Three multinational companies' China operations and four Chinese domestic companies have been awarded for their outstanding innovative performance by Global management consultancy A.T. Kearney, China Europe International Business School and Bloomberg Businessweek China.

Top 10 most innovative companies in world

GE China Co Ltd was given the award for "Best Innovator China 2014", along with six other companies being recognized for innovation achievements and capabilities in a variety of categories, with genomics organization BGI winning the Best Innovator Service award, Bosch (China) Investment Ltd winning the Best Innovator Practices award, PICC Property and Casualty Co Ltd winning the Best Innovator Process award, Uber Technologies Inc winning the Best Innovator Startup award, Xiaomi Inc winning the Best Innovator Business Model award, and Zhengzhou Yutong Bus Co Ltd winning the Best Innovator Chinese Industrial Company award.

The companies were evaluated based on the innovation achievements and innovation practices of their China-based operations, regardless of whether they were Chinese or multinational firms.

After more than 10 years conducting the Best Innovator program in more than 15 other countries around the world, 2014 marks the first year A.T. Kearney implemented the program in China. Past winners in other countries have included 3M, BASF, Intel, L'Oreal, Philips, Siemens, Unilever, and Volkswagen.

"With the diminishing labor cost advantage of Chinese manufacturing, 'low hanging fruit' opportunities for companies in China have become fewer and farther between. The result is that now many more companies in China must begin to rely on innovation to garner business advantage," said Dr Stephen Dyer, A.T. Kearney Partner and head of the firm's Asia Pacific Innovation Practice.

"Many Best Innovator companies in China are not only developing unique products and services for China, but are also taking advantage of their work to understand and meet emerging market customer needs for lower cost, easier functionality, and higher throughput to develop products and services that then directly bolster their competitive advantage in mature markets," he added.