China passes Japan on Global 500 list

China overtook Japan with 69 private companies on the Fortune Global 500 list this year, gaining by 15 over last year's list. The list puts Walmart Stores as the world's largest company, followed by three oil giants, Royal Dutch Shell, Exxon Mobil and British company BP. Toyota Motor Corp. is listed as fifth largest. The United States has the most companies on the list with 133, but China is represented three times in the Top 10 with Sinopec at No. 7, State Grid at No. 8 and China National Petroleum at No. 10. ShanghaiDaily.com reported Saturday Japan came in third with 68 companies on the list. The United States, however, has been losing ground. U.S. companies on the Fortune Global 500 peaked at 192 in 2002, a figure in decline each year since. No doubt, the behemoths take in some big bucks. Revenue for 61 Chinese companies from mainland China -- 61 of the 69 companies -- reached $2.89 trillion, 47.8 percent of the country's gross domestic product. Revenues for U.S. companies totaled $7.66 trillion, 52.3 percent of the GDP for the United States.