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Haier tops list of admired brands

By Jin Jing (China Daily)
Updated: 2006-11-15 09:27

Already one of the country's most famous brands, Haier Group was yesterday awarded the title of "China's Most Admired Company" for 2006, based on the findings of a survey conducted by Fortune China and Chinese firm Hay Group.

This is the first time a Chinese company has been involved in compiling the list, which this year ranked Lenovo Group and Baosteel in second and third place.

"We conducted the survey to introduce the achievements of top Chinese companies to the world," said Chen Wei, general manager of Hay Group.

"It is also a good opportunity for Chinese companies to learn from domestic and world-famous companies," he added.

Haier Group, which was founded in 1984 and has headquarters in Qingdao, East China's Shandong Province, is now one of the world's leading domestic appliance manufacturers.

"Haier has succeeded because of its endless pursuit of innovation," said Zhang Ruimin, president of Haier Group.

Haier's earnings totalled 150 billion yuan (US$18.75 billion) in 2005.

Hay Group, a global management consulting firm, worked with Fortune Magazine to conduct research to determine the world's most admired companies since 1997.

"So far, Chinese companies have lacked international scope," Chen said.