China will increase policy support for its century-old traditional brands as many of them are struggling amid a rapidly changing domestic market.

 

中国将加大对有百年历史传统品牌的政策支持，其中的一些品牌在迅速变化的国内市场中苦苦挣扎。

 

The Ministry¹ of Commerce (MOC) and 15 other central authorities have jointly² published a general plan to bring new life to long-established brands, to preserve and improve traditional techniques, improve online and offline integration³, and strengthen brand protection.

 

Under the plan, such brands will be encouraged to carry out ownership reforms and receive favorable policies in fund-raising.

 

There are currently 1,128 time-honored brands, or "laozihao" in Chinese, that have obtained official recognition from the MOC, and the companies date back about 160 years on average. More than 60 percent are engaged in pharmaceuticals⁴, food and catering⁵.

 

However, only about ten percent of "laozihao" are fit for the demands of the modern economy, such as Quanjude, a Beijing-based restaurant known for its roast duck. Many of the laozihao have limited popularity, run in small-scale workshops and barely keep afloat.

 

"Commonly small and medium-sized enterprises, the brands are facing a survival crisis due to their lack of competitiveness and their vulnerability to fierce competition amid rapidly-evolving technologies and business models," an industrial insider told the Economic Information Daily.

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