David Haigh, chairman and CEO of name valuation consultancy Brand Finance, attributed the rising worldwide attraction of Chinese manufacturers to a mixture of technological sophistication, progressive design, excessive manufacturing requirements and aggressive costs.
LONDON, Oct. 16 (Xinhua) — Chinese manufacturers are breaking down prejudice by way of technological innovation and high-quality merchandise, and are gaining recognition, David Haigh, chairman and CEO of name valuation consultancy Brand Finance, has mentioned.
“I think if you look at Chinese brands, and you understand why they are doing well — there’s prejudice against Chinese brands, so the Chinese brands have got to be better than anybody else in order to succeed,” Haigh mentioned in a current interview with Xinhua on the sideline of the “Sunrise in the East” Brand Forum and the London cease of the Chinese Brands Global Journey on Wednesday.
Haigh mentioned whereas some worldwide shoppers nonetheless understand China primarily as a producer of low-cost items, extra Chinese firms are actually constructing international presence by way of their very own manufacturers, marking a brand new section of their worldwide enlargement and serving to to dispel such prejudices.
“They (Chinese brands) come up with amazing, interesting, innovative things where there’s no comparison, like Labubu. It’s just one of those things,” he mentioned.
Haigh attributed the rising worldwide attraction of Chinese manufacturers to a mixture of technological sophistication, progressive design, excessive manufacturing requirements and aggressive costs.
“If you look at the attributes (of Chinese products), it’s not just about price,” he mentioned, including: “Nowadays, they’re extremely well-designed. They have a lot of innovative devices. They’re well-manufactured to a high standard. The service is good. They’re quick. And on top of all of that, you get a low price.”
His personal expertise with Jaecoo, a Chinese automotive model, contributed to his notion. Having had the chance to expertise considered one of its automobiles, he was impressed by its high quality and worth.
“People just can’t believe that they’re better, and they are cheaper, and generally, you get better service,” he mentioned.
The rising success of Chinese manufacturers, he mentioned, echoes the expertise of American, German and Japanese manufacturers, which overcame preliminary skepticism to ascertain sturdy worldwide reputations.
Haigh arrange Brand Finance in 1996. According to the agency’s Global 500 rating launched in January this yr, virtually 70 Chinese manufacturers are actually among the many world’s high 500.
When the agency began to publish its related research within the 2000s, there have been virtually no Chinese manufacturers on the checklist, he mentioned, including that Chinese manufacturers are actually gaining recognition and rising quickly.
Most Chinese manufacturers nonetheless obtain most of their worth inside Chinese mainland, however the quantity which are rising their worth outdoors China is starting to speed up, he mentioned.