00:00Made in China used to be associated with cheap quality, but now it's turning cool.
00:05The latest example of that are Libubus.
00:08People around the world are lining up for hours to buy the Chinese plush toys,
00:12like at this Pop Mart store opening in Berlin.
00:15But Libubus aren't the only Chinese products that are in demand worldwide.
00:18In April, Chinese electric vehicle maker BYD sold more cars in Europe than Tesla.
00:25Chinese startup DeepSeq is rivaling Silicon Valley's Chad GPT
00:28as one of the world's most popular AI search engines.
00:31And Chinese fast food chain Mishu has more outlets globally than McDonald's or Starbucks.
00:37So why are Chinese brands booming?
00:39I think none of us can deny that for quite a long time,
00:44Made in China has not been a very good label,
00:47has not always signified a very good quality.
00:51Over the last basically 25 years,
00:54China has become much more competent at building out a lot of different products.
00:58Meaning many Chinese companies can now do both,
01:02produce high quality products and sell them at relatively affordable prices.
01:06At the same time,
01:07China's domestic economy isn't as strong as it used to be before the COVID-19 pandemic.
01:13So more and more Chinese companies are looking outside the country
01:16for better opportunities to sell their products.
01:18So they're also looking to diversify.
01:21And of course, there is another factor is they become more confident
01:29because they have accumulated the knowledge and the capacity in cross-culture management,
01:36cross-border, global production, supply chain management.
01:40So this could just be the beginning of Chinese stores opening in malls worldwide.
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