China’s Ministry of Commerce recognizes 1,000 companies as time-honored brands. Called Laozihao, these companies have endured the tests of China’s metamorphosing markets, particularly the challenges that have sprung up since the 1970s, when the country’s opening-up policies resulted in a deluge of international brands. In recent research we identified current management issues and developed concepts for survival in today’s marketplace.
The book is in progress and will be published in English and Chinese language in 2013. The historical background will be explained and options for future development analyzed and various case studies will be shown.
CHINESE TRADITIONAL BRANDS FOR THE WORLD – Developments and Perspectives of Time-Honored Brands (THB) in China
Many of the traditional brand names have been overshadowed by modern international brands. This article is the first to address this development. It analyzes and describes the development and current situation of time-honored brands in China and discusses the chances for reviving and promoting recognition around the world.
The research is based on a thorough examination of local Chinese sources and interaction with government institutions. After the analysis of the literature, the specific situations in Beijing, Shanghai and Hangzhou were analyzed.
The paper comes to the conclusion that in contrast to many other countries, China’s rapid transition to the modern economy challenges the traditional brands enormously, not just economically but culturally. Through the introduction of the special title “Time-Honored Brands” (THBs) and special initiatives, resources have been allocated to identify and promote these brands. As laid out in this paper, the challenge is not easy to overcome, but it may be crucial to the survival of Chinese culture in the future.
With this paper groundwork has been laid. Therefore, the findings can only be considered as initial and future research is needed.
The discussion of Time-Honored Brands is one aspect of China’s drive to establish its identity in the business world. This paper strives to make a small contribution by opening up this conversation to the international business community by shedding some light on a few selected aspects and locations.
Presented at the China Goes Global Conference 2012 – Visit China Goes Global online or Visit the Chinese Globalization Association online
For more information read All About China’s Time-Honored Brands