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Higher standards to increase consumer faith in brands

Author  :  ZHANG JIE     Source  :    Chinese Social Sciences Today     2017-07-12

Scholars called on the government to formulate higher industrial standards to build competitive Chinese brands during a seminar held at the Shandong Institute of Business and Technology from June 24 to 25.

In the past few years, China has made much progress in this aspect, creating a series of famous brands that are popular with consumers. Some brands of household appliances are competing in the international market while the high-speed rail and aerospace industries have become a source of national pride.

However, brand development in China is not proportionate to its rapid economic growth, and there are still prominent problems, such as low quality, weak R&D capacity and lack of brand consciousness, said Hou Yunchun, former deputy director of the Development Research Center of the State Council.

Though more than 220 Chinese products lead the world in terms of output among more than 500 international industrial products, only two Chinese brands were in the global top 100 in 2015 and 2016, and none were listed among Forbes’ 100 most valuable brands.

Credibility is the core of a brand, said Sun Yueyao, director of the Research Center for Brand Economics at Shandong University, adding that when products or services have good reputations, target customers will think it is less risky to purchase them. A task of brand building is to increase the credibility of brands and enhance efficiency of selection, he said.

Zhang Yun, a professor of business from the Central University of Finance and Economics, agreed, saying that it is necessary to construct a brand evaluation system while improving infrastructure to build a nationwide platform for sharing evaluation information.

Xie Jinghui, vice-president of the Shanghai Academy of Social Sciences, said China has yet to fully formulate domestic standards and adequately understand product standards in those countries along the “Belt and Road.” It is now urgent to set national and industrial standards for manufacturers, managers and consumers to ensure high quality, he said.

Editor: Yu Hui

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