cestmoi (US)

The answer is brand name! It is an intangible asset that has a monetary value in the ledger because it is immediately recognized by the global market for its quality e.g. Levi Jeans, Coca Cola, Omega, Porsche. It takes time to build a brand name and it will cost more to defend it. China is perceived to be a low-cost manufacturer of "knock offs", competing with cheap labor and cheap labor working on an assembly line is never a brand name for high quality product.