Date
20 July 2018

State firms urged to raise brand value, report says

The central government has urged state-owned enterprises to focus on strengthening their brand value, noting that the lack of world-renowned brands is the most serious weakness of China’s SOEs, Xinhua news agency reported on Tuesday. Although 45 Chinese SOEs have made it to the list of the world’s top 500 companies that consultants Interbrand compiled earlier this year, none was a globally leading brand, Huang Shuhe, deputy chairman of the State-owned Assets Supervision and Administration Commission (SASAC), was quoted as saying at a forum in Beijing on Tuesday. Huang said 20 percent of the world’s major brands have monopolized 80 percent of markets worldwide, noting that “a company without a brand is destined to become a factory providing hard labor”. The SASAC is considering factoring brand value into its assessment of SOE performance and special rewards may be granted to SOE managers for achievements in brand building, the report said.

– Contact HKEJ [email protected]

CG

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