Chinese appliance manufacturer, Haier Group has ranked fifth place on a list of China's most valuable brands, and top in home appliance brands, released at the 2016 World Brand Summit held in Beijing on June 22.

This list was compiled by World Brand Lab, the organizer of this summit, and took into account finances, consumer behaviors and brand strength. World Brand Lab is a New York-based company which specializes in brand valuation and marketing strategy,

Haier's brand value was estimated to be worth of 222 billion yuan ($33.7 billion), pushing its ranking up three places from last year's list.

The company has made extensive efforts to build its brand in Internet age, achieving positive results. In 2015, the global turnover of Haier approached 189 billion yuan, with profits of 18 billion yuan.

Haier has also been awarded as the number one brand in global large home appliances by Euromonitor for seven consecutive years.