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Fortune favors more Chinese companies

China Daily | Updated: 2021-08-04 07:53

People visit the State Grid Corporation of China booth during the 16th China International Industry Fair in Shanghai on Nov 4, 2014. [Photo/IC]

The number of Chinese companies on the Fortune 500 list released on Monday has increased to 135, that is, 11 more than last year. The country has the highest number of companies on the list for the second successive year.

Chinese companies account for 27 percent of the Fortune 500 list, which is a significant achievement at a time when major economies are in recession because of the COVID-19 pandemic.

The Fortune ranking means Chinese companies have gained in size and are recognized the world over, and China is a prosperous country with huge economic potential. The prosperity has much to do with China being the only major economy to largely contain the novel coronavirus pandemic within its borders and achieve positive growth last year.

The credit for China's achievements goes to the Communist Party of China's strong leadership, the hard work of the Chinese people, and the joint efforts of all levels of governments and enterprises.

Two aspects need improvement, though. Most of the Chinese companies on the Fortune 500 list are State-owned enterprises. So Chinese private enterprises should endeavor to be on the list. Also, Chinese enterprises need to increase their rate of profit, as it is much lower than that of US enterprises.

More importantly, Chinese enterprises that made it to the list need to achieve breakthroughs in innovation. In the software sector, Google's Android holds 81.5 percent of the market and Apple's iOS 18.4 percent. Even in China, Chinese software enterprises account for only about 10 percent of the domestic market. It is time Chinese companies strengthened research and development and mastered core technologies to expand their market.

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