The number of U.S. companies listed is at its lowest since the magazine began its list in 1995
In its latest annual ranking of the world’s largest companies by revenue, Fortune Magazine this year listed 34 Chinese companies and 140 U.S. companies. While China set a new record, increasing its total from 25 last year, the U.S. set a new record of its own with 140 companies, the lowest number since Fortune started its list in 1995.
In its latest annual ranking of the world’s largest companies by revenue, Fortune Magazine this year listed 34 Chinese companies and 140 U.S. companies. While China set a new record, increasing its total from 25 last year, the U.S. set a new record of its own with 140 companies, the lowest number since Fortune started its list in 1995.
Now, American companies still handily dominate any other country by far but this year’s ranking continues a noteworthy trend: China is catching up on America in the world of business! And in case you were wondering, India and its 1.1 billion people are probably going to come knocking next.
Perhaps what is most alarming about the recent growth spurt of Chinese companies is the fact that western businesses that fare very well at home are far from dominating their respective industry sectors in China. Companies like Google, for example, which owns about 65 percent of the search market in the U.S., is dwarfed by Baidu in China, which owns 62 percent of the search market. Interestingly, while English remains the most-used language on the Internet with 427 million websurfers worldwide, Chinese (Mandarin) comes in second at 233 million.
Google is not the only western company that struggles in China. The likes of eBay, Amazon, AT&T and many others all lag behind their Chinese competitors. This is due to a number of reasons, including China's protectionist policies, which I shall discuss in my next blog entry.
Perhaps what is most alarming about the recent growth spurt of Chinese companies is the fact that western businesses that fare very well at home are far from dominating their respective industry sectors in China. Companies like Google, for example, which owns about 65 percent of the search market in the U.S., is dwarfed by Baidu in China, which owns 62 percent of the search market. Interestingly, while English remains the most-used language on the Internet with 427 million websurfers worldwide, Chinese (Mandarin) comes in second at 233 million.
Google is not the only western company that struggles in China. The likes of eBay, Amazon, AT&T and many others all lag behind their Chinese competitors. This is due to a number of reasons, including China's protectionist policies, which I shall discuss in my next blog entry.
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