China's share of global brand value has increased from 3 percent to 15 percent in the past decade, with ICBC emerging as the most valuable Chinese brand, according to a new report.
Brand Finance, a London-based brand valuation consultancy, released its latest Global 500 report on Wednesday.
ICBC is the only Chinese brand in the top 10 global list, valued at $59.18 billion, followed by China Construction Bank at 11th. Alibaba, ranked 12th, is the most valuable Chinese technology brand, followed by other tech companies including Tencent in 21st, WeChat in 49th, and Baidu in 57th.
Since 2008, the value of Chinese brands has grown nearly nine times, to $911.5 billion.
The State Grid, a State-owned Chinese utilities company, is the highest new entry on the list, claiming 19th place with a brand value of $40.9 billion.
The fastest-growing brand in 2018 also comes from China. Alcoholic drink maker Wuliangye grew a striking 161 percent, to $14.6 billion, rising 184 places to 100th.
David Haigh, CEO of Brand Finance, said: "The growth of Chinese brands is once again the standout story in our annual study of the world's most valuable brands."
He said since the 19th CPC National Congress, there has been a "renewed emphasis on brand development by Chinese companies in all sectors. While China had been pursuing a dual strategy of building home-grown brands but also acquiring underperforming international brands … the emphasis is now firmly on home-grown brands."
Haigh singled out Huawei, Ping An, State Grid, Evergrande, ICBC, Yili, Haval, and Wuliangye as ones that now have global recognition.
Amazon, with a value of $150.8 billion, is the world's most valuable brand, ahead of Apple, and Google.
The report says Amazon is no longer just an online retailer, but also a provider of cloud infrastructure and producer of electronics. Last year, its takeover of Whole Foods for $13.7 billion gave it a bricks and mortar foothold.
Although Apple defended second place with a brand value that rebounded to $146.3 billion after a 27 percent decline the previous year, Haigh said its future depends on it diversifying and becoming less dependent on the sale of iPhones, which account for two thirds of revenue.
With the advent of emerging brands like Huawei, Apple's focus on luxury products may cost it some of the global market, limiting the potential for brand value growth.
Google has dropped from first to third, reflecting a relatively slow brand value growth of 10 percent, to $120.9 billion.