The very first ‘Chinese Brands Day’ kicks off, on May 10, in what appears to be a bid by the Chinese government to help promote ‘Made In China’ brands.
China’s State Council has designated a ‘Chinese Brands Day’ to be held on May 10 each year, according to a statement approved on April 24 and made public last week. While there was no official explanation for the selection of May 10, or the exact purpose for ‘Chinese Brands Day’, media agency Xinhua reported that the decision was made in response to a request filed by the National Development and Reform Commission (NDRC), China‘s top economic planner.
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Influential brands are symbols of the overall competitiveness of companies and countries, and can help lead economic transition, according to Wang Dong, a senior official with the NDRC. Wang added that, compared to developed countries, China is still short of globally influential brands but well equipped to accelerate brand development. Chinese Brands Day will publicize brands owned independently by Chinese companies, tell the stories of the brands and raise brand recognition, he said.
Shining even more light on the reason behind the special day, the event appears to hark back to a 2014 speech made by Xi Jinping on the same date calling for China’s ‘products’ to advance to ‘brands’.
The celebration comes at a time when the tag ‘Made in China’ has lost its cheap sting, with the increase in quality products being made and improved labour.
For 2017, the total value of the list of BrandZ Top 100 Chinese Brands hit record levels, growing 6% to reach $557.1 billion in brand value.
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Lenovo was named the most powerful Chinese global brand builder for 2017, followed by Huawei and Alibaba, according to the first “Brand Top 30 Chinese Global Brand Builders”, released by WPP and Kantar Millward Brown in collaboration with Google earlier in the year.
Researchers found, however, that international consumers are generally less aware of, and less likely to consider purchasing, a Chinese brand than a local or globally recognised one.
Key markets for Chinese-made include France, Germany and Spain compared to consumer markets in Japan, Britain or America, said report authors.