Apparently the economy in China is still booming. The country’s economic prosperity has helped Chinese firms further invade the 2015 Financial Times’ FT Global 500 list, which was published in mid-June. A total of 20 Chinese firms that were not previously on the list joined the party, while not a single Chinese company dropped off the list in 2015.
The FT Global 500 list is an annual ranking of the world’s largest companies. The companies are ranked by market capitalization, which is basically the stock market value of a company. With a market cap of about $725 billion, Apple still holds the top spot as the world’s most valuable company.
Chinese Companies Surge
Two Chinese companies cracked the top 10 of the 2015 list, which is crowded with giant, well-known corporations like Exxon Mobil, Google, and Microsoft. PetroChina shot up to sixth place from 16th, while Industrial and Commercial Bank of China improved from 21st place to ninth on the 2015 list.
Overall Growth in China
Chinese financial services companies, especially securities firms, have seen their market value skyrocket. The rise of the Chinese companies reflects an overall increase in the market value of Chinese firms’ shares over the past several years. The Shanghai Composite index increased by about 85% compared to its 2014 levels.
Pharmaceuticals became the second-most-valuable global sector during the past year. The industry’s market value went up more than 16% in 2015 compared to 2014. Other top-performing companies on the Financial Times list include healthcare equipment makers, technology hardware manufacturers, and retail companies. Surprisingly, oil and gas producers, oil and gas equipment makers, and mining companies were among the worst performing on the 2015 list. Banking companies remained strong, with overall market value rising by about 5% in 2015 compared to the previous annual period.
Michael McLellan covers the business of restaurants, marketing, media, technology, and more for D&B and Hoover’s. He is a graduate of the University of Texas at Austin’s Radio-Television-Film program. Follow him on Twitter.