The U.S. has surpassed China on the Fortune Global 500 list for the first time since 2018.
While American corporations like Walmart and Amazon have long commanded top spots among the world's 500 largest companies, China has held more overall companies on the list than America has for the past six years.
The US holds 139 companies on the Fortune 500 list, as opposed to China's showing of 133 companies.
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Chinese conglomerates like Sinopec Group and China National Petroleum both occupy spots in the top ten largest companies on the Fortune 500 list.
Overall, American companies on the Fortune 500 increased their total revenues compared to the previous year, generating "$13.8 trillion in aggregate revenues, a 6% increase from last year," according to the report.
Fortune's Global 500 list update comes amid reports of economic difficulties in China. China's economy slowed in the second quarter of the year, with "gross domestic product expanding just 4.7% compared with a year earlier," according to The Wall Street Journal.
The Chinese Communist Party's elite Politburo has announced that it will push ahead with measures to raise consumer spending.
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Economic competition between the U.S. and China has also become a major political issue in the U.S., with former President Trump saying in a recent interview that he was tough on China during his administration.
"China doesn’t want me to win, obviously, because I was kicking China’s a--," Trump told "Mornings with Maria" Friday. "They don’t want me. They want to continue to rip off America and with me, they can’t rip."
During his sitdown with Maria Bartiromo last week in Bedminster, N.J., Trump discussed the impact of his previous policies on China and why the country would prefer a Kamala Harris presidency, calling China's determination to undermine the U.S. "nerve-wracking."
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Fox Business' Alicia Warren contributed to this report.
