Time magazine notes influential role of Chinese companies
Time magazine's latest rankings have given credit to seven leading Chinese companies for their influential role in business innovation.
With Baidu, BYD, Huawei, Xiaomi, PDD, Transsion and Envision Group in the list, the publisher noted that the listing offers an argument for what business influence looks like in 2024 rather than being an index of business success.
Baidu is the only entry in the "Leaders" section, with Time praising its long-term research efforts in Chinese-language chatbot and driverless cars.
Time also noted that Baidu is one of the few tech players worldwide to offer developers a full AI stack, including software, chips, cloud servers, foundation models, and apps, making it a one-stop shop.
Others in the Leaders section include Toyota, ThyssenKrupp, BMW and United Airlines.
Chinese companies influential role in business innovation have been noted by Time magazine.
The 100 most influential companies fall into four categories – Leaders, Disruptors, Innovators and Titans – and has included household names such as Amazon, United Airlines, BlackRock, AMD as well as sports club Inter Milan.
The rankings have also included cultural and sports celebrities and tech gurus such as José Andrés at World Central Kitchen, Cathy Engelbert at the WNBA, and Jensen Huang at Nvidia, showing how companies can provide new models and new inspiration for the future of humanity.
Xiaomi also made it to the Disrupters list thanks to its latest push into electric vehicles, along with PDD Holdings, which is behind Temu's rise.
Temu has attracted tens of millions of users with its low prices, and along with Pinduoduo's success in the domestic market, PDD nearly doubled its revenue to US$35 billion in 2023.
Huawei, Google and AMD are side by side in the Innovator section.
After weathering the geopolitical storm, Huawei has restructured its supply chains and announced a US$12 billion profit in 2023, more than double year-on-year, Time added.
BYD and Chinese green energy giant Envision Energy belong to the "Titans" category along with established names such as Intel, Airbus, Eli Lilly and Microsoft.
Time also praised Envision Energy's green initiatives, from being the world's biggest producer of wind turbines to owning the fastest electric car-racing team.
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