Since China started its reform and opening-up policy in the late 1970s, imported products and overseas brands have been synonymous with quality and good service for most Chinese consumers.
Since China started its reform and opening-up policy in the late 1970s, imported products and overseas brands have been synonymous with quality and good service for most Chinese consumers. In recent years, however, domestic brands have sprung up and extended their global reach thanks to improvements in quality and their lower prices. China has somewhat turned from the world’s factory into a place of innovation, particularly in high-speed rail, cashless payment and telecommunication infrastructure. The now annual Chinese Brands Day started in 2017, thus launching a new chapter in efforts to build domestic brand reputation. Brand experts argue that alongside steady economic growth, China is expected to see the value of homegrown brands jump to billions of yuan in a decade. Meanwhile, Chinese enterprises urgently need to abandon price wars and lift themselves out of low value chain production to enhance competitiveness and build brands worthy of a global reputation.
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