18 Chinese firms into Fortune Global 500

Eighteen Chinese firms made it into this year's Fortune Global 500 list, including two from Taiwan and one from Hong Kong, Daily Economy News reported Thursday.

Wal-Mart of the United States topped the list for the fourth year in a row, followed by BP (No. 2), Exxon Mobil (No. 3), Royal Dutch/Shell Group (No. 4) and General Motors.

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Sinopec led the Chinese firms in the list, with its ranking up to 31 from 54 of last year. China National Petroleum also witnessed a major ranking boost, climbing to 46 from 73 in 2004.

The rise for these two oil firms is related to the oil prices jump in the global market, according to Wang Xiaowei of the Shanghai University of Finance and Economics.

The First Automobile Works Group (FAW), for the first time, squeeze into the exclusive club, ranked 448.

It is no surprise that FAW has made it into the list, said Jia Xinguang, an analyst with the China Auto Industry Advisory Company, adding that the group produced more than 1 million vehicles last year.

Although Chinese firms saw a ranking rise, their still lag far behind the world's best ones.

"They have this legacy problem of corporate governance, but with China taking a more active role in the international arena and also China companies embarking on overseas expansion by acquisition, I think they can through acquisition enhance their international profile and acquire management expertise," Channel NewsAsia reported. 

Position in the Fortune Global 500 is determined by total revenue in the prior year.