KCCI Analyzes Forbes Statistics from Leading U.S. Business Magazine
Releases "Three Kingdoms of Enterprises" Report on Korea, U.S., and China
South Korea's Presence in Global Top 2,000 Shrinks by Four in Ten Years
U.S. and China See Increas
The growth rate of leading Chinese companies driving the country's economy has been found to be 6.3 times faster than that of South Korea. This indicates that Chinese companies have been much more active in entering new sectors compared to their Korean counterparts, resulting in a powerful ecosystem of Chinese enterprises. Analysts say this outcome offers significant implications for South Korean businesses.
The Chinese Five-star Red Flag (left) and the Taegeukgi.
On September 23, the Korea Chamber of Commerce and Industry (KCCI) released a report titled "Corporate Three Kingdoms: Changes in the Global 2000 Companies of Korea, the United States, and China," as the first installment of its "K-Growth Series," based on an analysis of statistics from the leading U.S. business magazine Forbes.
According to the report, the number of Chinese companies included in Forbes' Global 2000 has surged over the past decade. In 2015, there were 180 Chinese companies on the list, but this year, 275 Chinese firms made it into the top 2000. In contrast, the number of South Korean companies decreased from 66 to 62 over the same period. The United States saw an increase from 575 to 612. The rise of numerous "emerging powerhouses" in China is seen as reshaping the global market landscape.
Forbes' "Global 2000" list comprises "leading companies" with significant market influence, financial soundness, and profitability. Experts view this as an indicator of the strength of each country's corporate ecosystem.
South Korea also lagged behind the United States and China in terms of the growth of its corporate ecosystem. The combined revenue of Korean companies among the world's top 2000 grew by only 15% over the past decade (from $1.5 trillion in 2015 to $1.7 trillion in 2025), while China saw a 95% increase (from $4 trillion to $7.8 trillion). This means China's growth rate was 6.3 times faster than Korea's. The United States also posted a 63% increase (from $11.9 trillion to $19.5 trillion), further widening the gap with Korea.
Regarding these findings, the KCCI explained, "While China's corporate ecosystem has grown by producing emerging powerhouses, the United States is characterized by its rapid transformation through the use of advanced IT, such as artificial intelligence (AI)."
In fact, the United States saw growth driven by advanced industries and healthcare companies such as Nvidia (revenue growth rate of 2,787%), UnitedHealth (314%), Microsoft (281%), and CVS Health (267%). New entrants in emerging sectors, including StoneX (financial product brokerage, $108.3 billion in revenue), Tesla (electric vehicles, $95.7 billion), and Uber (ride-sharing, $43.9 billion), also accelerated the growth of the corporate ecosystem. Additionally, global startup hubs like Silicon Valley, New York, and Boston have given rise to IT companies such as Airbnb (accommodation sharing), DoorDash (food delivery), and Block (mobile payments), which have contributed to new growth by making the list.
In China, growth was mainly led by advanced technology and IT companies such as Alibaba (e-commerce, 1,188%), BYD (electric vehicles, 1,098%), Tencent Holdings (online media and gaming, 671%), and BOE Technology (display, 393%). Furthermore, companies in diverse sectors-including PowerChina (energy, $84.9 billion), Xiaomi (electronics, $50.9 billion), Didi Global (ride-sharing, $28.6 billion), and Digital China Group (IT services, $18.1 billion)-entered the Global 2000, spanning energy, manufacturing, and IT industries.
In South Korea, growth was driven by manufacturing and finance, led by SK Hynix (215%), KB Financial Group (162%), Hana Financial Group (106%), and LG Chem (67%). Most newly listed companies were financial firms, including Samsung Securities, KakaoBank, Kiwoom Securities, iM Financial Group, and Mirae Asset Financial Group.
Through this report, the KCCI suggested that for the Korean economy to grow, it is essential to accelerate corporate growth and strengthen the corporate ecosystem through supportive policies. The current corporate ecosystem in Korea, it pointed out, is "regressive," with decreasing support and increasing regulation. According to a study by Professor Kim Youngjoo of Pusan National University, an analysis of 12 major laws (including the Commercial Act, Fair Trade Act, and External Audit Act) showed that the number of regulations increases to 94 when a small business becomes a medium-sized enterprise, and rises to 343 when a medium-sized enterprise becomes a large company or a business group subject to cross-shareholding restrictions.
On this issue, KCCI Chairman Chey Tae-won stated at the launch of the Corporate Growth Forum earlier this month that regulations should be improved, at least in certain regions or industries, by utilizing a "mega sandbox." The idea is to create "regulation-free experimental zones" in specific areas, enabling companies to invest in advanced industries such as AI.
In addition, the KCCI emphasized that support should be provided to selected promising projects, that regulations should be enforced after the fact rather than in advance, and that restrictions should be based on industry rather than company size. In particular, it recommended that "for advanced industries requiring large-scale investment and economies of scale, such as semiconductors and AI, differential regulations should be lifted as a priority to protect industrial competitiveness." To this end, it proposed amending the "Advanced Strategic Industries Act" to include regulatory exceptions for strategic technologies.
Lee Jongmyung, Head of the Industrial Innovation Division at the KCCI, stated, "The proportion of companies moving from small to medium size in a year is only 0.04%, and only about 1 to 2% move from medium-sized to large enterprises." He added, "It is time to change the policy paradigm so that, as in the United States and China, dynamic new companies can rapidly emerge across various industries."
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