Business / Economy

More Chinese companies ascend global arena

(Xinhua) Updated: 2016-06-30 09:53

More Chinese companies ascend global arena

Workers pack dog food at a factory in Qingdao, Shandong province. The growth rate in the value of fast-moving consumer goods in China was 3.5 percent in 2015. [Yu Fangping/For China Daily]

BEIJING - Rapidly growing companies in various sectors in China and other emerging economies are ascending the international arena, according to a report from Boston Consulting Group.

The report released on Monday lists 100 companies that are believed to be the "global challengers," which are the ever-developing corporations edging into the global market with outstanding performance. Of the total, 28, or over one fourth, come from China.

"Chinese companies are the largest block on this list, so by the sheer size of the position, they will have more impact than anyone else," according to Dinesh Khanna, a coauthor and leader of BCG's Global Advantage practice

Among the listed Chinese companies are Alibaba Group Holding Ltd., Citic Group, Dalian Wanda Group Co, Xiaomi Corp. and China Eastern Airlines Corp.

"We believe these companies represent the next wave of economic growth, " Khanna said.

Companies from emerging economies have occupied over 40 percent of the global market share in industries ranging from household appliances to construction and real estate, the report showed.

"Ten years ago, the global challenger list was dominated by industrial goods and resources companies competing on cost. Today's many challengers are appealing to the hopes and dreams of middle-class consumers in emerging markets and elsewhere," said Michael Meyer, a coauthor and partner based in Singapore.

Despite economic turbulence in different countries, the revenue and profits of the 100 companies have mainly kept steady. Overall, they have quadrupled their overseas revenue to $944 billion from 2005 to 2014.

These companies, in their developing process, have also embarked on the purchase of foreign firms in a bid to expand scale, explore new markets or pursue technical enhancement, the report noted.

Founded in 1963, BCG is the world's leading advisor on business strategy with 85 offices in 48 countries.

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