Li Ning, the sportswear manufacturer founded by the eponymous Chinese gymnast and which had a prominent role in the Beijing Olympics, is trying to establish a greater presence in Western markets.

Lenovo, the Chinese computer manufacture, which bought IBM's PC-making business in 2005, is also increasingly selling its ThinkPad laptops too.

Haier, headed by chairman and chief executive officer Zhang Ruimin , continues to do well with its washing machines and other consumer electronic goods.

Zhang Zhiyong, chief executive officer and president of Li Ning, says that while trying to make Li-Ning a global brand is important, the company's key strength remained in the home market.

"China itself is a highly international market. To some extent, he who wins in China wins the world. The Chinese market is always the most important one," he told manamaga.com.

Liu Chuanzhi, chairman of Lenovo, says it is important for Chinese companies to be realistic when trying to take on the major global brands.

"To be honest, we are not capable of doing what Apple does but it is also not appropriate either," he told China Business.

"There is a gap between our capital raising ability and technological skills compared to the top international brands."

"Our plan is to gather the ability to keep pace with the major international brands and try and surpass them in some areas."

Martin Roll, business and brand strategist at the Martin Roll Company, formerly Venture Republic, says Chinese companies have to develop into truly world-class brands in order for China is to achieve its future economic ambitions.

"China cannot rely on low costs and high volume manufacturing. Another guy will come along tomorrow with even lower costs. China is already facing this problem. Shanghai, in particular, and the eastern coastal region is no longer a cheap place to manufacture anymore, " he says.

Roll sees developing brands as almost a defensive measure to maintain economic success.

"It is a way to protect yourself and add value. China is still manufacturing driven. They are starting to innovate and think about branding but they are not there yet."

Many experts believe China is following a path well-trodden by other major Asian economies in its brand development.