China continues to invest in domestic brands

China will constantly raise the competitiveness of domestic brands and promote them into world-famous brands, as more Chinese brands are going global, government officials and industry leaders said during the 2022 China Brand Forum organized by People's Daily in Beijing on Thursday.

A group of representatives from ministries, State-owned and private enterprises attended the forum. Top executives talked about how their companies have been promoting high-quality development and strengthening brand building.

In the past few years, the influence of Chinese brands has steadily increased, and they are playing an increasingly leading role in promoting the upgrading of the supply and demand structure. China should continue to promote its transformation from a country with a large number of brands to a brand power, said Baimachilin, vice-chairman of the Standing Committee of the National People's Congress.

China has continued to relax market access of foreign investments, optimize business environment, improve brand standard systems and promote innovative development of time-honored brands, according to the Ministry of Commerce.

"We have promoted the building of national brands and held a number of exhibitions to help drive consumption growth. The ministry has promoted the building of five domestic cities as international consumption centers to further stimulate consumption potential, and encouraged premium Chinese brands to invest overseas," Sheng Qiuping, China's vice-minister of commerce, delivered a speech via the video link.

Tuo Zhen, publisher of People's Daily, said Chinese enterprises have strengthened their brand awareness and seized growth opportunities, and the country has created a group of outstanding brands with strong competitiveness.

He added that time-honored Chinese brands have upgraded their strategies, and a number of new-energy vehicle and mobile phone brands have made their names at home and abroad. Media organizations have played an important role in showcasing Chinese brands.

State-owned enterprise Sinopec said in the past 40 years since its establishment, the company has put brand building in an important position from traditional industries to emerging fields. Its brand value has exceeded 320 billion yuan ($46 billion), and grew 33 percent over the past five-year period.

"State-owned enterprises should take a great responsibility in brand building. Quality supports the competitiveness of a brand, and only high-quality products and technical services can create a brand. We will continue to increase the efforts of brand promotions," said Ma Yongsheng, president of Sinopec.

In addition, top executives from major Chinese enterprises of different sectors demonstrated their achievements during the forum. Those companies include State Grid, Agricultural Bank of China, China National Nuclear Corp, and Chinese white spirit brand Kweichow Moutai.