Global accounting firm Deloitte launched the 2023 China Best Managed Companies program (BMC) on Thursday, which is part of its efforts to inspire enterprises for long-term and sustainable development.

Organized by Deloitte China in collaboration with the Bank of Singapore, HKUST Business School, Harvard Business Review China and business associations, BMC identifies and recognizes private companies with advanced management ideas and outstanding business performance.

The China BMC program has been running for five years. Based on interviews with entrepreneurs and surveys of industry specialists, the selection process uses the global framework of Best Managed criteria and results from the Best Managed CEO Lab.

In 2022, BMC selected a total of 58 companies. The selected companies had a total revenue of 1.8 trillion yuan ($246.08 billion), accounting for about 1.5 percent of China's GDP, and maintained profitable growth from 2018 to 2022 with an average revenue compound annual growth rate of 17 percent, according to Deloitte.