Two U.S.-based retailers, Walmart and Amazon, have emerged as the top companies in the world. China’s State Grid electric utility secured the third position, followed by Saudi Aramco, the Saudi oil company. Chinese oil firms Sinopec Group and China National Petroleum also made it to the top rankings. The list is completed by American companies Apple in seventh place, UnitedHealth Group, Berkshire Hathaway, and CVS Health.
China’s economy has been severely impacted by prolonged strict COVID-19 lockdowns imposed by its regime. However, signs of recovery remain scarce.
The most indebted company globally is Chinese developer Evergrande with a debt of $340 billion. Recently ordered to liquidate, creditors can only expect a fraction of their assets to be recovered.
Many analysts warn that despite scientific advancements, they won’t be enough to offset the overall damage suffered by China’s economy.
“The entire Chinese economy is experiencing abnormal development characterized by domestic overcapacity and low-price dumping abroad. This has resulted in an increasing number of trade wars and tariff disputes with other countries worldwide,” said Wang.
The CCP’s efforts for economic revitalization include allocating over $40 billion in ultra-long-term treasury bonds to local governments for equipment upgrades and consumer goods projects before month-end.
“Everyone is leaving China,” he added.
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“Local governments used to rely on selling land for financial resources. Now that these resources have been cut off, there are concerns about whether the distributed 300 billion yuan [$41 billion] will end up being swallowed up.”