China will accelerate the development of a lineup of renowned Chinese consumer brands with corporate and regional brands as the main pillars, and strive to cultivate 1,000 high-quality brands with strong global recognition. The Famous Consumer Products Conference was held in Shenyang City, northeast China's Liaoning Province from Wednesday to Thursday, where industry associations from the light industry, textile, food and pharmaceutical sectors jointly issued an initiative on building world-class consumer brands. The initiative aims to strengthen innovation-driven development, enhance cultural empowerment, deepen extensive collaboration, and expand the global market of top-ranking consumer brands. The label for China’s famous consumer brands was unveiled at the event, alongside the signing of a framework agreement on an industrial matchmaking initiative that aims to formulate appropriate and precise policies for the consumer products sector development of different counties. These efforts aim to facilitate regional brands and emerging brands to benchmark themselves against and exchange with international brands, so as to enhance their product standards and service capabilities and improve their international competitiveness. "China will further advance the strategy [of increasing variety, improving quality and creating brands] in the consumer goods industry and develop an action plan to enhance the alignment between supply and demand of consumer products and to help expand consumption. Efforts will also focus on improving the traceability system for food quality and safety and accelerating the cultivation of a group of high-quality products and leading enterprises known for outstanding quality advantages and strong consumer reputation," said Xie Yuansheng, a member of the Party Leadership Group at the Ministry of Industry and Information Technology. Data showed that in the first quarter of this year, the added value of consumer goods industry above designated size (those with main business revenue of 20 million yuan or more, or about 2.8 million U.S. dollars) increased by 5.2 percent year on year, 0.7 percentage points higher than the growth rate for the whole of last year. The total retail sales of consumer goods exceeded 12.47 trillion yuan, marking a year-on-year increase of 4.6 percent. The figures indicated that the scale of the consumer market continues to expand, with a clear trend toward high-quality and upgraded consumption.
China to accelerate development of renowned consumer brands lineup
