State Grid has been crowned China's most valuable brand of 2022, according to an annual report released at the World Brand Summit by the World Brand Lab, a consultant of digital marketing and brand valuation in Beijing.

With a brand value of 601.52 billion yuan ($88.96 billion), State Grid topped the list of this year's 500 Most Valuable Brands, which is formulated based on financial data, brand strength and consumer behavior analysis.

ICBC, Haier, Tencent and China Life Insurance occupied the top five spots on the list, with these brands entering the world-class brand tier.

This year's list includes 25 sectors such as food and beverage, light industry, building materials, media, textile and apparel, as well as medicine and machinery.

The food and beverage industry had the most brands, with a total of 84 brands, accounting for 16.8 percent of the total number of brands.

The total value of China's 500 Most Valuable Brands was 30.97 trillion yuan in 2022, up 11.03 percent year-on-year. Let's take a look at the top 10 most valuable Chinese brands of this year.