According to a report from 21st Century Business Herald on July 28, the Fortune Global 500 ranking was released on July 28.
It was reported that "this year, a total of 122 Chinese companies made the list. State Grid ranked 3rd, maintaining its position as the top Chinese company. China National Petroleum Corporation ranked 10th."
"Among the 122 Chinese companies on the list, 42 have their headquarters located in Beijing. Beijing is also the city with the highest number of headquarters of Fortune Global 500 companies."
The report stated, "This year, 10 Chinese automotive and auto parts enterprises entered the 2026 Fortune Global 500. Among them, BYD ranks the highest at 91st—unchanged from last year. CATL’s ranking improved dramatically by 43 places compared to last year, placing it at 260th."
This 2026 Fortune Global 500 list is not only a 'scorecard' of corporate revenue, but also a 'barometer' of China's macroeconomic structural transformation and industrial upgrading. Several key insights can be drawn as follows——
* A total of 10 Chinese automotive and component companies made the list this year, with BYD firmly within the top 100 and CATL surging 43 spots in ranking—this is the most striking signal. It indicates that the engine driving China’s economic growth is undergoing a substantive shift: traditional drivers such as real estate and infrastructure construction are being replaced by new quality productivity represented by new energy vehicles, high-end manufacturing, and green energy. CATL’s sharp rise directly reflects the strong global demand for China’s core components in the new energy supply chain, proving China’s dominant position in this field worldwide.
* State Grid ranked 3rd globally, and China National Petroleum Corporation ranked 10th, continuing to lead Chinese enterprises. This shows that in sectors critical to national economic lifelines, infrastructure, and energy security, China’s central state-owned enterprises still possess world-class scale effects and resilience against risks. In an increasingly complex and volatile international geopolitical environment, the stable performance of these giants provides strong foundational support for China’s economy, acting as a 'ballast stone'.
* Among the 122 Chinese companies featured in the list, 42 have their headquarters in Beijing, making it the city with the most Fortune Global 500 headquarters worldwide. This phenomenon stems partly from historical reasons (many central SOEs were originally headquartered in Beijing), but more importantly highlights Beijing’s core status as the national political center, innovation hub, and financial management center. This high concentration of resources gives Beijing unparalleled advantages in attracting top talent, securing policy support, and accessing international capital, further solidifying its 'pinnacle' position in China’s economic landscape.
Although China has a large number of companies on the list, we should remain clear-minded when interpreting the data.
Analysis suggests that the Fortune Global 500 primarily uses 'revenue' as its sole ranking criterion. Compared to top multinational giants in Europe, America, Japan, and South Korea, many Chinese companies on the list—especially those in traditional energy and heavy industry—often suffer from the issue of being 'large but not strong, large but not profitable,' with relatively low profit margins. The future challenge lies in shifting from mere 'scale expansion' to 'high-quality profitability,' enabling technology-driven manufacturers like BYD and CATL to not only grow revenue but also capture higher brand premiums and profit margins globally.
This ranking clearly outlines China’s current dual-track economic trajectory: on one hand, traditional giants represented by the 'two oil majors' and State Grid continue to play a stabilizing role; on the other hand, new energy industry players led by BYD and CATL are rising powerfully, becoming a fresh force driving China’s economy. Beijing’s status as a super-headquarters city is further entrenched. Going forward, the core challenge for Chinese enterprises will be how to enhance their profitability and technological barriers in the global value chain while maintaining their scale advantages.
(Appendix: Doudou-related data: Fortune Global 500 | Top 3 Countries by Number of Listed Companies (Latest 2026 List, Released July 28)
1. United States: 141 companies (Rank 1)
2. China: 122 companies (including Mainland China, Hong Kong, and Taiwan regions, Rank 2)
3. Japan: 40 companies (Rank 3)
The combined share of the U.S., China, and Japan accounts for 61% of all 500 companies, over 67% of total revenue, and 69% of total profits.)
Original source: toutiao.com/article/1871999354826762/
Disclaimer: The views expressed in this article are solely those of the author.