The 2016 Fortune Global 500 list reveals that more than 100 of the world’s biggest companies are now headquartered in China. Only the United States has more companies on the list, which ranks companies on the size of their revenue.

While Walmart maintains its place at the top of the list, China power-giant, State Grid, jumps from seventh place last year to the number two spot this year. That China has three of the top five places represents a stunning success for the country.

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