China has 324 companies listed in the Forbes Global 2000 ranking, including Hong Kong. This marks a decrease from the previous year’s 351 companies, with falling stock prices and a real estate glut contributing to the decline. The United States still leads the list with 621 companies, while China holds the second-largest number of spots.
State-controlled banks in China continue to dominate the top spots on the list, with the Industrial and Commercial Bank of China coming in at No. 4. Other Chinese companies in the top 10 include China Construction Bank and the Agricultural Bank of China. Chinese automakers, particularly in the electric vehicle supply chain, also saw strong performances on the list this year.
Despite a tech crackdown by the Chinese government and a challenging advertising market, China’s Internet giants experienced mixed results on the Global 2000 list. Tencent fell in rankings, while Alibaba and JD.com saw improvements. Mainland real estate companies faced challenges due to excess supply, weak demand, and high debt, with some dropping off the list entirely.
Among the new Chinese companies on the 2024 list are Seres Group, a mini-truck maker, and Tianshan Material, a building materials supplier. Notably absent from the list are companies like Huawei and ByteDance, which are not publicly traded and therefore do not qualify for inclusion. Overall, Chinese companies in various industries continue to make their mark on the global stage, despite facing challenges in the market.
The Global 2000 list assigns equal weight to sales, assets, profit, and market value of publicly traded companies, using financial data up to May 17. This year’s ranking reflects the performance and standings of companies in the global market, with Chinese companies making significant contributions across sectors. The fluctuations in rankings and the presence of new companies highlight the dynamic nature of the global economy.
