Private brands ready for takeoff in China

The combined brand value of Chinese enterprises rose significantly last year with growth being driven by market-driven brands or private companies without government backing, rather than State-owned enterprises, said a survey.

Market-driven Chinese brands almost doubled in value in 2014 from a year ago, while SOEs saw their share fall by 9 percent, said the 2015 BrandZ™ Top 100 Most Valuable Chinese Brands, released by global communications group WPP and global brand agency Millward Brown, in Beijing on Tuesday.

"However, SOEs continue to remain significant contributors to the overall ranking and still play a key role in China's broader economy. At the same time, their performance highlights the increasing competition from the private sector in China," said Doreen Wang, global head of BrandZ, Millward Brown.