Landmark showing for China in Fortune 500

By Richard Fu  |   2008-7-11  |     NEWSPAPER EDITION

FOR the first time China has 35 companies in the annual Fortune 500 global ranking by 2007 revenue, giving it the best showing ever, while India, Brazil and Russia also figured in the list which signaled ''the rising prominence of emerging markets.''

Sinopec, the world's third-largest oil refiner, led the Chinese charge, catapulting into No. 16 spot which is a notch higher than its previous ranking, after posting US$159.26 billion in revenue.

State Grid, at No. 24, overtook China National Petroleum as the No. 2 Chinese firm in the ranking. China Life Insurance, ranked 159th, was No. 1 among the 500 in terms of profit growth due to its investment return which benefited from a bull run in China's stock markets.

Among the 35 companies, four are from Hong Kong including Hutchison Whampoa and six are from Taiwan, led by Hon Hai Precision Industry.

Two Shanghai-based companies made it to the list again, with Baosteel Group at 259th place, up 48 spots, and Shanghai Automotive Industry Corp at No. 373, rising 29 notches. China had 30 companies on the 500 list in the previous ranking.

India has seven companies on the list.

The United States has 153 corporations on the list, the most by any nation, but the number is down from 162 a year ago as a weak economy and the credit crunch took a toll on consumer goods and financial companies. Bear Stearns, Nike, and the Gap are off the list.

"The list shows the fewest US businesses in more than a decade and confirms the rising prominence of emerging markets," Fortune reporter Jenny Mero said. She said a declining US dollar had become an advantage for non-US based companies.

Still, Wal-Mart Stores emerged at the top of the ranking with nearly US$378.8 billion in revenue as higher international sales and discounts boosted the world's largest retailer.

Wal-Mart was followed by a group of energy majors including Exxon Mobil, Royal Dutch Shell and BP.