China's brand value booms in past decade: report

BEIJING - The combined brand value of Chinese companies will rise to $911.5 billion in 2018, nearly ninefold that of 10 years ago, Brand Finance said in a report.

China's share of the global brand value rose to 15 percent this year from 3 percent in 2008, ranking second after the United States, according to the consultancy firm's annual report on the world's most valuable brands.

Twenty-two Chinese brands were listed in the top 100, with Industrial and Commercial Bank of China holding its 2017 rank as the 10th most valuable brand in the world.

The report forecast strong growth in the digital sector in 2018, citing the possible high brand value growth boasted by Chinese technology brands, with Alibaba, Tencent, WeChat, Baidu, JD.com and NetEase going up by an average of 67 percent year-on-year.

The growth of Chinese brands extends beyond the technology sector as the country continues to narrow the value gap with the United States at an impressive rate, the report said.

China's utility giant State Grid ranked 19th as the biggest new entrant of the year, with a brand value of $40.9 billion.

The fastest-growing brand of 2018 was Wuliangye, as the spirit industry champion rose 184 places to 100th with a brand value of $14.6 billion, up 161 percent year-on-year.

"Huawei, Ping An, State Grid, Evergrande, ICBC, Yili, Haval, Wuliangye and many others are now being recognized worldwide as quality brands. We expect to see this develop rapidly in more and more sectors," said David Haigh, CEO of Brand Finance.