CMG event highlights global competitive edge of Chinese brands

Attendees at a China Media Group (CMG) event expressed enthusiasm for the growing trend of Chinese brands moving up the global value chain, producing and marketing high-quality products that are redefining the image of China-made products.

The CMG's CCTV business channel recorded its New Year's Eve Speech program at the National Aquatics Center in Beijing on Thursday evening. The event invited business leaders from prominent Chinese manufacturing enterprises to share their experiences in expanding into global markets.

"When Chinese brands go global, what people truly experience is a transformation in their quality of life. In product development, we prioritize meeting consumer needs through technological innovation. Gree's slogan is 'Made in China, Loved by the World.' We want people to understand China through the use of our products," said Dong Mingzhu, chairwoman of Gree Electric Appliances, a leading home appliance giant.

Other speakers shared their insights on the globalization process of Chinese brands, emphasizing how innovation and quality have enabled Chinese companies to make a global impact and demonstrate their international competitiveness.

As part of this globalization process, Chinese enterprises are actively integrating into local communities and contributing to the development of local industrial chains.

"In recent years, we have focused on the domestic market while expanding internationally, working tirelessly to enhance the global influence of Chinese clothing brands and amplify China's voice in international fashion. With China's growing overall strength, Chinese brands are now accelerating their movement toward the mid-to-high end of global value chains. We firmly believe that in the future, more Chinese brands will step onto the global stage," said Gao Dekang, founder and chairman of Bosideng, one of China's leading clothing brands.

The program will be broadcast at 22:30 on December 31st, New Year's Eve.

CMG event highlights global competitive edge of Chinese brands

China's current account surplus reached 241.3 billion U.S. dollars in the first three quarters of 2024, according to data released by the State Administration of Foreign Exchange on Friday.

The current account surplus to gross domestic product (GDP) ratio stood at 1.8 percent during this period, remaining within a reasonable and balanced range, while cross-border capital flows were generally stable, said the administration.

Among these, the export and import of goods with balance of payments significance grew by 6 percent and 3 percent, respectively, compared to the previous year, while the trade surplus in goods reached a historic high during the same period.

In the first three quarters, China's foreign investment continued to grow steadily, with a net increase of 314.9 billion U.S. dollars in financial account assets. All forms of investment in China showed a net inflow, including a net inflow of 93.1 billion U.S. dollars in securities investment, marking the fourth consecutive quarter of positive inflows. Additionally, foreign investors' allocation of RMB assets saw an increase.

The country's balance of payments is primarily divided into two main categories -- the current account and the capital and financial account. The current account is closely linked to transactions in the real economy, and its balance is a commonly used standard in international economic analysis. China has maintained a current account surplus for many consecutive years. Since 2011, the ratio of China's current account surplus to its GDP has consistently remained below 3 percent.

China's current account surplus hits 241 billion USD in first three quarters