Chinese Tech Sector Strengthens, may Dominate Western Big Techs in the Future
Chinese market goes through significant economic changes in 2024. Globally, Chinese brands are climbing the ladder higher in the market. A 2024 survey shows the performance of some Chinese companies with the highest brand value. These companies help to improve the Chinese tech sector. Further, these brands will set global benchmarks driving Chinese economic growth.
According to the survey conducted in 2024, Chinese tech company Tencent is of the highest brand value. The company is valued at USD 129 billion, according to the survey results. It is best known for managing the WeChat app. Further, a reputed source mentions that WeChat drives the Chinese tech sector economically. Tencent is followed by Moutai and Alibaba, with a USD 87.3 and 68.5 billion brand value in 2024, respectively. Moutai regulates China's food and beverage sector, while Alibaba dominates e-commerce. Tencent drives the consumer's preferences, and another tech company, Douyin, works similarly. Douyin is valued at USD 56.9 billion brand value in 2024. The survey reveals that media and entertainment companies drive one-third of the total calculated brand value of up to USD 1 trillion. Along with that, consumer tech, retail, and financial services, among other sectors, contribute to brand value.
Researchers identify brand value growth in 2024 as a positive sign towards economic growth. Moreover, it lays down specific standards for the tech companies to improve significantly. The companies mentioned above, like Tencent, Moutai, Alibaba, Douyin, and other brands, are expanding due to innovative ideas. Hence, China's dynamic tech and industrial sector will help economic progress in 2024. Chinese companies can potentially challenge tech giants like Amazon, Meta, Google, and others in the future. However, Chinese companies can never dominate their Western counterparts. Instead, both Chinese and Western tech companies can coexist in the future.
