Chinese firms rise between hard and soft power

Chinese companies' remarkable ascent on the global stage tells the tale of impressive growth and transformation. Today, Alibaba, Huawei, Tencent and TikTok are household names across the world, and China's corporate giants have become major players in the global economy, redefining the dynamics of international trade, investment and innovation.

On the 1995 Fortune Magazine's Global 500 list, the United States was the undisputed leader, with 151 companies followed by Japan with 149. Three decades later, China has emerged as the primary contender to the US, with 128 companies on the 2024 list compared with the US' 139. China's big companies represent a diverse array of industries, including construction, oil, insurance, banking and technology.

Notably, several Chinese companies — the State Grid Corporation of China, Sinopec Group, China National Petroleum Corporation, China State Construction Engineering Corporation, Industrial and Commercial Bank of China, and the China Construction Bank — now rank among the top 30 on the Fortune Global 500 list.