China is becoming a global powerhouse in tech and pharmaceuticals, according to a new indicator released by the Switzerland-based International Institute for Management Development (IMD).
The IMD launched its inaugural China Company Transformation Indicator (CCTI) earlier this month, focusing on technology, pharmaceuticals and apparel. The report revealed that internet technology firms still dominate China’s technological sector, with Baidu, Alibaba and Tencent among the top five, alongside JD.com and NetEase.
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IMD China’s CEO Mark Greeven said in a video interview with Xinhua that three hard tech companies have also secured their place among the top 10, including semiconductor giant SMIC, computer maker Lenovo and global security technology leader Hikvision.
The IMD indicator also highlighted a dynamic interplay between foreign multinational corporations and innovative national companies in the pharmaceutical sector. Greeven said the Year of the Dragon will be a “roaring year” for the Chinese economy, given the growth of 4 or 5% in real estate and exports, which are traditional drivers of China’s economic growth.
Published in The Express Tribune, February 18th, 2024.
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