Chinese brands, supported by improved technology and opening-up policies, are rapidly going global and becoming indispensable and outstanding players in the international market.
Chinese firms are making rapid progress in brand value, with 16 Chinese brands among the world's top 100 listed brands while only one was raked among the top 100 in 2006, according to the 2019 BrandZ Top 100 Most Valuable Global Brands report.
The e-commerce giant Alibaba and tech leader Tencent are among the world's 10 most valuable brands. Alibaba's brand value grew by 16 percent year-on-year to 131.2 billion U.S. dollars, according to the BrandZ report.
Meanwhile, a report from the UK-based consulting firm BrandFinance acknowledges the improving popularity and image of Chinese brands.
BrandFinance awarded the title of the most valuable Chinese brand to the Industrial and Commercial Bank of China and the strongest brand to multi-purpose social app WeChat. Also, the online video platform iQiyi was ranked as the fastest-growing brand in China this year.
A Xiaomi store in Beijing. /VCG Photo
Chinese entrepreneurs give top priority to overseas business plans and keep pace with the new business trends by strengthening corporate branding. Tech company Lenovo, for example, was founded 35 years ago. The company focused on the domestic market at first, and then gradually turned to the overseas market.
Currently, over 70 percent of its business comes from international operations, said Qiao Jian, chief marketing and strategy officer of Lenovo Group during the 13th China Brand Festival in Beijing on Thursday.
Qiao also noted that corporate branding is the best way to communicate with consumers and shape our country's image in the international community.
Read more: Entrepreneurs aim at globalization and rebranding for high-end market
China has most companies in Fortune Global 500
A total of 129 Chinese firms were listed on Fortune Global 500 this year, surpassing the United States for the first time.
Apart from known Chinese companies like Sinopec Group and China National Petroleum, Chinese tech firms stood out from the list. Among the seven listed firms related to the internet, four are from China – Alibaba Group Holding, Tencent Holdings, JD.com, as well as Xiaomi, the youngest company on this year's list.