3 Chinese firms among Newsweek's list of most innovative

08:39, December 28, 2010      

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Three Chinese companies are listed among the 10 most innovative firms globally in 2010 by Newsweek. The list also includes such regulars like Microsoft, Apple and Google.

They are Taiwan-based smart phone maker HTC at No. 4, solar battery and new energy car maker BYD at No. 8 and home appliance giant Haier taking the 10th spot in the list, reflecting advances made in innovation by Chinese companies.

The 10 firms on the list possess two vital elements that are necessary for them to be innovative - "creating something and making people want it," according to Newsweek.

Microsoft led the list followed by Apple, Google, Disney, Ford and Amazon as well as Japan's Fast Retailing.

HTC produces smart phones that run on Google's Android system and Microsoft's Windows 7. In the United States market HTC's Droid Incredible and Evo 4G phones have propelled Android to stand side-by-side with Apple and Research in Motion.

BYD, in which Warren Buffett's Berkshire Hathaway has owned a 10 percent stake since 2008, makes cell phone batteries, solar panels and environmentally friendly automobiles. The Hong Kong-listed firm expects profit to triple within a year, thanks to the booming domestic vehicle market. It is set to launch several new energy cars in 2011. BYD expects to export its hybrid and electric cars to the United States and Europe next year.

According to Euromonitor International, Qingdao-based Haier has sprung to the top spot in global appliance sales by capturing 6.1 percent of the world's white goods market.

The improved level of China's innovation has also helped domestic firms, like Youku dubbed as Chinese YouTube, list in the US this year, which has seen 38 Chinese firms launch initial public offerings so far.

Source: Shanghai Daily
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