Chinese household electric appliance giant Haier has set its eyes on global brand building after entering its fourth stage of development, the company has said.

After the former three strategic stages of branding, diversification and internationalization, Haier has entered its fourth stage with an updated business philosophy, said chief executive officer Zhang Ruimin.

Haier will build brands in other countries during the new stage, a further step from the internationalization stage, according to Zhang.

To improve competitiveness, Haier updated its business philosophy to "create resources, a prestigous Haier style, individual-goal combination, swift action and success."

Haier was incorporated in 1984. Over the past 20 years, the company has boomed and become a transnational group.

It produces 15,100 varieties of items in 96 product lines and exports to more than 100 countries.

Source: Xinhua