'Made in China' taking on a strong new meaning
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The second Exposition on China's Indigenous Brand kicks off on Friday at the Shanghai Exhibition Center.
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The second Exposition on China's Indigenous Brand kicked off on Friday at the Shanghai Exhibition Center, and the China Development Forum saw discussions from government officials and industry participants about how to build home-grown brands.
On April 24, 2017, the State Council approved the establishment of a "China Brand Day" on May 10 every year.
Shanghai Party Secretary Li Qiang said in his keynote speech that the city will continue to leverage its advantages in terms of capital, technology innovation and talent to help home-grown brands from other parts of the country expand their business.
"We will also build better information exchange and trade platform for brands to learn from each other and complement existing businesses, and Shanghai's Free Trade Zone will also help bring more local brand to the international market," he said.
State Councilor Wang Yong urged brands to continue to enhance innovation and maintain craftsmanship.
"We will strive to create a level playing field for all kinds of business and strengthen protection of intellectual property rights."
A total of 180 home-grown companies are present at the fair to showcase 13 interactive sectors. Their products include textile and apparel, traditional Chinese cuisine and tea and the latest vehicle models as well as personal care items.
Shanghai will also establish a city-level brand promotion council to show its continued commitment to its ongoing efforts.
Speeding up brand-building and pushing forward high quality economic growth is a priority for local companies, Shanghai Vice Mayor Xu Kunlin said.
Xu told the China Brand Building Summit Forum on Thursday that the city has released dozens of action plans to push forward brand-building efforts in all industry sectors.
The city itself is also striving to become a renowned metropolis for services, manufacturing, shopping and culture.
Shanghai-originated brands have long represented high quality and trust and the city is maintaining efforts to pursue superb quality and noteworthy brands, Xu said.
China Council for Brand Development Director Liu Pingjun said that China has been playing an active role in drawing up standards for evaluating brand equity.
But Chinese companies, especially state-owned firms, are generally lagging behind their Western counterparts in building up internationally well-known brands.
A joint ranking by the China Council for Brand Development and Xinhua News Agency assessed a total of 1,293 domestic brands with Industrial and Commercial Bank of China taking the first position at 2.88 trillion yuan (US$422 billion) of brand value.
Local brands are also increasing favored y online shoppers with a wider variety of offerings. The number of products offered by the top 100 best-selling domestic brands on JD.com increase by 1.6 times in 2018 from a year earlier.
JD data also shows that more consumers are actively searching for Chinese brands, and are commenting more about home-made products' quality and user experience instead of just about price.
