The Fortune Global 500 2024 list by US financial news service Fortune underscores the rapid rise of Chinese companies on the world stage. The list features 133 Chinese companies. The remarkable rise of Chinese internet and electric vehicle companies underscores their growing global competitiveness, driven by China’s relentless focus on scientific and technological innovation.

A shift towards high-tech and innovation

Chinese companies are not only participating in the global economy, they are increasingly taking leadership positions, especially in areas such as internet technology, electric vehicles, artificial intelligence (AI) and other high-tech industries. This trend is reflected in the significant progress made by companies such as BYD, Contemporary Amperex Technology Co. and Zhejiang Geely Holding Group, all of which saw significant improvements in their rankings.

BYD, which overtook Tesla to become the world’s largest electric vehicle maker earlier this year, rose 69 places to 143rd place. This jump reflects China’s strategic focus on electric vehicle technology and its commitment to taking a leading role in the global automotive industry.

Contemporary Amperex Technology Co., a leading manufacturer of electric vehicle batteries, rose 42 places to 250th, underscoring the importance of battery technology in the broader electric vehicle ecosystem and China’s expertise in this important area.

The Zhejiang Geely Holding Group also rose by 40 places, highlighting the growing influence of Chinese automobile companies worldwide.

The rise of these companies shows how successfully China is using technological innovation to compete on the world stage. Experts such as Liu Dingding, a technology industry analyst, point out that many of these Chinese electric vehicle companies are now considered true world leaders, a testament to the country’s progress in scientific and technological development.

Resilience of Chinese internet companies

Chinese internet giants have also made notable progress on the 2024 list, reflecting the resilience and dynamism of China’s digital economy. For example:

JD.com climbed five places to 47th place, thanks to an astonishing 121.2 percent increase in profits, highlighting the strength of China’s e-commerce sector.

Meituan rose 83 places to 384th, while PDD Holdings (the parent company of Pinduoduo) debuted at 442nd place with a profit increase of 80.9 percent. These gains underscore the continued expansion of online shopping and the robustness of China’s digital economy.

Tencent Holdings, a major player in the global technology scene, rose six places to 141st, further cementing China’s influence in the internet sector.

These achievements are not only the result of economic recovery, but also of China’s strategic focus on innovation, as demonstrated by recent policy initiatives. The fifth session of the Central Commission for Deepening Comprehensive Reform of the 20th Central Committee of the Communist Party of China emphasized promoting world-class enterprises by improving the modern enterprise system, building an internationalized scientific research environment, and enhancing science and technology safety mechanisms.

The broader impacts and global trends

The rise of Chinese high-tech, internet and electric vehicle companies on the Fortune Global 500 list reflects broader global trends:

Shift to sustainable technologies: The increasing importance of electric vehicle manufacturers such as BYD is a sign of the global shift to sustainable and environmentally friendly technologies. China’s leadership in this area sets the pace for future developments in the automotive industry.

Technological innovation and AI: The growth of Chinese companies in AI and other high-tech sectors underscores the critical role of innovation in maintaining global competitiveness. As these companies continue to make progress, they are likely to set new standards in technology and innovation.

Global shift in economic power: The performance of Chinese companies indicates a gradual shift in economic power from the West to Asia, especially in high-tech industries. This shift is likely to continue as China invests heavily in research and development and aims to be at the forefront of the next technological revolution.

Historical context: Development of the Fortune Global 500

The presence of Chinese companies in the Fortune Global 500 has developed significantly over the past two decades:

2000-2005: In the early 2000s, US and European companies dominated the list, with Chinese firms being comparatively rare. However, this began to change as China’s economy opened up and grew rapidly.

2010: By 2010, the number of Chinese companies on the list had increased significantly, reflecting the country’s rapid economic growth and the rise of state-owned enterprises (SOEs) as global players.

2015: In the mid-2010s, the number of Chinese companies continued to grow, and in addition to state-owned companies, more and more private companies were added to the list. The technology sector in particular gained importance.

2020: China overtook the United States in the number of companies on the list, marking a significant milestone in its economic development. The rise of technology giants such as Alibaba and Tencent reflected China’s growing influence in the global digital economy.

2024: The current list not only strengthens China’s dominance in traditional industries such as energy, but also underscores its leadership in forward-looking sectors such as electric vehicles, artificial intelligence and internet technology.

Optimistic vision

The 2024 Fortune Global 500 list vividly illustrates the growing global influence of Chinese companies, particularly in high-tech, internet and electric vehicle (EV) sectors. This rise is no accident, but the result of China’s deliberate and strategic emphasis on scientific and technological innovation. China’s vision of becoming a global leader in these cutting-edge industries is being realized through significant investment in research and development, creating an environment where innovation thrives.

Chinese companies are not just participating in the global economy – they are actively reshaping it. By rising in the Fortune Global 500 ranks, these companies are setting new standards for technological advancement and sustainability – areas that are increasingly critical to global economic leadership. China’s rise in these sectors is a clear sign of its forward-thinking policies and the government’s recognition that future global dominance depends on a country’s ability to lead in science and technology (sci-tech).

Recognizing the critical importance of science and technology to dominating global trade and the economy, China is investing heavily in this industry. The results are already visible, as China has become one of the world’s leading countries in publishing scientific papers and filing patents, leaving many traditional powers behind. This leadership in science and technology is not just about numbers; it is about putting China at the forefront of the next industrial revolution.

Innovation has become a key driver for Chinese entrepreneurs, supported by a strong national framework that encourages creativity, research and technological advancement. Chinese companies are taking advantage of this environment to make significant advances in forward-looking sectors such as artificial intelligence, biotechnology and green energy.

China’s commitment to innovation and science and technology is not just about maintaining a competitive advantage; it is about securing a future in which the country will lead in global trade, economic growth, and technological development. If these trends continue, China is well on its way to cementing its position as a dominant force in the global economy, with its companies serving as both pioneers and benchmarks in the rapidly evolving landscape of science and technology industries.