"Despite the slowdown in economic growth and extreme stock market fluctuations, consumers feel optimistic: They still hold on to the Chinese Dream of a better life for themselves and their families."

Technology brands accounted for 27 percent of the total value of the top 100, up from 16 percent from just two years earlier, and their growth has boosted the strength of the market-driven brands.

Three tech brands also topped the ranking of brands that generated the highest proportion of their revenue from overseas, including Lenovo at 68 percent, Huawei 62 percent and ZTE 50 percent.

Two tech brands, content provider LeEco, ranking 32nd and gaming platform NetEase that ranks 40th were the highest risers, increasing in value by 81 percent and 73 percent, respectively.

According to Deepender Rana, CEO of Millward Brown, the Chinese brands are now as competitive as multinationals.

The increasing power of "homegrown" brands may help stem the current outflow of capital from China that is concerning economists, he said.

"For 35 years, the tide of extraordinary economic growth lifted many brands, but now the 'free ride' is over in today's rebalancing China," said David Roth, CEO for EMEA and Asia, the Store WPP.