Chinese brands have excelled again this year despite economic uncertainties in China and around the world, according to an industry report released on Friday.

The Kantar BrandZ Top 100 Most Valuable Chinese Brands Ranking and Report 2023 showed that the combined value of the 100 most valuable Chinese brands reached more than $1 trillion, which is 13 percent higher than the pre-pandemic level in 2019.

Tencent with $144.10 billion brand value retains the top spot for the third year running, mainly thanks to the strategy of "planting roots in consumer internet, embracing industrial internet and promoting sustainable social value innovation" as a new foundation for the company's development last year, the report said.

Alibaba with $90.18 billion brand value, Moutai with $88.42 billion brand value and Douyin with $46.64 billion brand value maintain their 2022 positions at two, three and four respectively. China Mobile with $31.67 billion brand value enters the top 5 for the first time since 2019, increasing its brand value by 38 percent through diversification into business services and investing in new technology infrastructure such as 5G and cloud services.

As the only IoT ecosystem brand in the ranking, Haier with $26.98 billion brand value has made into the China Top 100 for the past 13 years.

This year, 11 new brands entered for the first time or returned to the China Top 100, The brandsare from nine different categories, including apparel, financial services, and healthcare, with global fashion brand Shein with $21.58 billion brand value as the highest-placed newcomer.

Among them, six brands make their first-ever China Top 100 debut, either through year-on-year growth, or because new data became available that allowed Kantar to calculate their brand value for the first time.

Doreen Wang, Kantar Greater China CEO and global chair of Kantar BrandZ, said Chinese brands have a unique demographic advantage as they can directly access the world's most attractive and dynamic consumer market, while enjoying expanded access to consumers abroad, thanks to the Belt and Road Initiative.

"The evidence today suggests that Chinese brands will not only survive, but thrive in the future," she said.