- The Rt. Hon. Dr Liam Fox MP speaks on deepening UK-China relations
- Latest comments coincide with a reception at the House of Commons
- BrandZTM rankings reveal UK can learn from China's innovative brands
Innovative Chinese brands present greater opportunities for strengthening economic UK-China relations post-Brexit, the Secretary of State for International Trade, the Rt. Hon. Dr Liam Fox MP, said as an audience from both nations gathered for a reception at the House of Commons this evening, where brand equity experts for BrandZTM from WPP and Kantar Millward Brown revealed insights for British firms wanting to do business in China.
Over 150 British and Chinese guests from political and business circles were at the event as the International Trade Secretary reiterated the significance of deeper UK-China economic ties with the UK drawing closer to leaving the European Union. The event highlighted findings from the BrandZ Top 100 Most Valuable Chinese Brands 2018 ranking and The Top 50 Chinese Global Brand Builders study. The latter revealed the UK has the most positive attitude towards Chinese brands, with innovation the key factor behind their growth. By contrast, the BrandZ UK Top 75 showed the need for British brands to embrace innovation.
The Secretary of State for International Trade, Rt. Hon. Liam Fox MP, said: "The UK-China trading relationship is already worth £67.5 billion and the opportunities to deepen our trade ties as the UK leaves the EU are vast.
"As a champion for free trade the UK is an ideal partner for trail blazing innovative Chinese brands looking to expand and invest abroad, and with world leading expertise in creative industries, we are perfectly placed to support them."
The event also explored the drivers of success for fast-growth Chinese businesses on a global stage - and the lessons for British brands. Speakers included Roberto Quarta, chairman of WPP, the world leader in communications services, and representatives from major Chinese brands such as Alibaba, the e-commerce, retail, Internet, AI and technology conglomerate which was ranked second in the BrandZ China Top 100 ranking having grown 53% year-on-year to achieve a brand value of $88.6 billion.
The growth of Chinese brands is due to the pace at which they are pursuing global expansion. Chinese brands are championing the nation's own call to go global, with innovation-driven development spurring inroads overseas as part of President Xi Jinping's 'Belt and Road' initiative. BrandZ reported the total brand value of China's Top 10 brands grew more than double that of US brands last year (47% versus 23% year-on-year) and that, overall, the China Top 100 grew 80% over five years, outpacing the BrandZ Global Top 100 which grew 27%.
David Roth, Chairman of BrandZ and BAV Group WPP said: "Companies that back their brands with the power of creativity and ideas will be the winners in today's world of innovation and change - and China excels in this respect. China is WPP's third largest market and for the creative industries in particular there are vast opportunities to support and do business with one of the most competitive markets in the world.
"Today 14 Chinese brands appear in our BrandZ list of the Top 100 Most Valuable Global Brands compared with just one in 2006. Moreover, trailblazing Chinese brands also dominate the fastest risers and British brands that can align themselves with them stand to reap the benefits."
Other dignitaries at the BrandZ event included Minister Ma Hui of the Chinese Embassy in London and Sir Geoffrey-Clifton Brown MP, the Chair of the APPG for International Trade and Investment, Conservative Party Board Member and Chairman of the Conservative Friends of the Chinese. The BrandZ Global Brand Builders highlight the Chinese brands making an impact with consumers in international markets. BrandZ reports and rankings offer unparalleled insight into what consumers think of brands are available online and via the BrandZ app which is free to download from www.brandz.com/mobile, iTunes or Google Play.
BrandZ is the world's largest and most definitive brand building platform, calculating brand value by combining financial and market data with primary research data from interviews with more than 3.6m consumers in 51 countries on their views about over 122,000 brands. BrandZ is trusted by many of the world's most established financial institutions, with the BrandZ valuations fed directly into the Bloomberg terminals, used by over 300,000 of the world's most influential decision makers. BrandZ is the only brand valuation ranking that takes into account the opinions of consumers - the people who buy from brands and whose daily spending decisions determine their rise and fall. This insight into consumers allows us not only say if a brand's value has increased or decreased but also look into our data and pinpoint why.
About the BrandZ Top 100 Most Valuable Chinese Brands 2018
The BrandZ Top 100 Most Valuable Chinese Brands 2018 is the most definitive and robust ranking of Chinese brands, combining trusted financial data from Bloomberg and Kantar Worldpanel with consumer opinions gathered from interviews with over 400,000 Chinese consumers to give a dollar value to how brand powers business. In 2018, the brands achieved record growth with a 23% rise in brand value, from $557.1 billion last year to $683.9 billion in 2018. This represents the greatest one-year growth since the BrandZ China Top 100 ranking was first published in 2014.
2018 China Top
100 Brand YoY Brand
Rank 2018 Brand Category (Millions $) change
1 Tencent Technology 132,213 25%
2 Alibaba Retail 88,623 53%
3 China Mobile Telecom Providers 49,231 -15%
4 ICBC Banks 37,213 18%
5 Baidu Technology 24,990 5%
6 Huawei Technology 24,115 18%
7 Moutai Alcohol 23,175 43%
8 Ping An Insurance 22,363 36%
9 China Construction Bank Banks 20,120 9%
10 Agricultural Bank of China Banks 16,158 9%
About BrandZ™ Top 50 Chinese Global Brand Builders 2018
The BrandZ 'Brand Power' score represents the strength of the brand from the perspective of overseas consumers in important country markets. The score is calculated using an algorithm applied to 168 Chinese brands across 12 product categories.
% Change 2018 vs
Rank 2018 Brand Category Brand Power 2018 2017
1 Lenovo Consumer Electronics 1,697 1%
2 Huawei Consumer Electronics 1,530 22%
3 Alibaba E-commerce 1,101 5%
4 Xiaomi Consumer Electronics 757 6%
5 Air China Airlines 730 3%
6 Elex Mobile Gaming 724 -22%
7 Anker Consumer Electronics 612 22%
8 Haier Home Appliances 578 1%
9 Hisense Home Appliances 530 10%
10 Cheetah Mobile Services 512 3%
WPP is the world leader in communications services. The company provides a comprehensive range of services including digital, ecommerce and shopper marketing; advertising & media investment management; data investment management; public relations & public affairs; brand consulting; health & wellness communications; and specialist communications. China is WPP's third largest market after the US and the UK. In Greater China, WPP companies generate revenues of $1.2 billion, with almost 10,000 people in Beijing, Shanghai, Guangzhou, Hong Kong and many other cities and provinces.
About Kantar Millward Brown
Kantar Millward Brown is a leading global research agency specialising in advertising effectiveness, strategic communication, media and digital, and brand equity research. The company helps clients grow great brands through comprehensive research-based qualitative and quantitative solutions. Kantar Millward Brown operates in more than 55 countries and is part of WPP's Kantar group, one of the world's leading data, insight and consultancy companies. Learn more at www.millwardbrown.com.