For the first time, a Chinese company is the world's largest, according to the 2014 IndustryWeek 1000, the annual ranking of the world's largest manufacturers by revenue.
The Chinese oil behemoth China Petroleum & Chemical Corp. (IW 1000/1) -- Sinopec -- has more than doubled its revenue stream in the past five years, catapulting it into the No. 1 spot this year, leapfrogging from the No. 3 position it has held for the past two years.
Chinese manufacturers as a whole, aided by the nine China-based newcomers on the list, ranked only below manufacturing powerhouses the United States and Japan. And those Chinese companies averaged a 7% annual increase in earnings.