In 2006, there were just 16 Chinese companies in the Fortune 500. In 2017, there are 110 Chinese companies in the Fortune 500, second only to the US on 134. McKinsey predicts that by 2025, a full quarter of the Fortune 500 rankings will be Chinese companies.
But while the country's increasingly wealthy consumer base has attracted the attention of international brands in all categories, Chinese brands have been slow to expand abroad. But that's now changing too, and according to Nils Andersson, Asia Creative President and Greater China President at TBWA\Asia, the arrival of Chinese brands in markets around the world will be nothing short of a "new world order".
"You have a situation where you have Chinese brands battling it out against one another for supremacy within the country. And then we have the next stage globally - it's going to happen. Who the players are that will be part of that will be fought out domestically, and then they will find their way into the different markets," he said in a panel session at the Cannes Festival of Creativity recently.