Chinese companies must develop their brands

Jack Trout, international brand strategist, said Chinese companies need to upgrade their brands to be successful as international brands in China.

China's manufacturing sector needs to shift from "world factories" to "world brands" to gain a competitive edge in the global market over the next few decades, Trout said.

He said China's tourism industry should focus on the country's rich history, cultural heritage and modern developments.

"The ancient modern country" can be China's tourism sector's new positioning, said Trout.

Market insiders said Chinese enterprises have benefited from making management more efficient and have made greater profits because of strategic branding.

Wu Jinglian, senior research fellow at the Development Research Center of the State Council and CEIBS Baosteel chair professor of economics, said the recent decision by China's top leaders to let the market play a decisive role in the nation's economic outlook may enable Chinese enterprises to compete more effectively.