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China's growing share of the world's business revenue

Adapted from ChinaPower using Fortune data; Note: Top 10 countries shown, Italy dropped out in 2017; Chart: Andrew Witherspoon/Axios

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.

Go deeper: China's manufacturing is pushing higher while the U.S.'s is sinking