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Eighteen Chinese firms made it into this year's Fortune Global 500
list, including two from Taiwan and one from Hong Kong, Daily Economy News
reported Thursday.
Wal-Mart of the United States topped the list for the fourth year in a
row, followed by BP (No. 2), Exxon Mobil (No. 3), Royal Dutch/Shell Group
(No. 4) and General Motors.
Sinopec led the Chinese firms in the list, with its ranking up to 31
from 54 of last year. China National Petroleum also witnessed a major
ranking boost, climbing to 46 from 73 in 2004.
The rise for these two oil firms is related to the oil prices jump in
the global market, according to Wang Xiaowei of the Shanghai University of
Finance and Economics.
The First Automobile Works Group (FAW), for the first time, squeeze
into the exclusive club, ranked 448.
It is no surprise that FAW has made it into the list, said Jia
Xinguang, an analyst with the China Auto Industry Advisory Company, adding
that the group produced more than 1 million vehicles last year.
Hutchison Whampoa Limited from Hong Kong, Hon Hai Precision Ind. Co.
Ltd and Chinese Petroleum Corp from Taiwan are also among Fortune global
500 list, ranked 347, 371, 402, respectively.
Although Chinese firms saw a ranking rise, their still lag far behind
the world's best ones.
"They have this legacy problem of corporate governance, but with China
taking a more active role in the international arena and also China
companies embarking on overseas expansion by acquisition, I think they can
through acquisition enhance their international profile and acquire
management expertise," Channel NewsAsia reported.
Position in the Fortune Global 500 is determined by total revenue in
the prior year.
(Agencies) | 
Updated: 2005-07-14 08:54
