He also believes having brand names which are unknown in the West represents a real market opportunity.

"They can start from a blank sheet of paper almost. If you were an established middle market cosmetics brand, for example, it is very difficult to convince people you are a luxury brand," he says.

"As a Chinese brand going into a particular market you have a chance to position yourself where you like so long as you can stand behind the claim and deliver on it," he says.

Turpin at IMD, however, has no doubt the Chinese economy is weakened by not having a strong brand culture.

He cites the watch industry in which the Swiss economy, through hundreds of years of tradition, is particularly dominant.

"The Chinese make around 75 percent of all the watches in the world and the Swiss make around 5 percent by volume. That 5 percent, however, represents 50 percent of the value of the market."

He says the Chinese have never attempted to emulate the success of the famous Swatch watch because they can't quite understand the concept of plowing profits into marketing communications and brand development.

"The Swatch costs around $5 to manufacture and sells in the marketplace for between $50 and $60. The profit is partly invested in communications. The Chinese have never played the Swatch game," he says.

Roll believes China's lack of focus on branding risks undermines the economy and many Chinese companies will soon be driven into action.

"I think up until now branding in China has been seen as being something that is nice to have. Now, however, it is a need to have. It is going to be a question of survival," he says.

"I think branding will become one of the top three issues for the Chinese CEO over the next five to 10 years."

Roll says the key problem at present is that it is not taken sufficiently seriously or central to a company's core offer.

"Branding is fundamental and not some promotional song and dance. It really starts with a shareholder discussion about the entire purpose of the firm and then ends up in thousands of retail stores around the world where exactly that promise is brought to life."

Turpin says where Chinese companies such as Li Ning have tried to create greater brand awareness by major advertising and through their role in the Olympics they haven't quite finished the job by delivering the product to market.

"If I wanted to buy a pair of Li Ning shoes here in Lausanne. I wouldn't be able to find any. People on the street here in Europe are not familiar with Chinese brands. I think it would be difficult for anyone to name one other than Tsingdao beer," he says.

Turpin says Chinese executives are perfectly aware they have to do more on branding if they are going to succeed both in their own markets and internationally.