In this September 2020 file photo, visitors at the booth of Huawei during the China International Fair for Trade in Services in Beijing. (ZHAN MIN / CHINA DAILY)

China has continued to narrow the gap with long-standing leader the United States in an annual measurement of national brand value, despite the world's top 100 most valuable nation brands registering a monumental loss of US$13.1 trillion because of the COVID-19 pandemic.

Brand Finance, a London-based consultancy, said in a newly released annual report about the most valuable nation brands that the total brand value of the top 100 nations fell to US$84.9 trillion in 2020 from US$98 trillion in 2019, with almost every nation feeling a significant impact on their economies from the health crisis.

The US and China remain a cut above the rest, claiming the top two positions in this year's ranking after recording national brand values of US$23.74 trillion and US$18.76 trillion respectively, according to the report.

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Relations between the two remain fragile and trade disputes have impacted the economies of both nations during recent years.

This year has proved that there is nowhere to hide when it comes to a nation's economic performance and China has shown its ability to recover at a meteoric pace－providing a beacon of hope that recovery can happen on the global stage too.

David Haigh, chief executive officer at Brand Finance

China's brand value has remained largely stable, with a modest 4 percent drop this year.

The government's quick response to the COVID-19 outbreak coupled with its targeted stimulus measures in recent months are believed to have resulted in it becoming the first major economy to recover from the pandemic. It is expected to be the only G20 nation with positive growth in 2020.

The US, which is now home to both the most cases and most deaths from COVID-19 in the world, saw a 14 percent fall in its brand value and continues to encounter criticism and questions on the global stage regarding its reaction to the pandemic.

The report stated US brands' sheer dominance and success globally will always provide the nation's economy and reputation with a strong safety net.

The US brands of Amazon, Google, Apple, and Microsoft claimed four out of the top five spots in the year's Brand Finance Global 500.

David Haigh, chief executive officer at Brand Finance, said: "We are once again witnessing China inch ever closer behind the US in our ranking of the world's most valuable nation brands. This year has proved that there is nowhere to hide when it comes to a nation's economic performance and China has shown its ability to recover at a meteoric pace－providing a beacon of hope that recovery can happen on the global stage too."

With the pandemic wreaking havoc on nation brand values globally, the top 10 suffered a brand value loss of 14 percent on average.

Japan fared better than many counterparts, recording a 6 percent fall in brand value, to US$4.26 trillion. It inched up in the rankings to claim third place.

Germany fell to fourth after a 21.5 percent decrease in brand value, to US$3.81 trillion. The United Kingdom remained in fifth position with a 14 percent fall in brand value to US$3.32 trillion.

Vietnam is the fastest-growing nation brand in the new ranking, with its value skyrocketing 29 percent, to US$319 billion.

Argentina experienced the biggest drop in brand value, plummeting 57 percent, to US$175 billion.

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Contact the writer at wangmingjie@mail.chinadailyuk.com