A Chinese banking giant, Industrial and Commercial Bank of China, has been crowned the largest public company in the world, according to the 2017 Forbes Global 2000 ranking.

The position is followed by the China Construction Bank. The Agricultural Bank of China fell three spots to No 6 and the Bank of China further dropped two spots to No 8 this year.

The Forbes Global 2000 ranking, published since 2003, was based on a composite score from equally-weighted measures of revenue, profits, assets and market value.

The 2017 list featured public companies from a total of 58 countries which, together, accounted for $35.3 trillion in revenue, $2.5 trillion in profit, $169.1 trillion worth in assets, and have a combined market value of $48.8 trillion.

The top 10 biggest public companies in the world are listed below:

No 10 Toyota Motor

Country: Japan

Sales: $249.9 billion

Profit: $17.1 billion

Assets: $412.5 billion

Market value: $171.9 billion

A taxi of Toyota Motor Corp's Prius hybrid car, drives past a Kabuki theater in Tokyo, Japan May 30, 2017. [Photo/Agencies]