Living the Chinese dream

Held in London, UK on 24 February, the theme of the half day seminar revealing WPP and Millward Brown’s BrandZ Top 100 Most Valuable Chinese Brands 2014 was China’s social and economic rebalancing. China is currently addressing some of the unintended consequences of the past 30 years of rapid development, such as air pollution, while working to ensure healthy and steady future growth. And experts believe this rebalancing could exert influence equivalent to the reform and opening up of 1978.

The seminar opened with David Roth, CEO of The Store WPP, EMEA and Asia, introducing the Rt Hon Michael Fallon MP, Minister of State for Business and Energy. Fallon drew attention to Prime Minister David Cameron’s description of the UK’s relationship with China as an “indispensable relationship”, saying that the UK must begin to view its relationship with China as it views its relationship with the US. "China is rebalancing and perhaps slowing a little. But the focus of the Chinese government is now on quality of growth, not ‘growth at any cost’, and this is a positive transition from export led growth to an advanced and consumer led economy,” he said. Driving the “Chinese dream” is the country’s 600 million-strong middle class, added Fallon, noting the importance of studying their growing demand for financial, professional and educational services, as well as for consumer goods.