Nation launches Chinese Brands Day in bid to boost domestic firms

Updated 2017-05-11 10:01:04 Global Times

China announced to mark May 10 as the Chinese Brands Day in an effort to improve the quality of domestic brands, a move experts said would support domestic enterprises in overseas markets.

Approved by the State Council, May 10 will be marked as the Chinese Brands Day starting this year, and the theme for this year is "Deepening the reform on supply and demand structures and entering into a new era of home brands," the Xinhua News Agency reported.

According to the official documents released by the State Council on May 2, the Chinese Brand Day is established in a bid to "upgrade the domestic supply and demand structures by improving the quality of home-grown brands."

Wang Dong, a senior official with the National Development and Reform Commission, told a press conference on Tuesday that the Chinese Brands Day will be beneficial to the development of Chinese brands, and will help cultivate and protect local brands, and burnish their image in the domestic as well as overseas markets. Compared with brands of developed countries, Chinese brands have less international influence and commercial value, said Wang, noting that authorities would facilitate coordination to boost Chinese brands.

The State Council document also noted that to enhance the quality of Chinese brands, it needs to speed up the transfer of government functions, strengthen support policies, expand the publicity of brands with independent intellectual property rights, and encourage the consumption of these brands.

"The establishment of the Chinese Brands Day will also bolster the presence of Chinese enterprises around the world," said Wang Qian, an expert on intellectual property and professor from the East China University of Political Science and Law. Wang noted that Chinese enterprises also need to develop themselves and protect their interests through legal means.

China has put more emphasis on self-innovation recently and many Chinese brands have achieved more global recognition and popularity, according to a report from people.cn on Wednesday.

The report cited Yu Sicheng, vice president of Alibaba, as saying that the growth rate of Ali Cloud business exceeded 400 percent in the past year, which helped more than 100,000 Chinese enterprises develop their overseas businesses.

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