"The global influence of Chinese brands does not actually match their true strength." On November 30th, Wang Yong, the initiator and secretary-general of the China Brand Festival and chairman of the Brand Alliance, stated in an interview with The Paper that Chinese companies have made significant progress in brand building, but there are still shortcomings. Brand influence has dragged down their performance on the brand rankings.
Recently, the 17th China Brand Festival 2023 opened in Yunqi Town, Hangzhou, and brand alliances such as TopBrand 2023 World Brand 500 and Topbrand 2023 China Brand 500 were released.Wang Yong introduced that the China Brand Festival aims to empower Chinese brands and make them more respected. It has been successfully held for 17 consecutive sessions, covering over 1 billion people nationwide.
He said that one of the highlights of the two rankings mentioned above is "global wisdom" and "global perspective". Its evaluation criteria can be said to draw on the strengths of others, drawing on the evaluation structures, methods, and indicators of various evaluation institutions around the world. Nearly 20 experts participated in the improvement of the ranking model throughout the process; Another highlight of the list is transparency, and the Brand Alliance's list is currently the only brand value list in the world that can complete data traceability.
According to the Top Brand 2023 Global Brand 500, Apple ranks first with a brand value of $942.164 billion, Saudi Aramco ranks second with a brand value of $822.267 billion, and Microsoft ranks third with a brand value of $724.135 billion. Among them, PetroChina is the only Chinese brand that has been nominated for the top ten global brands, ranking tenth with a brand value of 273.621 billion US dollars.
The Topbrand 2023 Top 500 Chinese Brands was also released at the same time, and China National Petroleum Corporation, Sinopec, and State Grid were among the top three energy state-owned enterprises. TSMC, CSCEC, Tencent, China Mobile, Huawei, Industrial and Commercial Bank of China, Alibaba and other companies have also entered the top 10.
Regarding the performance of Chinese brands on the Top Brand 2023 Global 500 list, Wang Yong commented that due to the strong vitality of Chinese enterprises, the number of "Chinese faces" on the list has actually increased. However, the ranking of top brands has declined, mainly due to the fact that the world brand value ranking is measured in US dollars, and the depreciation of the Chinese yuan will lead to a decrease in overall Chinese brand value.
It should be noted that in Wang Yong's view, there is still room for improvement in the quality of Chinese brands. He said, "The strength of Chinese state-owned enterprises that have made it to the Fortune Global 500 list cannot be underestimated. They have both strength and reputation, but their brand power needs to be further improved."
He explained that Chinese companies have strong revenue and financial capabilities, but their brand influence is significantly lagging behind. Chinese companies should at least achieve a balance between the two in order to demonstrate that their brand work is basically in place. On the other hand, some European brands have brand influence and brand premium capabilities far exceeding their revenue levels.
