China is emerging fast as a brand leader in a wide variety of sectors and many of the leading domestic companies are gaining global recognition for quality, according to a new report from Brand Finance, a London-based brand valuation consultancy.
In its latest 2018 China 300 league table, the consultancy ranked the Industrial and Commercial Bank of China, also known as ICBC, and China Construction Bank, with brand values of USD59.2 billion and USD56.8 billion respectively, as the most valuable brands in the global banking sector.
Alibaba, Tencent and Huawei are leading the charge, however, as technology is poised to overtake banking as the ranking’s most valuable sector.
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| image credit: internet |
The fastest-growing Chinese brands come from the auto and spirits sectors with BYD up 211% and Wuliangye up 161%.
David Haigh, CEO of Brand Finance, said, “This year has seen strong growth among the big Chinese brands.”
“The unique modern history of the Chinese economy has produced huge, national brands on the domestic front. In the coming years, Chinese brands have an opportunity to use this strong domestic foundation as a platform for global expansion”, added David Haigh
In the past, many Western brands have expanded into China, but Haigh said he expected to see many Chinese brands expanding to the West in the future.
While banking remains the most valuable sector, accounting for 24.7% of the ranking’s total brand value over the last year, the robust growth of the technology sector suggests that it is likely to overtake banking. Tech’s overall share of the value of the 300 brands listed has increased from 20.7% to 24.4%.
Haigh said that Alibaba, the world’s fastest growing big retail brand in percentage terms, shows no sign of slowing as it plans to invest USD15.2 billion toward its global logistics chain expansion.
China Mobile, the fourth most valuable Chinese brand, up 14% to USD53.2 billion, is the most valuable telecom brand in Asia. China Mobile boasts the world’s most extensive mobile network and the world’s largest mobile phone customer base.
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