Chinese companies outnumbered their US counterparts on the latest Fortune Global 500 list for the first time since the rankings began in 1990, the magazine reported.

As the list featured 129 Chinese companies, a number exceeding the 121 firms from the US, China showed strong momentum in economic development in recent years.

China's largest State-owned oil and gas company Sinopec Group, with $414.65 billion in revenue for 2018, climbed one spot on Fortune's Global 500 list, reaching second place behind Walmart due to sharp gains in both revenue and profits last year.

With three Chinese companies from natural resources grabbing the top five spots in this year's Fortune Global 500, China was also the top performer in terms of newcomers and companies with the largest leaps in rankings.

Gree Electric Appliances Inc and Xiaomi Corp were newcomers to this year's list, and 9-year old Xiaomi was the youngest company among the Global 500. Alibaba Group Holding, whose revenue reached $56.15 billion, was the company with the fastest growth rate, jumping 118 spots to 182.

Let take a look at the top 10 Chinese companies on the Fortune Global 500 list.