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China has most companies on Fortune Global 500 for first time

China has the highest number of big companies that made it to this year's Fortune Global 500 list, surpassing the United States for the first time.
The country saw 13 new firms listed on the Global 500 list this year, bringing the total to 129, higher than 121 from the United States, according to the Fortune China website.
Three Chinese firms -- Sinopec Group, China National Petroleum and State Grid -- made it into the top 10.
Tech firm Xiaomi, established nine years ago and a newcomer to the Global 500 club, was the youngest among this year's Fortune Global 500 companies, coming in 468th on the list.
Six of the top 10 firms posting the fastest ranking growth came from China, including Alibaba and Tencent.
The website attributed the growth of Chinese firms to the country's expanding domestic market, strategic reorganizations as well as the country's macroeconomic conditions.

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