Despite increased brand influence among domestic consumers, more efforts are still needed for Chinese brands to make a splash on global markets, an expert said.
Li Baoshan, head of People's Daily, said Chinese companies have made great efforts in building stronger brands but brand influence remained limited in overseas markets. Li added the situation does not match with China's economic performance, as the country is now the world's second-largest economy and biggest manufacturer.
A survey from e-commerce giant Alibaba said self-innovative brands have taken up about 71 percent of the Chinese market, while data from World Brand Lab show only 38 Chinese brands were listed in the top 500 among global peers.
"There were many reasons. Some companies only focus on making money fast, by serving as original equipment manufacturers or imitating others that already had market success. Some companies' products are less competitive in terms of quality," Li said.
"Innovation is the key for Chinese brands to move up the global value chain. Further efforts from the government are also needed to bolster a better business environment, such as copyright protection," Li added.
Source: China Daily
