Business / Companies

More Chinese firms in Fortune 500

By Meng Jing ( Updated: 2016-07-20 20:09

Despite slowing economic growth in China, more Chinese companies have climbed onto the famed Fortune 500 list.

According to this year's list, released on Wednesday, the number of shortlisted Chinese companies rose to 110, from 106 last year.

As many as 13 Chinese companies have debuted on the list, including the Beijing-based e-commerce juggernaut and the country’s biggest maker of home appliances, Midea Group.

US retail giant Wal-Mart Stores Inc retained top spot, with its revenue dropping only slightly by 0.7 percent year-on-year.

Out of the top five companies, three are from China: State Grid, China National Petroleum and Sinopec Group.

Due to the global economic slowdown, the total profit made by all Fortune 500 companies was down 11.3 percent, year-on-year, at $1.48 trillion. The threshold included on the list was also lowered by 11.8 percent to $20.92 billion in revenue.

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