This year marks the 45th anniversary of China's reform and opening up, of which the development and rise of Chinese enterprises is a microcosm. The number of Chinese companies on the Fortune Global 500 list has remained top for five consecutive years.

The Fortune Global 500 list was released for the first time in 1995, and four Chinese companies entered the list in 1996. When China joined the World Trade Organization (WTO) in 2001, 12 Chinese companies entered the list.

No other country or region has seen such a rapid increase in the number of companies on the list, according to Fortune. In 2019, the number of Chinese companies on the list exceeded that of the U.S. for the first time. In 2023, 142 Chinese companies appeared on the list.

Three Chinese companies were among the top 10 Global 500 companies this year. The combined revenue of Chinese companies on the Fortune Global 500 list this year is over $11.7 trillion, up 1.7 percent from last year.

Since reform and opening up, especially since joining the WTO, China's economy has experienced large-scale industrialization and urbanization. Metal products, building materials and other industries have risen rapidly, forming several industry-leading companies.

Of the 145 Chinese companies on the 2022 Global Fortune 500 list, 12.1 percent are from the metal products industry, and 11.8 percent are from the engineering and architecture sector. China leads the world in terms of output in over 40 percent of industrial product categories.

China exports technology to the world in many industries, such as high-speed railways, nuclear power plants, engineering machinery, consumer technology products, production materials, new energy vehicle power batteries, photovoltaic and online games.

Two dark horses emerged on the 2023 Global Fortune 500 list due to innovations and breakthroughs in new energy vehicle technology. China's BYD rose from 436th to an impressive 212th place. Meanwhile, CATL made a noteworthy entry, ranking 292nd.