State Grid has crowned China's 500 Most Valuable Brands list 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 on Tuesday.

With a brand value of 601.52 billion yuan ($88.96 billion), State Grid topped the list of this year's 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 on the list, with these brands entering the world-class brand tier.

Management gurus from Harvard, Yale and Oxford attended the event and delivered online speeches. They discussed the topic of Influence and Momentum: How to Rebuild the Brand Ecosystem with on-site guests.

"Brands are the image of a country. I hope that more people around the world can learn about China's stories through Chinese brands," said Steve Woolgar, chairman of the World Brand Lab and emeritus professor of Marketing at University of Oxford.

"In the past 16 years, I have witnessed the rapid growth of Chinese brands, some of which already have strong global influence. These brands include State Grid, Haier, Sinochem Group, China Resources, China Southern Power Grid, China Huadian Corporation, Wuliangye, Tsingtao Brewery, Beidahuang Group, XCMG, Hengli Group, Xiexin Group, etc," Woolgar added.

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

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

The total value of China's 500 Most Valuable Brands is 30.97 trillion yuan in 2022, up 11.03 percent year-on-year.