue. Chinese companies account for 129 (including 10 Taiwanese companies). For the first time since the debut of the Global 500 in 1990, and arguably for the first time since World War II, a nation other than the U.S. is at the top of the ranks of global big business….It’s true that Chinese companies’ revenues account for only 25.6% of the Global 500 total, well behind America’s 28.8%. But that’s to be expected. China is the rising power, economically smaller but growing much faster.”
Yes, there are more Chinese companies than U.S. firms in the 2019 Fortune Global 500. Also notice that Fortune has called it the “Chinese Century”. As I always write, it is all China from here:”China now accounts for a whooping 42% of global commerce – more than France, Japan, the U.K. and the U.S. combined.”
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