Chinese brands increased their presence on the global playing field, according to a market-research report.
A record high 18 Chinese companies entered the 2021 BrandZ Top 100 Most Valuable Global Brands ranking, compared with 17 in 2020.
The top 10 saw Tencent outperform Alibaba this year, ranking fifth and seventh in brand value, respectively.
The brand value of Chinese firms grew significantly among international competitors, with TikTok skyrocketing 158 percent to become the second-biggest riser after Tesla.
Social commerce platform Pinduoduo – a newcomer not on last year’s list – saw its brand value surge 131 percent.
An advantage of Chinese brands is the ability to react swiftly to changes, including the pandemic and new consumer demands, Doreen Wang, Global Chair of Kantar BrandZ said.
She noted, “Chinese firms respond faster than local brands anywhere in the world.”
This leads Chinese firms to steer innovation.