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US overtakes China on Fortune 500 list

Oct 10, 2024, 6:24pm EDT
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The US’ lead over China on the Fortune 500 podium this year reflects the revenue challenges facing Beijing’s state-owned companies, according to a new analysis. The US reclaimed the top spot, with 139 firms on the corporate heavyweights list compared to China’s 128. Beijing had led the ranking for several years, and last year the rivals were essentially tied.

Performance metrics for China’s largest companies show why the country’s position has dropped: Since the pandemic, they have seen diminishing profit margins and poor returns on assets, according to the CSIS study. Analysts also found that private firms, including electric vehicle and battery companies like BYD and CATL, are more efficient and profitable than state-owned enterprises.

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