LONDON, Oct. 16 (Xinhua) -- Chinese brands are breaking down prejudice through technological innovation and high-quality products, and are gaining recognition, David Haigh, chairman and CEO of brand valuation consultancy Brand Finance, has said.
"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 said in a recent interview with Xinhua on the sideline of the "Sunrise in the East" Brand Forum and the London stop of the Chinese Brands Global Journey on Wednesday.
Haigh said while some international consumers still perceive China primarily as a manufacturer of low-cost goods, more Chinese companies are now building global presence through their own brands, marking a new phase in their international expansion and helping 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 said.
Haigh attributed the growing international appeal of Chinese brands to a combination of technological sophistication, innovative design, high manufacturing standards and competitive prices.
"If you look at the attributes (of Chinese products), it's not just about price," he said, adding: "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 own experience with Jaecoo, a Chinese automotive brand, contributed to his perception. Having had the opportunity to experience one of its vehicles, he was impressed by its quality and value.
"People just can't believe that they're better, and they are cheaper, and generally, you get better service," he said.
The growing success of Chinese brands, he said, echoes the experience of American, German and Japanese brands, which overcame initial skepticism to establish strong international reputations.
Haigh set up Brand Finance in 1996. According to the firm's Global 500 ranking released in January this year, almost 70 Chinese brands are now among the world's top 500.
When the firm started to publish its relevant studies in the 2000s, there were almost no Chinese brands on the list, he said, adding that Chinese brands are now gaining recognition and growing rapidly.
Most Chinese brands still achieve most of their value inside Chinese mainland, but the number that are growing their value outside China is beginning to accelerate, he said. ■