Brand Finance logo

Chinese Brands Grow Eight Times Faster Than Global Average

27 August 2020
This article is more than 3 years old.
  • China records biggest growth in brand value in Brand Finance Global 500 ranking over last decade, nearly 8 times faster than overall growth of world’s most valuable brands
  • China is home to world’s fastest growing brands, grows staggering 4029% over last 10 years
  • ICBC retains top spot as nation’s most valuable brand in latest Brand Finance China 500 2020 report, brand value breaks US$80 billion mark
  • Ping An’s Good Doctor delivers growth as brand jumps to second position following 20% brand value increase
  • Huawei bucks sector trend, brand value up 5% to US$65.1 billion
  • POWERCHINA is highest new entrant in 49th position
  • Beijing is most valuable region, home to 100 brands with a cumulative brand value of US$787.2 billion
  • MG is China’s fastest-growing brand up an impressive 145%
  • WeChat is nation’s strongest brand, Brand Strength Index (BSI) score 92.9 out of 100

View the Brand Finance China 500 2020 report here

点击此处阅览《Brand Finance 2020年中国品牌价值500强》报告中文版

点击此处阅览《Brand Finance 2020年中国品牌价值500强》新闻稿中文

China saw more brand value growth over the past decade than any other country in the world, according to the latest Brand Finance China 500 2020 report. The country’s impressive portfolio of high-performing brands has claimed 9 spots among the top 10 brands with the largest increase in brand value over the last decade, leading to a whopping 1100% increase in the combined brand value of Chinese brands in the Brand Finance Global 500 ranking of the world’s most valuable brands – from US$111 billion in 2010 to US$1,334 billion in 2020. This is by far faster than brand value growth recorded by brands from any other country, with – for instance – the United States seeing a 177% and Japan a 94% increase, and nearly eight times faster than the overall growth of brand value within the Brand Finance Global 500 ranking – 143%.

At the same time, looking beyond the global landscape and directly at the domestic Brand Finance China 500 ranking, the value of China’s top 100 brands has increased by 751% over the past decade – from US$175 billion in 2010 to US$1,486 billion in 2020. The combined value of the top 500 Chinese brands stands at an even more impressive US$1,862 billion, up from US$1,810 billion last year. What is more, the number and value of Chinese brands offering products and services abroad has increased over the past year. Among the country’s top 500 brands included in the Brand Finance China 500 ranking, compared to 2019, 10 more brands can boast deriving at least 5% of their brand value from overseas operations, bringing the total to 177. Their combined brand value accounts for 27.6% of the total brand value in the ranking, up from 25.7% last year.

David Haigh, CEO of Brand Finance commented:

“Valuable brands are the foundation of a successful modern economy, and China’s conscious effort to develop and grow both domestic and international brands, will undoubtedly help the country through the COVID-19 pandemic and the economic fallout that will follow. We are likely to see a drop in brand value of at least US$1 trillion across the globe next year, but the headway made by Chinese businesses over the past decade will certainly cushion what could otherwise have been a heavy blow.”

The world’s fastest-growing brands is iconic of China’s growth over the last 10 years, boasting the largest increase in brand value globally – up by a staggering 4029% to US$18.8 billion, and claiming 22nd spot in the Brand Finance China 500 2020 ranking. is the namesake of its parent company Alibaba Group, which is largely described as China’s answer to Amazon, and has become one of the most well-known brands in the world. The brand’s success is largely due to the competence of founder, Jack Ma, who was able to harness the potential of a huge untapped B2B e-commerce market, creating a platform for Chinese SMEs and entrepreneurs to sell to the global B2B market. Twenty years since its founding, remains a platform player able to provide a trusted, seamless experience for buyers and sellers around the world to do business together. The rise in brand value of is inherently tied into the success of the Alibaba brand at a group level, and the associated skyrocketing rise of its sub-brands Taobao and Tmall, now both ranking even higher – 13th and 15th respectively – than itself.

Other Chinese tech brands also feature among the world’s top 10 fastest growing, with NetEase seeing a spectacular 2995% growth over the past decade and Tencent (QQ) close behind with a 2310% increase. In the Brand Finance China 500 2020 ranking, the brands have claimed 30th and 10th positions respectively. With a formidable presence in the gaming industry, Tencent (QQ), continues to command the sector. QQ has focused on increasing its popularity with the younger generations through expanding its entertainment packages to mini games. Furthermore, since the COVID-19 outbreak, the brand’s School-plus-Home groups – which facilitates both online and offline education – have served a staggering 120 million users.

Chinese baijiu brands – namely, Moutai (up 3460% to US$39.3 billion), Wuliangye (up 1634% to US$20.9 billion), Luzhou Laojiao (up 1460% to US$5.6 billion), and Yanghe (up 1283% to US$7.7 billion) – have also performed exceptionally over the last 10 years, boosting China’s overall brand growth. The spirits market in China is flourishing as disposable income and living standards continue to rise across the nation. Consumers are now turning towards top quality and middle- to high-end premium baijiu brands. In this year’s Brand Finance Spirits 50 ranking of the industry’s most valuable brands, Chinese spirits’ brand values increased by 14% on average, while non-Chinese spirits brands decreased by 0.1% on average.

In particular, Moutai and Wuliangye have seen impressive growth over the past year, up 29% and 30% respectively. Rising to 11th spot in the Brand Finance China 500 2020 ranking, Moutai continues to dominate as the biggest player in the Chinese baijiu market and has focused on expanding its footprint and presence globally, with international sales reaching a record US$369 million last year. Wuliangye has also benefited from a particularly strong financial performance last year, doubling in enterprise value following a boom in the stock market. The brand has recently signed a strategic partnership with Pernod Ricard to support both companies’ goal of accelerated development within the Chinese and wider Asian markets. Furthermore, Wuliangye has opened marketing centres in Asia-Pacific, Europe, and America, to promote the brand internationally.

Chinese banks maintain lead

Looking at the country’s most valuable brands, ICBC retains the top position in the Brand Finance China 500 2020 ranking with its brand value reaching US$80.8 billion. It is also the world’s most valuable banking brand. The year-on-year increase of 1% is nonetheless very modest compared to the brand’s average growth rate of 23% over the past decade. Nevertheless, ICBC is China’s biggest lender; the bank has reduced non-performing loans to less than 1.5% and enjoys the loyalty of well over 600 million customers. ICBC also continues to explore new business opportunities, growing in both investment banking and asset management. The bank is also involved in joint ventures with overseas partners and has embarked on blockchain-oriented initiatives.

China’s banks have been affected by the now-curtailed trade war with the US and there have been concerns about big lenders being forced to relax their underwriting policies to stimulate the country’s economy, however, banking remains the country’s most valuable sector. With 79 brands in the Brand Finance China 500 2020 ranking, the banking industry accounts for 23% of the total brand value in the country. Alongside ICBC, three other banking brands appear in the national top 10, although China Construction Bank (4th, US$62.6 billion), Agricultural Bank of China (6th, US$54.7 billion), and Bank of China (8th, US$50.6 billion) all saw a dip in brand value this year.

Ping An’s Good Doctor delivers growth

Taking advantage of the drop in China Construction Bank’s brand value, Ping An has jumped up to 2nd position in the Brand Finance China 500 2020 ranking, having recorded an impressive 20% brand value growth to US$69.0 billion, extending its lead further as the world’s most valuable insurance brand. The brand’s commitment to expanding its portfolio and offering in the non-insurance and digital disruption space is truly setting it apart from its peers. Most notably, the brand’s foray into health technology through its Good Doctor service has propelled Ping An even further into a league of its own within the insurance sector. With a staggering 315 million registered users and nearly 70 million monthly active users, as at the end of 2019, it has become the largest mobile medical app in China in terms of coverage. Despite COVID-19 impacting Ping An’s life insurance business, the sheer boom in registrations for Good Doctor should offset this loss.

Four other insurance brands feature in the top 50: China Life (16th, down 4% to US$25.5 billion); AIA (23rd, up 17% to US$18.2 billion); CPIC (26th, up 31% to US$14.0 billion), and PICC (37th, up 20% to US$11.0 billion). With the next insurance brand in the ranking only half the size of PICC, there is a distinctive gap between the ‘Leading 5’ Chinese insurance brands and their counterparts further down the league table. Competition between the top 5 remains fierce and it is unlikely that smaller Chinese brands will be able to compete with them in the near future.

With a brand value growth of 31% to US$14.0 billion, CPIC is the fastest growing among the ‘Leading 5’. With no dramatic increase in marketing spend, CPIC has smartly invested in its sponsorship programme of the Chinese women’s volleyball team which has boosted the awareness and trustworthiness of the brand. CPIC is currently in the implementation phase of its new CPIC Service, where the company will combine its brand management system with products and services, with the aim of providing a unique customer experience. This move should build CPIC’s brand recognition as well as nurture customer loyalty. The insurer will be looking to continue providing great service to support its brand and business growth as it builds up to its 30th anniversary in 2021.

Telecoms call for help while Huawei powers ahead

Despite many success stories, there are also sectors suffering from a slowdown. All but one telecom brands in the Brand Finance China 500 2020 ranking have dropped down the ranking, with the most valuable among them, China Mobile falling from 5th to 9th this year. Big telcos are being squeezed from all sides as OTT messaging apps are impacting voice and SMS revenue, and challenger brands offer comparable data services at below-market rates, leading to fierce price competition and decreasing margins. Despite a drop by 12% to US$49.0 billion, China Mobile has been powering ahead with its 5G+ Plan, which focuses on its four main growth engines: customer, home, business, and new markets. Having been granted its 5G license in June 2019, the brand has accelerated the process through a launch across 50 cities, assimilating emerging technologies such as AI, IoT, and cloud computing, and developing ever-more critical capabilities. Against the backdrop of the COVID-19 outbreak, China Mobile – alongside other telecom brands – must now seize upon the opportunities from businesses and customers working from home and requiring more digital and cloud-based services.

Clearly the next big opportunity for the telecom industry, the 5G space is inviting fierce competition, with infrastructure and handset brand Huawei expanding into markets traditionally covered by Western providers. Despite sparking controversy, the Chinese giant is making clear headway, and with a brand value of US$65.1 billion, it is the 3rd most valuable brand in China and counts among the world’s top 10 most valuable brands for the first time.

Chinese industry shows resilience

The largest utility brand in the world, State Grid has climbed to 5th position in the Brand Finance China 500 2020 ranking, recording solid brand value growth, up 11% to US$57.0 billion. Supplying power to over 1.1 billion people and covering 88% of Chinese national territory, the brand is increasing its focus on CSR initiatives, through funding charities and committing to poverty alleviation. State Grid has also supported China’s push to become a greener, more environmentally friendly nation, with a clear target to be the advocate and leader of Ubiquitous Electric Internet of Things.

In the engineering and construction sector, China State Construction Engineering Corporation (CSCEC) has overtaken America’s General Electric to become the industry’s most valuable brand, despite recording a 3% drop in brand value to US$24.8 billion. It ranks 17th in the Brand Finance China 500 2020 ranking.

Another engineering and construction brand, POWERCHINA is the most valuable new entrant to the Brand Finance China 500 2020 ranking, claiming 49th spot in the national classification. As one of China’s biggest multinationals, POWERCHINA has established itself as a leading enterprise in the hydropower industry both on home soil and internationally. Furthermore, the brand has benefited from the Belt and Road Initiative, which has not only allowed POWERCHINA to increase its international exposure – one third of its business is currently from overseas – but to win numerous projects by sharing advanced technologies.

Scott Chen, Managing Director, Brand Finance China, commented:

“President Xi Jinping’s Belt and Road Initiative has successfully propelled Chinese engineering and construction brands onto the global stage and has been the main impetus for their solid performances in the Brand Finance rankings. These brands’ resilience and strength have been put to the ultimate test, however, as COVID-19 engulfs not only the Chinese but global economy. With life making a slow return to normal across the nation, these brands will hope to bounce back, minimising risk to their brand values in the coming year.”

WeChat – strongest brand

Aside from calculating overall brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Along with the level of revenues, brand strength is a crucial driver of brand value.

According to these criteria, WeChat has claimed the title of China’s strongest brand, thanks to the elite AAA+ brand strength rating and a corresponding BSI score of 92.9 of out 100. With over one billion monthly users, the app has positioned itself as essential for everyday communication in China. WeChat has significantly broadened its proposition since its inception, successfully leveraging its brand to develop an extraordinary level of vertical product integration. With WeChat Pay now being accepted in more than 60 countries and the platform opening to international travellers in China for the first time, the brand has set its sights on global markets. As WeChat’s brand strength has flourished so has its brand value, increasing 7% year on year to US$54.1 billion.

Regional analysis

Beijing, Guangdong, Zhejiang, Shanghai, and Hong Kong contribute the most brand value to this year’s Brand Finance China 500. Beijing remains in a league of its own, however, with its 100 brands in the ranking reaching a cumulative brand value of US$787.2 billion, equating to a staggering 42% of total brand value.

On the other hand, the number of brands in the Brand Finance China 500 2020 ranking coming from the Greater Bay Area, which includes Guangdong, Hong Kong, and Macau have increased from 135 brands in 2019 to 138 brands in 2020, with a total value of US$532.6 billion, which accounts for more than a quarter of the total brand value in the table. The great performance of the region demonstrates the success of China’s Reform and Opening-Up policy on Shenzhen’s 40th anniversary.

Real estate brands – local and global pride

35 real estate brands, with a total brand value of US$157.2 billion feature in this year’s ranking. Chinese brands dominate the sector globally, claiming 21 spots out of 25 in Brand Finance’s ranking of the world’s most valuable real estate brands.

Joy City (brand value US$2.7 billion) remains the real estate sector’s and Beijing’s strongest brand with a Brand Strength Index (BSI) score of 88.2 out of 100 and a corresponding AAA brand strength rating. Renowned for its shopping malls in particular, Joy City has a solid reputation across China for being a trendy, forward thinking, high quality brand that focuses on enhancing urban lifestyle. In May last year, the brand launched Le Joy Hotel, the group’s first hotel brand, further expanding its portfolio of properties.

Scott Chen, Managing Director, Brand Finance China, commented:

“As with all real estate brands across the sector, Joy City will have to learn and grow from the repercussions of and trends borne out of the COVID-19 pandemic. With a large chunk of the brand’s revenue hailing from its shopping mall business, Joy City will have to be ready to tackle the challenges of the steep rise in demand for online shopping and prolonged social distancing rules, which will no doubt have implications for the popularity of malls in general.”

The fastest-growing real estate brand, CK is also Hong Kong’s fastest-growing brand, with its brand value growing an impressive 47% to US$2.6 billion. In 2019, CK completed its acquisition of Britain’s largest pub and brewery company, Greene King, in a US$5.6 billion deal. This foray into British pub culture, has seen CK acquire an impressive 2,700 pubs, restaurants and hotels across the UK.

Maintaining the title of the world’s most valuable real estate brand, Evergrande ranks 20th overall in China, despite only recording a marginal 1% increase in brand value to US$20.6 billion. With more than 870 projects across more than 280 cities in China, Evergrande continues to dominate the space, with considerable market share and thus solid revenues. Committed to expanding its repertoire beyond the traditional real estate space, the brand has recently ventured into the electronic vehicle market investing a staggering US$23 billion dollars into the construction of three EV plants in the Guangzhou province, with the ultimate aim of becoming the world’s largest new energy vehicle company. This venture has rendered mixed results, however, with considerable losses recorded at the beginning of this year. Evergrande has also focused on building the tourism arm of the Group namely through its Evergrande Fairyland and Evergrande Water World projects.

Auto brands racing for success

MG is not only the fastest-growing brand in Shanghai, but also the fastest-growing brand in China, following an impressive 145% brand value growth to US$517 million, simultaneously jumping 116 spots from 467th to 351st. The Chinese-owned British car brand has celebrated year-on-year sales growth with strong performances across its key markets including China, the UK, Australia, New Zealand, and India. Parent company SAIC, however, has its sights set on positioning MG as a truly global brand, with plans in motion to expand and diversify with the launch of its electric models.

Other Chinese auto brands have also posted strong performances, especially Song, Changan, Great Wall, and Roewe. Song has benefited from the stellar success of its Song Max model, launched in 2017, and its brand value has risen by 63% to US$959 million. Changan and Great Wall – primarily SUV-focussed brands – have continued to grow as their model specialism remains popular. Roewe performs strongly, a result of the brand’s commitment to embracing electric and hybrid models effectively. Overall, however, Chinese automobile brands have fallen in brand value due to slowing growth – something the COVID-19 pandemic will no doubt exacerbate. Nevertheless,

Food for thought for restaurant chains

The nation’s most popular hot pot restaurant, Haidilao, is the second-fastest growing brand in this year’s ranking only behind MG, up a staggering 136% to US$4.7 billion, jumping 66 spots in the ranking from 139th to 73rd. This impressive growth has thrust the brand to the forefront of the restaurants sector among the traditional American heavyweights. Serving more than 100 million customers a year, Haidilao prides itself on its best-in-class customer service, a key driver towards the brand’s pursuit of perfecting the dining experience. The brand has continued to focus on its expansion programme, both at home and abroad, with over 300 stores opening globally last year, with Haidilao aiming to have 1,000 stores worldwide by the end of 2020.


View the Brand Finance China 500 2020 report here

Note to Editors

Every year, Brand Finance values 5,000 of the world’s biggest brands. The 500 most valuable Chinese brands are included in the Brand Finance China 500 2020 report.

Brand value is understood as the net economic benefit that a brand owner would achieve by licensing the brand in the open market. Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors.

Additional insights, more information about the methodology, as well as definitions of key terms are available in the Brand Finance China 500 2020 report.

Data compiled for the Brand Finance league tables and reports are provided for the benefit of the media and are not to be used for any commercial or technical purpose without written permission from Brand Finance.

Media Contacts

Penny Erricker
Communications Executive
Brand Finance

About Brand Finance

Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance for more than 25 years, Brand Finance evaluates the strength of brands and quantifies their financial value to help organizations of all kinds make strategic decisions.

Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.

Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on over 5,000 brands, surveying more than 150,000 respondents across 38 countries and 31 industry sectors. Combining perceptual data from the Global Brand Equity Monitor with data from its valuation database enables Brand Finance to arm brand leaders with the data and analytics they need to enhance brand and business value.

Brand Finance is a regulated accountancy firm, leading the standardization of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.

Definition of Brand

Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.

Brand Strength

Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.

Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.

Brand Valuation Approach

Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.

The steps in this process are as follows:

1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.

2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.

3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.

4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.

5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.

6 Apply the royalty rate to the forecast revenues to derive brand revenues.

7 Discount post-tax brand revenues to a net present value which equals the brand value.


Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.

The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.

Get in Touch