Dow Chemical's China operation was named overall winner of the "Best Innovator China" award given by global strategy and management consulting firm A.T.Kearney on Thursday.
Eight other companies also won specific awards regarding innovation: Haier, H.B. Fuller-Tonsan, Honeywell, LE Vision, Master Kang, Siemens, Solvay and Weichai Power.
A.T.Kearney has run the Best Innovator program for more than 10 years in 20 countries and regions. Winners this year were evaluated on the achievements and practices of their China-based operations. They were judged across all stages of the innovation cycle in areas critical to innovation such as fostering talent, supply chain management, incubating and exporting innovation.
"China's economic and business landscape is changing. Companies operating in the country need to adapt to a new model of increased productivity and innovation. Chinese firms have realized this and increased their focus on R&D and innovation. The R&D investment in China is already higher than that in Europe. Meanwhile, Chinese firms are emerging as global leaders in various sectors," said Kai Engel, partner and leader of the innovation practice at A.T.Kearney Europe.
Dr. Yao Weiguang, chief technology officer of Dow Asia Pacific, said innovation provides a major driving force for the ongoing transformation of the Chinese economy.
"We are proud of our role in driving innovation in Asia Pacific and China, especially in facilitating cross-business and cross-industry collaborations to innovate what is essential for tackling the most pressing world challenges," he said.
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