Chinese bank ICBC tops Forbes Global 2000 for eighth straight year

For the eighth straight year, Industrial & Commercial Bank of China topped the Forbes Global 2000 list released on Wednesday.

China's another three of the "big four" State-owned banks also figure in this year's top 10, namely China Construction Bank, Agricultural Bank of China and Bank of China.

Forbes said the 18th annual ranking of the world's 2,000 largest public companies illustrates the magnitude of the global shutdowns.

"Due to the global health pandemic, the current market turbulence has dramatically affected market values for the Global 2000 list, which was priced out on April 30," said Andrea Murphy, Forbes statistics editor. "The minimum market value needed to make the universe of companies considered for this year's list was $5.27 billion, down from $6.25 billion last year."

The 2020 Global 2000 companies account for $42.3 trillion in revenues, $3.3 trillion in profits, $201.4 trillion in assets and $54.3 trillion in market capital. Sales and assets are up over last year, while profits and market cap are down.

Forbes analyzed medical and biotech enterprises are relatively immunity from the COVID-19 impact. Alexion Pharmaceuticals ranks 796, up 700 spots from last year, largely thanks toits $2.4 billion profit.

Regionally, the US tops the rank in numbers of enterprise with 588 companies, followed by China, 367, Japan, 217, the UK, 77 and Canada, 61. It is noteworthy, among the enterprises that fell, Boeing dropped from number 49 last year to 413.