The scene of Guangzhou.
Six Guangzhou companies secured spots on the 2024 Fortune Global 500 list, which was unveiled yesterday. The list ranks the world's largest corporations based on their revenue for the 2023 fiscal year.
The six companies are China Southern Power Grid (78th), Guangzhou Automobile Industry Group (181st), Guangzhou Municipal Construction Group (361st), Guangzhou Industrial Investment Holdings (394th), Guangdong Guangxin Holdings (414th), Guangzhou Pharmaceutical Holdings (417th).
A total of 22 companies in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) made the list this year. Apart from the six Guangzhou firms, ten are based in Shenzhen, five in Hong Kong, one in Dongguan, and one in Foshan.
China Ping An ranked first among GBA companies. Guangzhou's automotive manufacturer GAC and Foshan's home appliance leader Midea rank 181st and 277th, respectively.
133 Chinese companies made the list. State-owned power company State Grid, at No 3, was the highest-ranked Chinese company on the 2024 Fortune Global 500 list, followed by Sinopec Group, at No 5, and China National Petroleum, according to the list.
The combined revenue of all companies on the 2024 Fortune Global 500 list was approximately $41 trillion (for 2023), which is equivalent to about one-third of the world's GDP and a slight increase of about 0.1 percent from the previous year. Among the top 10 companies in terms of profits, three are from China. They are the Industrial and Commercial Bank of China, the China Construction Bank, and the Agricultural Bank of China.
The rise of Chinese internet and EV firms highlighted their growing global competitiveness, as China is continuously working to bolster scientific and technological innovation and nurture more world-class companies, experts said.
Notably, several private Chinese businesses in the internet and EV sectors saw significant rises in their rankings. BYD, which overtook US-based Tesla to became the world's biggest EV maker earlier this year, rose 69 places to rank at 143. The ranking of Contemporary Amperex Technology Co, a leading Chinese EV battery manufacturer, jumped 42 places to No 250. The ranking of Zhejiang Geely Holding Group rose 40 places.
Several Chinese internet companies also saw rises in their rankings. E-commerce giant JD.com rose five places to rank at No 47, with a 121.2 percent increase in its profits. Meituan's ranking jumped 83 places to No 384, while PDD Holdings, parent company of online shopping site Pinduoduo, made the list for the first time, at No 442, with an 80.9 percent rise in its profit. Tencent Holdings also saw its ranking rise six places to No 141.
The relatively strong performance by Chinese internet companies showed the resilience of China's online shopping sector amid the economic recovery, experts said, also pointing to China's focus on bolstering innovation and improving the business environment to promote high-quality development.