China Shows Its Strength in New Energy

Chinese companies have overtaken their United States counterparts in number on this year’s Fortune Global 500 list. The list was unveiled on August 2 and tracks the revenue of the world’s richest enterprises. A total of 142 Chinese companies, including those in Taiwan, made it to the annual list, marking the fifth consecutive year that the number of Chinese companies has topped the list. The U.S. and Japan followed with 136 and 41 enterprises, respectively.

Industry experts said the list shows China’s growing prowess in emerging sectors, such as new energy, on the global stage. China’s Contemporary Amperex Technology Co. Ltd. — the world’s largest electric vehicle battery maker — debuted on the list this year and ranked 292nd. Another Chinese company, new energy vehicle manufacturer BYD, jumped 12 spots compared with last year to rank 212th. In total, nine Chinese vehicle manufacturers have made it to the list, and most of them are gaining ground in the field of new energy vehicle (NEV) technology.

Wang Peng, a senior researcher at the Beijing Academy of Social Sciences, said this collective performance of Chinese companies demonstrates China’s increasing international influence in the new energy sector. “China has gained momentum in Nev-related technologies and products in recent years,” he said.

Many Chinese NEV companies have taken the lead globally in the new energy sector with their technological breakthroughs, according to Wang. He said that given the country’s huge market, “Chinese companies in the new energy sector are expected to have more presence on the global stage during the coming years.”