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IMD China Company Competitiveness Ranking

June 2023

IMD China Company Competitiveness Ranking

June 2023

IMD China Company Competitiveness Indicator Methodology

Prepared by IMD China Competitiveness Indicator research taskforce lead by IMD strategic advisor Wei Wei and IMD China Chief Executive Mark Greeven, June 24, 2023

At our team at IMD business school, we’ve been tracking how likely a firm is to successfully move toward a new knowledge discipline and competence in its effort to be competitive, innovative and to prepare for the future in the Chinese market. We introduced the China Company Competitiveness Indicator to measure how competitive companies are in the Chinese market sector by sector. Currently we cover the China Company Competitiveness Indicator for four industries: Food & Beverage, Healthcare, Automotive and Technology.

How does the ranking measure company competitiveness?

We have included the top key players by revenues and market cap in each industry. The ranking is based on nine main factors:

  1. Business success
  2. Business robustness
  3. Investors’ expectations of future growth
  4. R&D effort
  5. Early Innovation result
  6. Business diversity
  7. Brand value
  8. Public relation
  9. ESG

These nine main factors, which carry the same weight in the overall result, comprise 36 variables. While on the variable level, the entropy weight method is used.

What are our competitiveness Indicators?
China Company Competitiveness Indicator for Food & Beverage Industry



Business success

Operating revenue annual growth rate 


Operating revenue per employee 

Net profit annual growth rate 

Market share in the specific segments 

Business robustness 

Quick ratio 

Cash to total assets 

Total debt-to-equity

Free cash flow/revenue

Free cash flow annual growth rate 

Investors’ expectations of future growth 

P/S ratio

P/E ratio 

Market cap annual growth rate 

R&D effort 

R&D intensity

R&D expenses annual growth rate 

Number of patents 

Number of patents annual growth rate 

Early innovation results 

Press count on customer engagement (私域运营)

Press count on digital (数字化)

Press count on sustainability (可持续发展) 

Press count on innovation (创新)

New products launch 

Business diversity

Corporate venture capital investment number of deals 

Mergers and Acquisitions number of deals 

Percentage of international sales

(Note: international sales for local companies, China sales for multinationals) 

Brand value

Customer satisfaction ratings 

Major social media follower counts 

Major social media engagement rates

Public relation 

Press count on high-level official visits 

Industry recognition or awards 


Percentage of women in top mngmt team 

CEO age 

Carbon footprint and emissions reduction initiatives 

Charitable donations 

Philanthropic efforts

Employee welfare efforts

Where is our data from?

All of our variables are hard data; that is, they are publicly available on company websites, annual reports, press releases, news stories, and special reports on topics such as corporate social responsibility. For press counts data, we used China’s major search engine Baidu, and counted the number of press releases on each trending topic previously identified in the industry. The data was also supplemented by thirdparty data sources from Pitchbook which specializes in the topic of corporate ventures, M&A and cross checked with its counterparty PE Data in China, Patent Search and Analysis portal by China National IP Administration, which specializes in patent search. We also used Statista, Wallmine, Stockus, Yahoo Finance, Google Finance, HKexnews and East Money.

How is the ranking calculated?

To calculate the Indicator, first, we collected historical data for each company. Then we performed calculations for each variable before we standardized the criteria data. Next, we aggregated variables to the main factors and then determined the overall ranking. For the purpose of comparison, we ranked each company from 1 (best) to n (worst, n=sample size) on a scale of 1 to 100.