One hundred and twenty Chinese companies have made it onto the 2018 Fortune Global 500 list, including a number of the country’s big tech companies. The three countries with the most companies on the list are the US (126), China (120), and Japan (52). Companies are ranked by total revenues for their respective fiscal years.

According to Fortune, the 500 companies for 2018 together reached a record high $1.88 trillion profit, a 23% increase year-over-year. Their total revenue amounted to $30 trillion.

Chinese state-backed companies still show strong fiscal power, and private companies and tech giants are moving up the list fast.

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Runhua Zhao

Runhua Zhao is a technology reporter based in Beijing. Connect with her via email: runhuazhao@technode.com