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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

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Case growth outpacing testing in coronavirus hotspots

Data: The COVID Tracking Project. Note: Vermont and Hawaii were not included because they have fewer than 20 cases per day. Chart: Andrew Witherspoon/Axios

The United States' alarming rise in coronavirus cases isn't due to increased testing — particularly not where cases have grown fastest over the last month.

Why it matters: The U.S. doesn't yet know what it looks like when a pandemic rages on relatively unchecked after the health system has become overwhelmed. It may be about to find out.

The impending retail apocalypse

Illustration: Eniola Odetunde/Axios

Because of the coronavirus and people's buying habits moving online, retail stores are closing everywhere — often for good.

Why it matters: Malls are going belly up. Familiar names like J.C. Penney, Neiman Marcus and J. Crew have filed for bankruptcy. Increasingly, Americans' shopping choices will boil down to a handful of internet Everything Stores and survival-of-the-fittest national chains.

Biden campaign using Instagram to mobilize celebrity supporters

Collins appears on the Build live interview series in November 2019. Photo: Gary Gershoff/Getty Images

The Biden campaign is launching a new initiative today that will draft Hollywood celebrities for Instagram Live chats with campaign officials and other Biden supporters.

Why it matters: The campaign, called #TeamJoeTalks, is an attempt to open up a new front on social media, drawing on celebrities’ Instagram followers to help find and motivate voters while large parts of the country remain locked down.