Chinese businesses now represent 95 of the world's 500 largest corporations, up from 89 in 2013.

Fortune magazine's annual ranking of companies worldwide based on revenue put Chinese corporate giants Sinopec and China National Petroleum on the third and fourth spots, respectively.

Wal-Mart Stores, the biggest retail chain in the U.S., reclaimed the number one position from Royal Dutch Shell, which dropped to second place.

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Of the 23 companies that made the Global 500 for the first time seven were Chinese, according to CNN.

Heading the newcomers' list was China Development Bank, which landed on number 122. The bank reported $71.3 billion revenue and US$12.9 billion profit. It says it issued more than US$160 billion in loans to help finance government economic policies including projects for urban development.

Pacific Construction Group gained the highest rank for a private company at number 166. The Chinese firm has diverse business interests, including wine brewing, real estate and highway construction, according to Fortune. The magazine said the company was tapped for a US$3.5 billion project to level down 700 mountains for new development in western China.

The five other Chinese companies that made the Global 500 were Bohai Steel Group, CEFC China Energy, China Energy Engineering, China General Technology and Agricultural Development Bank of China.

Fortune said the 500 largest corporations had combined revenues of US$31.6 trillion, 2.5 percent higher than the previous year, and that profits jumped 27 percent to close to US$2 trillion.

The Americans continue to dominate the Global 500 with 128 companies. Fortune put the combined revenues of U.S. companies on the list at US$8.6 trillion.

Analysts see the higher revenues as a sign that business across the world is picking up after a period of slower economic growth, and global financial crisis.

TagsSinopec, China National Petroleum, Pacific Construction Group, Bohai Group, China Development Bank, Global 500, Wal-Mart, Royal Dutch Shell