Recently, the Fortune Magazine issued Fortune Global 500 list of year 2015. China becomes the second largest country in terms of the number of companies listed in the ranking with a total of 106 companies on it, just behind the U.S.

Sinopec ranks the second, surpassing the Shell Oil Company. While Industrial and Commercial Bank of China becomes the most profitable enterprise in the world, exceeding Apple Inc.

As China and the U.S. are the two major economies in the world, the listed financial companies are mainly of these two countries. Due to the upward trend of China’s economic development, most of the listed Chinese companies have moved up in the rankings of 2015 though the country’s economic growth has slowed down, according to He Dayong, Partner and Managing Director of Boston Consulting Group Greater China.

The number of the Chinese enterprises on top 500 has increased by 16, 5 and 6 in 2013, 2014 and 2015 respectively. China is expected to catch up with or surpass the U.S. in 2020 if it continues to maintain this momentum. The rankings reveal that Chinese enterprises have great dynamics in expansion. China has entered the era of big enterprises, said Li Jin, China Enterprise Reform and Development Society in an interview with China Economic Weekly.