NEW YORK--China overtook Japan in Fortune magazine's annual Global 500 rankings of the world's top corporations.
In terms of sales in 2011, 73 Chinese companies made the list, compared with 68 for Japan.
For the first time, China ranked second only to the United States (132 companies).
Three Chinese enterprises, including China Petrochemical Corp. (Sinopec Group), landed in the top 10.
The highest-ranking Japanese company on the list was Toyota Motor Corp., which placed 10th, down two slots from the previous year.
The top place went to British-Dutch oil company Royal Dutch Shell.
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