(Yicai) Dec. 21 -- China’s commerce ministry has added 388 businesses to its Laozihao, or time-honored brands list, mainly in the food, beverage, and retail sectors, bringing the total number to 1,128.

The list compiles the country’s most respected traditional and well-established brands, which generally have long histories, such as Kweichow Moutai liquor. The 388 companies added today are 138 years old on average.

Total retail sales of consumer goods in China reached CNY44 trillion (USD6.2 trillion) last year, and time-honored brands accounted for about 2.7 percent in terms of operating revenue, Zhu Heliang, head of the Time-honored Professional Committee of the China Business History Society, told Yicai. 

Traditional brands have also received a boost recently, as Chinese consumers have shown renewed enthusiasm for domestic products and ‘China-chic’ goods, presenting new opportunities for growth.

These companies have unique advantages thanks to their history and traditional culture, and their product quality has stood the test of time, according to Yi Shaohua, director of the National Academy of Economic Strategy’s market circulation and consumption research office.

The commerce and four other ministries began a review of the time-honored brands list in April. Apart from the 388 added, 55 were removed and 73 received warnings due to bad management and slowing business performance.

Editors: Shi Yi, Tom Litting