As the world balance of power shifts, Chinese companies took 129 spots in the yearly list, including 10 Taiwanese companies, while the US came second with 121 American businesses included.
Watch: Fortune 500 rankings — It's China's world after all
US giant Walmart continues to top the Fortune 500 list followed by Chinese state-owned oil and gas company Sinopec Group, which moved one rank up. Dutch company Royal Dutch Shell was ranked third followed by China National Petroleum and State Grid.
Saudi oil giant Saudi Aramco appeared for the first time in top 10 at sixth position, while BP, Exxon Mobil, Volkswagen, and Toyota Motor are ranked 7th, 8th, 9th and 10th position respectively.
The Fortune Global 500, also known as Global 500, is an annual ranking of the top 500 corporations worldwide as measured by revenue and the list is compiled and published annually by Fortune magazine.
China corporates took 129 spots in the yearly list, including 10 Taiwanese companies, while the US came second with 121 American businesses included.