BCG Henderson Institute

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The world’s an uncertain place. AI is driving executive FOMO, while high geopolitical tension and war is weighing on leaders’ minds. Asia is no exception: While the region has been spared the strong inflation and interest rate hikes seen in the West, economists worry about a property crash in China that could send a shockwave throughout the region.

Billions of people in Asia hope that the now-decades long increase in living standards continues. While economists forecast GDP growth in the mid-single digits, this is by no means certain to manifest itself. And, given the turmoil, it is even harder to judge which companies are set to drive that growth—meaning investors have difficult decisions to make.

To illuminate the matter, Fortune and Boston Consulting Group developed the vitality measure, which quantifies companies’ long-term growth potential. The measure is based on two pillars: A top-down, market-based assessment of a company’s growth potential, and a bottom-up analysis of its capacity to deliver, based on factors like technology, structure, and strategic orientation (read more on our methodology here). This metric underlies the global Future 50 list, which, since its first publication in 2017, has highlighted the most vital public companies around the world each year.

Complementing our global analysis, we are now creating, for the first time, a regional deep dive: the Asia Future 30. This list chronicles the Asian players with the greatest potential for growth and innovation. We decided to spotlight the top 20 most vital Chinese players in the Asia Future 30—and to include the top ten most vital firms from other countries around Asia, highlighting hot spots of growth potential across the region.

So where do we see innovation in Asia? What’s driving it? And what are the challenges that must be navigated to turn potential into reality?

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