Workers complete assembling an electric vehicle (EV) at China's EV start-up Leapmotor in Jinhua, East China's Zhejiang Province on April 1, 2024. The smart EV factory delivered 14,567 new vehicles in March, a yearly increase of 136 percent. Photo: VCG

US financial news outlet Fortune on Monday released the 2024 Fortune Global 500 list of the world's largest corporations, with 133 Chinese companies having made the list led by significant rises in the ranking of Chinese internet and electric vehicle (EV) companies.
 
The rise of Chinese internet and EV firms highlighted their growing global competitiveness, as China is continuously working to bolster scientific and technological innovation and nurture more world-class companies, experts said. 

State-owned power company State Grid, at No.3, was the highest-ranked Chinese company on the 2024 Fortune Global 500 list, followed by Sinopec Group, at No.5, and China National Petroleum, according to the list.

Notably, several private Chinese businesses in the internet and EV sectors saw significant rises in their rankings. BYD, which overtook US-based Tesla to became the world's biggest EV maker earlier this year, rose 69 places to rank at 143. The ranking of Contemporary Amperex Technology Co, a leading Chinese EV battery manufacturer, jumped 42 places to No.250. The ranking of Zhejiang Geely Holding Group rose 40 places.

The rise in the rankings of Chinese EV companies fully reflects their growing global competitiveness, thanks to their breakthroughs in technological innovation over the years, according to Liu Dingding, a tech industry analyst. "Many of these Chinese EV companies are real global leaders, which is very impressive," Liu told the Global Times on Monday.

Also highlighting the Chinese EV industry's growing global competitiveness is the intensifying campaign by some Western countries and regions, including the US and the EU, to crack down on Chinese EVs through protectionist tools, experts noted.

Another Chinese company that has faced relentless crackdowns by the US and some other Western countries, but that performed relatively well on the list, is telecoms giant Huawei. The company's ranking rose eight places to No.103, with a 132.4 percent increase in its profits. 

Several Chinese internet companies also saw rises in their rankings. E-commerce giant JD.com rose five places to rank at No.47, with a 121.2 percent increase in its profits. Meituan's ranking jumped 83 places to No.384, while PDD Holdings, parent company of online shopping site Pinduoduo, made the list for the first time, at No.442, with an 80.9 percent rise in its profit. Tencent Holdings also saw its ranking rise six places to No.141.   

The relatively strong performance by Chinese internet companies showed the resilience of China's online shopping sector amid the economic recovery, experts said, also pointing to China's focus on bolstering innovation and improving the business environment to promote high-quality development. 

The fifth meeting of the central commission for deepening overall reform of the 20th Communist Party of China Central Committee in June said that China aims to nurture more world-class companies by improving the modern corporate system, building an internationalized scientific research environment, and improving sci-tech security mechanisms and mechanisms guarding against risks.

"The Fortune Global 500 list shows that Chinese companies are increasingly recognized worldwide, as their rankings rise, thanks to their independent innovation and breakthroughs in core technologies," Liu said.