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The results of WPP and Millward Brown's annual ranking of the top brands in China highlights a shift in power away from state-owned enterprises.
The smallest of the four state-backed megabanks, Bank of China does more international business than its rivals. But at $13.6 billion, brand value was flat when compared to last year. Without faster reforms, growth could continue to stall.
"The future of Chinese brands are the ones that are competing in the marketplace and surviving without help," Rana said.