If China’s growing economic clout was in question, all one would need to do is to take a quick glance at the recently released Fortune 500 list. Presently, 100 of the top 500 global companies are Chinese companies. The list also includes another 5 entries from neighboring Taiwan and 4 from Hong Kong. While the two other major players on the index – the United States and Japan – see their number of representatives steadily declining (to 128 and 57 respectively), more and more Chinese companies enter the select group each year.
Though the sheer number of Chinese companies on the list as well as their revenue statistics is quite impressive, there is still room for improvement. Comparatively, mainland Chinese companies average $3.22 billion in profit. This is not only below the average revenue of $3.91 billion for Fortune 500 members, but also approximately half of the $6.24 billion in profits that the average US company listed on the index generates.
However, China is certainly closing the gap by producing some fast growing companies. Accordingly, we can expect to see the profit margins of Chinese companies increase as they streamline operations and implement more efficient and innovative workflows. The main reasons why American companies remain highly competitive is their ability to innovate and manage, either internally or externally, their production as a result of strong and constant competition.
As Chinese firms shed the legacy of state monopolization and regulation they will continue to increase their presence and influence among the biggest global players. This process will undoubtedly result in a growing Chinese economic presence in North America and Europe as well as a growing number of joint ventures between Western and Eastern economic partners. EVS Translations eliminates barriers for companies wanting to do business with Chinese corporations or entering joint ventures with Chinese partner firms. Over the past 20 years, EVS Translations has provided professional Chinese interpreters and translators to clients from all industry sectors and helped them to achieve smooth communication from sales agreements to board room meetings and trade shows.
If you are interested in our services and rates for Chinese interpretation and Chinese translation services, contact our US and UK translation offices today:
Atlanta office: +1 404-523-5560 or send us an email: quoteusa(at)evs-translations.com.
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Want to learn more about doing business in China? Read our guide on Chinese culture and business etiquette: