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PetroChina takes top spot on FT 500 list

PetroChina has overtaken Exxon Mobil to rank first in the latest Financial Times annual list of the world's 500 most valuable listed companies, with a market capitalization of US$329.3 billion. It's the first time for a Chinese company to secure the top spot in this 14-year-old ranking. Last year it ranked second.

Industrial & Commercial Bank of China retains its fourth position, with a market value of US$246.4 billion, and China Mobile falls to No 10 from last year's No 5; its market value is US$193 billion.

Altogether 45 Chinese companies made the list, and 21 of them are from the mainland.

FT Global 500, based on listed companies' market capitalization, gives an overview of the world's largest companies.

This year's total capitalization of the 500 enterprises increased from US$15.6 trillion to US$23.5 trillion, up by 50.6 percent, the greatest increase in 10 years. It is believed to be a sign that the global economy is recovering from the recession.