Forty-four of the 100 largest firms in rapidly developing economies are from China, according to a latest study by the Boston Consulting Group.

India is second with 21 firms and Brazil is next with 12 in a list that features the 100 top companies whose annual revenue totaled 900 billion U.S. dollars and grew by 25 percent annually.

"These companies are winning shares in global markets, making major acquisitions and emerging as important customers, business partners and competitors to the world's largest companies," the report said.

Thirty-two of the 100 firms are engaged in manufacturing while 18 are dealing with durable consumables such as household appliances. Fifteen are involved in energy exploration.

Given that the percentage of China's gross domestic product compared the 12 Rapidly Developing Economies (RDE) stands at 33 percent, Chinese firms have fared much better, said the report. Two-thirds of the 44 Chinese companies are state-owned.