Thirty-three Chinese companies have made it to the top 100 "global challengers" this year, reflecting the dynamic growth and international aspirations of China's corporations, according to a report released by the Boston Consulting Group (BCG) on Thursday.
The group identified 100 global challengers from 16 rapidly developing economies that are now playing prominent roles in global markets and also reshaping global industries.
Those 100 companies could collectively generate $8 trillion in revenues by 2020, an amount roughly equivalent to the collective revenues of the S&P 500 companies at present, said the report.
During the last decade, revenues of the global challengers rose by 18 percent annually, triple the average annual growth rate achieved by global peers, who are multinational companies that are headquartered in developed economies.
In 2009, 100 global challengers generated $1.3 trillion in revenues.
"The global challengers are entering the new decade from a position of strength. So far-sighted multinationals should view them as potential customers and partners and find ways to work with them for mutual benefit," said David Michael, Beijing-based senior partner and managing director of BCG, and one of the primary authors of the report.
He also pointed out that the need to fuel growth in rapidly developing economies has set global challengers on an acquisition trail.
From January 2006 through August 2010, challengers in the resources and commodities industry announced 154 cross-border mergers and acquisitions, said the report.
Among the 33 Chinese companies in the list, there are nine new entrants, including Zhejiang Geely Holding Group and China State Construction Engineering Corporation.
Geely, the country's No 10 automaker, which sealed a deal in March 2010 to buy the ailing Swedish luxury car brand Volvo from US giant Ford for $1.8 billion, joined rivals such as BYD Group and Chery Automobile in the rankings.
The deal is the biggest overseas automotive industry purchase by a Chinese company.
The report said the emergence of Chinese contractors is a major trend that will shape commerce around the world.
"The average annual value of overseas contracts for Chinese construction companies has expanded at a rate of 29 percent over the past decade," said Michael.
"These Chinese players are climbing the global rankings and capturing both market share and top positions," he said.
China State Construction Engineering Corporation, a leading construction company in China, ranked sixth in the 2010 Top 225 Global Contractor list published by Engineering News-Record, a worldwide construction industry magazine.
The corporation has undertaken more than 5,000 projects in 100 countries and has a significant presence in North Africa, United Arab Emirates, India and the United States.
The company said on Thursday it expected net profit to have grown about 50 percent in 2010 and revenue to have grown more than 30 percent.
In 2009, the company registered a net profit of 5.73 billion yuan ($869.88 million) and 260.4 billion yuan in revenue, according to the company's annual financial report.
