YEREVAN, JULY 23, ARMENPRESS. China has overtaken its trade war rival, the US, for the first time in a new list of the world’s largest companies by revenue. Since the Global 500 debut in 1990, the list has, until now, been dominated by American firms, RT reported.

As the world balance of power shifts, Chinese companies took 129 spots, including 10 Taiwanese companies, while the US came second with 121 American businesses included in the list released by Fortune on Monday.

Despite Chinese companies surpassing US firms by number, they are still behind in terms of total revenues, accounting for 25.6 percent of the Global 500 total, compared with 28.8 percent for the US. The total revenue for all companies named in the list amounts to $32.7 trillion, 9 percent more than a year before, and equal to more than one-third of the world’s GDP.