The Financial Times FT500 list of the world's most important companies, published on its website yesterday, sees that oil companies have become the largest in market value compared with the banking industry. The China National Petroleum Corporation (CNPC), with a market value of $424 billion USD, surpassed General Electric and ranked second. ExxonMobil remains first.
China's presence has become more visible with its 25 companies(previously 8) represented on the list; and most of those previously listed have ascended the ranks. The China Petrochemical Corporation (Sinopec) ascended to 37th from 53rd; and China Mobile climbed to 5th from 16th. While China Unicom elbowed its way into the FT500 list for the first time, and ranked 337.
Although banking businesses have been slipping in the ranks, Chinese banks have enhanced their representation. China Industrial and Commercial Bank (ICBC) moved from 9th to 6th; and became the highest ranking bank in the world. China Construction Bank (CBC) rose from 35th to 20th; and China Merchants Bank (CMB) climbed from 264th to 103rd. China Bank of Communications also moved from 166th to 105th. In addition, CITIC Bank, CITIC Securities, China Minsheng Bank and Shanghai Pudong Development Bank joined the Top 500 this year.
This year, the FT publishes its twelfth Global 500 list this year since 1996. The list is based on incorporated and stock market listing, along with market perception.
By People's Daily Online
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