According to the Flintstone Industry Data Center, the Fortune Global 500 list for 2024 was unveiled on August 5. Chinese companies continue to perform robustly, with a total of 133 companies making the list (see the list at the end of the article). The combined revenue of these companies in 2023 was approximately $11 trillion.

From a global perspective, the five major industries of finance, energy, automobiles and parts, high technology, and healthcare account for 60% of the total companies on the list and 65% of the total revenue. The financial industry leads all industries, generating $8.6 trillion in revenue. Looking at the industry distribution of Chinese companies, the following areas have shown remarkable performance:

01 The "Big Three" Energy Companies Lead Tongwei's Strong Rise in Photovoltaics

In 2024, a total of 24 Chinese energy companies made the Fortune Global 500 list, including 23 from mainland China. State Grid, Sinopec, and PetroChina made it into the top 10. State Grid ranks third with a revenue of $545.9475 billion, the highest ranking for a Chinese company on the list. Since 2010, these three companies have consistently ranked among the top 10 for 14 consecutive years.

In the renewable energy sector, Tongwei Group and CATL made the list. Tongwei Group, with its global leadership in high-purity polysilicon, solar cells, and high-efficiency modules, once again made the Fortune Global 500 list, making it the only Chinese company on the list focused primarily on photovoltaics this year.

In the traditional energy sector, Shaanxi Coal and Chemical Industry Group, Shaanxi Yanchang Petroleum (Group), China National Coal Group, CPC Corporation, Taiwan, and Shanxi Coking Coal Group made the list.

Fortune Global 500 - Chinese Energy Companies, 2024

Source: Flintstone Industry Data Center

02 The Automobile Industry Rises Strongly, Chery Makes the List for the First Time

Among the 15 sectors represented by the Chinese companies on the list, the "automobiles and parts" sector stands out. A total of 10 Chinese automobile and parts companies made the Fortune Global 500 list for 2024. Among these 10 companies, Chery made the list for the first time, ranking 385th with a revenue of $39.1 billion. The rankings of the other nine companies mostly improved year-on-year.

BYD's revenue increased from $63 billion last year to $85.1 billion, with its ranking improving by 69 places. Geely's revenue also improved by 40 places, from $60.4 billion to $70.4 billion. These companies are driving Chinese automobiles, especially new energy vehicles, towards the world.

Fortune Global 500 - Chinese Automobile and Parts Companies, 2024

Source: Flintstone Industry Data Center

03 Outstanding Financial Sector Profits, Three Banks in the Top 10 Profitable Companies

Among the Fortune Global 500 companies for 2024, the performance of Chinese financial institutions was also noteworthy, with a total of nine banking institutions and six insurance institutions making the list. The four major state-owned banks (ICBC, China Construction Bank, Agricultural Bank of China, and Bank of China) all ranked among the top 40 globally. In terms of profits, ICBC, China Construction Bank, and Agricultural Bank of China made it into the top 10 profitable companies, with ICBC's profit exceeding $51.4 billion. The four major banks also made the list of the 50 most profitable Fortune Global 500 companies for 2024.

It is noteworthy that China Life Insurance made the list of "Fortune Global 500 Losing Companies" for 2024, with a loss of $84.12 million. This reflects the challenges faced by some insurance companies in the current economic environment.

Overall, Chinese financial institutions have demonstrated strong strength and vast development potential. In the context of high-quality development, strong financial institutions will play a crucial role as "stabilizers" and "ballasts."

Fortune Global 500 - Chinese Financial Institutions, 2024

Source: Flintstone Industry Data Center

04 Enormous Growth Potential in the Digital Economy, JD.com Ranks First, Pinduoduo Makes the List for the First Time

In the digital economy sector, 18 Chinese companies made the list, including internet and communications electronics companies. In the internet sector, large companies generally improved their rankings. JD.com ranked 47th, entering the top 50 for the first time. Alibaba and Tencent ranked 70th and 141st, respectively. Meituan's ranking jumped 83 places to 384th, making it one of the Chinese companies with the most improved ranking. Pinduoduo made the list for the first time, ranking 442nd, demonstrating its rapid growth potential.

In the telecommunications industry, the three major telecom operators, China Mobile, China Telecom, and China Unicom, continued to make the list. China Mobile ranked 55th globally with a revenue of $142.832 billion, continuing to consolidate its leading position in the global telecommunications sector. Huawei ranked 103rd with a revenue of $99.47 billion, making it one of the leading players in the global telecommunications equipment market.

Fortune Global 500 - Chinese Digital Economy Companies, 2024

Source: Flintstone Industry Data Center

05 Rising Rankings in the Biopharmaceutical Industry

In the biopharmaceutical industry, over 20 biopharmaceutical companies made the list globally, including three Chinese companies: Sinopharm, Shanghai Pharmaceuticals, and Guangzhou Pharmaceuticals. All three companies improved their rankings compared to last year, with Shanghai Pharmaceuticals improving by 17 places.

Fortune Global 500 - Chinese Biopharmaceutical Companies, 2024

Source: Flintstone Industry Data Center

Appendix: List of 133 Chinese Companies on the Fortune Global 500 List, 2024