R&D, innovation behind Fortune 500 success

For the first time in the 29-year history of the Fortune Global 500 list, Chinese companies (129) outnumber those from the United States (121). This is also the first time that a country other than the US has more companies on the list.

Among the 129 Chinese enterprises on the list, 119 are domestic in nature whose average revenue increased 9.2 percent year-on-year - higher than the average revenue growth of Fortune Global 500 companies. These enterprises' rates of profit and net asset profit were 5.3 percent and 9.9 percent, up 0.2 percentage points and 1.0 percentage point year-on-year.

The Chinese enterprises have also taken firm steps toward high-quality development. And although they have encountered some difficulties due to the Sino-US trade frictions and the technological containment measures taken by the US government and some US enterprises, their growth has continued unabated.