• Sector: Financial services
• Headquarters: Beijing

China Construction Bank is another state-backed enterprise that showed only single-digit growth in brand value this year.

Deepender Rana, managing director of Millward Brown China, attributed the disappointing results to a sea change in economic priorities in China. After years of benefiting from preferential treatment, state-owned banks are out of favor. What matters now is innovation and an ability to compete on the world stage.

"What you are seeing is the state-owned enterprises and brands that are not responding to the market are the ones lagging behind," he said.

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