China surpasses the U.S. to have the most Fortune 500 enterprises

China now has more companies listed in the Fortune Global 500 than the United States for the first time, reports The Paper.

[File photo: VCG]

China has 129 enterprises on the latest Forbes list. Half of the 26 newly-listed enterprises come from China, continuing the trend towards more and more domestic firms making it onto the list. China is also home to six out of the 10 enterprises climbing the fastest on the list.

The report noted that most of the Chinese enterprises listed are from the industries of financing and real estate, while American-listed enterprises cover a wider range of fields.

In the competition for frontier technologies, China has enterprise like Alibaba, Tencent, Haier, and the China Aerospace Science and Technology Corporation, which are listed on the Fortune Global 500. The listing of these companies showcases the increasing amount of investment in these fields in China, the report by The Paper added.

Despite facing the challenge of the trading bans introduced against the company by the United States, the Chinese tech giant Huawei rose in the ranks from 72nd place last year to reach 61th place in this year's list. And Gree Electrical Appliances and one of its domestic rivals, Xiaomi, made the list for the first time.

On the Chinese mainland, Beijing is still home to the headquarters of the largest number of Fortune Global 500 enterprises, followed by Shanghai and Shenzhen.