Is China about to take over global business?

Ivana Kottasova, CNN
Updated 6:53 AM EDT, Tue September 16, 2014
Walmart has been crowned the world's largest company by the Fortune Global 500 list. The retailer employs 2.2 million people and had $476.3 billion in revenues for 2013.
World's biggest companies —
Walmart has been crowned the world's largest company by the Fortune Global 500 list. The retailer employs 2.2 million people and had $476.3 billion in revenues for 2013.
FREDERIC J. BROWN/AFP/Getty Images
After two years at the top, Royal Dutch Shell was pushed into second place. Its revenues fell to $459.6 billion in 2013.
World's biggest companies —
After two years at the top, Royal Dutch Shell was pushed into second place. Its revenues fell to $459.6 billion in 2013.
Cate Gillon/Getty Image
China's oil and gas producer Sinopec enjoyed steady growth in 2013, taking third place in the list.
World's biggest companies —
China's oil and gas producer Sinopec enjoyed steady growth in 2013, taking third place in the list.
TEH ENG KOON/AFP/Getty Images
State-owned China National Petroleum Corporation (CNPC) finished fourth.
World's biggest companies —
State-owned China National Petroleum Corporation (CNPC) finished fourth.
China Photos/Getty Image
Exxon is the only other U.S. company besides Walmart to make it into the top 10.
World's biggest companies —
Exxon is the only other U.S. company besides Walmart to make it into the top 10.
David McNew/Getty Images
BP saw a rebound in its profits to $23.8 billion dollars from $11.2 billion the previous year, Fortune noted, pushing it up the ranks.
World's biggest companies —
BP saw a rebound in its profits to $23.8 billion dollars from $11.2 billion the previous year, Fortune noted, pushing it up the ranks.
AFP/Getty Images
China's largest state-owned energy company, China State Grid, came seventh in the list.
World's biggest companies —
China's largest state-owned energy company, China State Grid, came seventh in the list.
Ed Jones/AFP/GettyImages
Volkswagen is the biggest automaker in the world and the eight largest corporation overall, according to Fortune.
World's biggest companies —
Volkswagen is the biggest automaker in the world and the eight largest corporation overall, according to Fortune.
Sean Gallup/Getty Image
Trailing closely behind is another car manufacturer -- Japan's Toyota Motor Corporation.
World's biggest companies —
Trailing closely behind is another car manufacturer -- Japan's Toyota Motor Corporation.
courtesy Toyota
Swiss commodities giant Glencore acquired Anglo-Swiss mining company Xstrata in 2013, and is now ranked the world's tenth largest corporation.
World's biggest companies —
Swiss commodities giant Glencore acquired Anglo-Swiss mining company Xstrata in 2013, and is now ranked the world's tenth largest corporation.
FABRICE COFFRINI/AFP/Getty Images
World's biggest companies

Virtual Think Tank is a digital series focusing on the emerging markets, covering their startups, the power of the middle classes on their economies and the macro environment.

Story highlights

The Fortune magazine's Global 500 list ranks world's largest companies based on revenue

Seven Chinese companies are newly included in the list, bringing the total of Chinese corporations to 95

Four American companies dropped off the list this year, but the U.S. still leads with