China is topping the list of the world’s 500 enterprises measured by revenue for the second time after 143 companies made it to the Fortune Global 500 list.
China’s State Grid climbed to second place on the list this year.
On the other hand, technology giant Huawei went up from No. 49 to No. 44 despite the U.S. sanctions against the company.
Xiaomi Group, JD.com, Alibaba Group, and Tencent Holdings are among the seven internet-related companies on the list this year.
The other three are Amazon, Alphabet, and Facebook from the United States of America.
According to the list, Xiaomi saw the highest increase in the rankings among the seven giants, rising by 84 places.
China had 133 companies on the list last year, surpassing the United States for the first time.
There are 122 U.S. companies on the list this year, up by one last year, while Japan holds steady with 53.
Total revenue for the world’s largest companies dropped by 4.8 percent to $31.7 trillion in 2021.
This is the first decline in five years.
Cumulative sales in the energy and automotive sectors fell by over 10 percent, while all six airlines on last year’s list failed to cut this year due to the Covid 19 impact.