Firms moving up Fortune's ladder
Chinese companies have significantly improved their rankings in the Fortune 500 list of the world's biggest companies for 2013, a new report said.
According to the latest ranking released by the magazine, about 100 Chinese companies are part of the list that is still dominated by United States companies. The report indicated that though Chinese companies are fast scaling up their presence, they still lag their US counterparts in key performance indicators like profit and revenue.
Oil giant China Petrochemical Corp, China's largest company by sales revenue, was ranked third in the Fortune 500 list, ahead of Exxon Mobil Corp, with annual income of $457 billion in 2013. It was also the first time that a Chinese company was in the top three rankings.
