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November 21, 2024
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US Tops China in Fortune 500 List for First Time Since 2018

China’s Kaisa Group Liquidation Hearing Postponed by Court

A total of 139 American companies made the 2024 Fortune Global 500 list, topping China’s 133 companies in a first since 2018.

U.S.-based Walmart and Amazon topped the list, with China’s State Grid in third, followed by the Arabian Saudi Aramco, then Chinese oil companies Sinopec Group and China National Petroleum. American companies rounded out the top 10 with Apple in seventh, followed by UnitedHealth Group, Berkshire Hathaway, and CVS Health.

The list was published just after the Chinese Communist Party (CCP) announced sweeping efforts to control its economy, which analysts predict will only have a limited effect.

China’s economy suffered a massive hit stemming from the regime’s prolonged strict COVID-19 lockdowns. The economy shows few signs of recovery.

As prominent hedge fund manager Kyle Bass noted, China’s “miracle” economy of days past relied primarily on real estate to drive growth, so the property sector crash means the “basic architecture of the Chinese economy is broken.”

The face of that sector is Chinese developer Evergrande, which, at $340 billion in debt is the world’s most indebted company. It was recently ordered to liquidate, with creditors only able to expect the recovery of a fraction of their assets.

At the CCP’s Third Plenum held in mid-July, officials focused on “comprehensive reforms” to bolster the economy with through science industries and “socialist modernization,” skirting the massive crater the real estate industry has left in China’s economic outlook.
China analyst Wang He previously told The Epoch Times that the regime’s plans to “centralize” the science and tech industries has its flaws. These industries have weak foundations, he said, as the regime has for years fueled these industries through acquiring technology from the West, often through theft, and fraud is rampant in the industry.

He is one of many analysts warning that scientific advances will not offset the damage the Chinese economy has suffered overall.

“The entire Chinese economy is developing abnormally, with domestic overcapacity and low-price dumping abroad, leading to more and more trade wars and tariff wars with other countries around the world,” he said.

The CCP’s economic revitalization efforts also includes more than $40 billion in ultra-long term treasury bonds to local governments to upgrade equipment and invest in consumer goods projects to be allocated before the end of the month.

Hsieh Chin-ho, chairman of Taiwan’s Wealth Magazine, told The Epoch Times the subsidies are unlikely to have a great effect given the weak domestic demand and lagging foreign investment.

“Everyone is leaving China,” he said.

“Local governments used to sell land as their financial resources,” he said. “Now that the financial resources are cut off, you don’t know whether the 300 billion yuan [$41 billion] will be swallowed up by them after it is distributed.”

Alex Wu, Ning Haizhong, and Luo Ya contributed to this report.

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