The headquarters of e-commerce giant Alibaba Group in Hangzhou, capital of Zhejiang province (CHINA DAILY) 

China recorded the biggest growth in brand value over last decade, nearly eight times faster than the overall growth of world's most valuable brands, according to a latest report from the Brand Finance, a global brand value consultancy in August.

"The country's impressive portfolio of high-performing brands has claimed nine spots among the top 10 brands with the largest increase in brand value over the last decade," said the consultancy in the China 500 2020, the annual report on the most valuable and strongest Chinese brands.

The combined brand value of Chinese brands in the Brand Finance Global 500 ranking of the world's most valuable brands has increased a whopping 1,100 percent from $111 billion in 2010 to $1,334 billion in 2020.

"This is by far faster than brand value growth recorded by brands from any other country, with – for instance – the United States seeing a 177 percent and Japan a 94 percent increase, and nearly eight times faster than the overall growth of brand value within the Brand Finance Global 500 ranking – 143 percent," the report said.

Alibaba ranks first as the world's fastest-growing brand, with a staggering 4,029 percent increase over last 10 years. Industrial and Commerce Bank of China retains top spot as the nation's most valuable brand. And WeChat is the nation's strongest brand.

"Valuable brands are the foundation of a successful modern economy, and China's conscious effort to develop and grow both domestic and international brands will undoubtedly help the country through the COVID-19 pandemic and the economic fallout that will follow. We are likely to see a drop in brand value of at least $1 trillion across the globe next year, but the headway made by Chinese businesses over the past decade will certainly cushion what could otherwise have been a heavy blow," said David Haigh, CEO of Brand Finance.