BEIJING -- The establishment of "Chinese Brands Day" will help independent brands, a senior official said Tuesday.

The State Council, China' cabinet, has approved a Chinese Brands Day, to be held on May 10 each year from this year. The first falls on Wednesday.

Influential brands are symbols of the overall competitiveness of companies and countries, and can help lead economic transition, according to Wang Dong, a senior official with the National Development and Reform Commission (NDRC), China's top economic planner.

Compared with developed countries, China is still short of globally influential brands but well equipped to accelerate brand development, Wang added.

Chinese Brands Day will publicize brands owned independently by Chinese companies, tell the stories of the brands and raise brand recognition, according to Wang.