China's growing share of the world's business revenue
Chinese companies are taking an increasingly larger share of the Fortune Global 500, an annual ranking of the world’s top 500 companies by revenue.
What's happening: In 2008, China had just 29 companies on the Global 500 and none in the top 10. This year, the list includes 119 Chinese companies that have a combined revenue of nearly $8 trillion, which represents almost a quarter of the revenue generated by all the companies on the list.
- China also has three of the top five Global 500 — state oil and gas companies Sinopec and China National Petroleum, and electric utility State Grid.
Yes, but: The U.S. remains on top, with more than 24.2% of the companies on the Global 500 and 28.7% of the total revenue generated by companies on the list. It's also home to the largest company on the list, Walmart.