The Zhejiang Outbound Investment Enterprises Association recently evaluated 95 Zhejiang-headquartered multinational private enterprises in terms of their transnationality. Various aspects were assessed, including overseas assets, foreign revenue and employees abroad.

The transnationality index is a means of ranking multinational corporations. It is calculated as the arithmetic mean of the following three ratios: the ratio of foreign assets to total assets; the ratio of foreign sales to total sales; and the ratio of foreign employment to total employment.

In 2017, the average transnationality index of the 95 evaluated enterprises reached 19.33 percent, 4.48 percent higher than the average of the "2017 China's top 100 multinational private enterprises" released by the China Enterprise Confederation.

Among the 27 evaluated industries, the automobile industry held the position of having the highest transnationality. Its transnationality index reached a staggeringly high 54.02 percent.

To better lead and encourage local enterprises to explore markets abroad, the Zhejiang Outbound Investment Enterprises Association released the list of Zhejiang's top 30 multinational private enterprises and top 20 export motivators.

The first one is listed according to the companies' overseas assets and the second is according to the companies' overseas investments' impact on export.

Zhejiang Geely Holding Group Co is listed as the biggest multinational private enterprise. At the end of 2017, Geely agreed to acquire 8.2 percent equity and 15.6 percent voting rights of AB Volvo, becoming the largest shareholder of the Swedish manufacturer of trucks, buses, construction equipment and engines. In 2013, Geely also bought the brand of London Taxi Co.

Hangzhou Zhongce Rubber Co Ltd is China's largest tire producer in terms of annual production. It held the top spot on the list of Zhejiang's top 20 export motivators. It's also one of the top 10 tire producers internationally.

Zhejiang Outbound Investment Enterprises was founded in 2014. Several Zhejiang-based companies including Geely, Holley Group and Wolong Holding proposed to establish the association. Companies who are interested in the international market can choose to join their non-profit association. It works as a bridge between markets abroad and domestic enterprises, integrating resources and discovering new opportunities.