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ATAHK reads from People's Daily Online that Sinopec Group is the first Chinese company to enter the top three of the Fortune Global 500list, which also hosts a record 100 Chinese companies. For details, please refer to the following news from People's Daily Online on July 10th:
Among the 100 Chinese companies, 91 are based on China’s mainland, five in Taiwan, and four in Hong Kong, according to the Fortune Global 500, an annual list ranking the world's largest corporations in terms of revenue.
The combined sales of all the 500 largest companies reached US$ 31 trillion last year, up 2.5percent from 2012, while their combined profit surged 27 percent to US$ 1.96 trillion.
Beijing-based Sinopec Group, with 2013 revenues at US$ 457.2 billion, moved up one place to replace Exxon Mobil as the world’s third largest company. Sinopec was followed by beijing-based China National Petroleum, which also overtook Exxon Mobil, with 2013revenues of US$ 432 billion.
Wal-Mart, the retail giant, took the top spot as its sales approached half-a-trillion dollars.Royal Dutch Shell fell out of the top spot, where it had reigned for two years, after its sales dropped 4.6 percent.
China cemented its place as the world’s second largest home for powerhouse companies as the number of Chinese entities rose by five from last year. The number of US companies fell to 128 from 132.
“The number of Chinese companies in the Global 500 list has steadily climbed, and the companies’ average income and assets are edging closer to the 500,” Fortune China said on its website. “But their corporate profit and profit per capita — key indicators of competitiveness — still lag behind.”
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