Companies
110 of nation’s firms on Fortune Global 500 list
A record 110 Chinese companies have squeezed onto the latest Fortune Global 500 list, 13 of which made their debut, including manufacturing powerhouse China Railway Rolling Stock Corp, e-commerce juggernaut JD.com, home appliance maker Midea and property developer Wanda.
Experts said that it is not surprising for more Chinese companies to be listed, because of the country’s relentless efforts to upgrade manufacturing, boost innovation and drive consumption.
“We will see the continued rise of Chinese companies to capture that tremendous growth of the local economy,” said Adam Xu, partner of Strategy&, which is PricewaterhouseCoopers’ strategy consulting business.
As more technology and commerce companies leverage and benefit from China’s tremendous market potential in e-commerce, entertainment and real estate segments, they will make the Fortune Global 500 list, Xu added.
Three of the top five companies on the list are from China. State Grid rose to second place from seventh last year, surpassing the State-owned energy giants China National Petroleum Corp and Sinopec Group.
State Grid, generating $329.6 billion in sales last year, attributed its performance to successful investment strategies and research and development input.
Among the 13 debut Fortune Global 500 companies from China, JD.com ranks at 366, with revenue reaching $28.85 billion last year.
“It is not a surprise, given how quickly China e-commerce has been growing and how advanced China is for digital and mobile commerce,” Xu said.
JD.com positions itself as a self-managing e-commerce giant. Alibaba acts more like a service provider to numerous online shops, which is why Alibaba’s revenue is not as huge as JD.com’s.
China Railway Rolling Stock Corp, which ranks 266, has grown into a leading global supplier of bullet trains and subway cars.
It is widely expected that China will become the largest e-commerce and consumption market and will nurture a new…
China
Government subsidies don’t boost Chinese firms’ productivity
China’s industrial subsidies have caused considerable controversy both internationally and domestically. Trading partners have accused China of unfairly favouring its indigenous firms with subsidies, leaving foreign companies at a disadvantage in the race to lead the technologies of the future.
Governments around the world regularly spend an enormous amount of money subsidising businesses. But few spend like China. A 2022 report suggests that China spends 1.7–5 per cent of its GDP on industrial policies, more than most countries.
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