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"China's steel output accounted for half of the world's total, so it's natural for Baowu to achieve such a result," said Chen.

"Chinese consumers, especially millennials, want to enjoy life... they care about their individuality and love to travel, and when it comes to shopping in both online and offline channels, they have unique tastes," said He Xiaoqing, global partner at A.T. Kearney, the US-based management counseling firm.

"Currently, however, Chinese companies lack genuine technological breakthroughs and innovation. They still have very little in the way of unique differentiation compared with other providers," Ji said.

"China's strong performance on the Midas List demonstrates that the country is continuing to produce a number of high-growth and highly-valued companies. While sometimes unknown in the US, these businesses can become globally significant, such as with Bytedance, the owner of popular app TikTok (known as Douyin in China), and they generate returns any venture capitalist would desire," added Konrad.

"China's new era development model provides inspiration to other countries," Yu said.