Chinese enterprises are transitioning from simple product exports to a broader model that includes supply chains, branding, and cultural influence. At the recent 2024 China Enterprise High Quality Overseas Forum in Beijing, experts and industry leaders shared insights into how Chinese companies can strategically expand globally, embracing high-quality development in increasingly complex overseas markets. Long Yongtu, China’s former Chief Negotiator for China's entry into the World Trade Organization (WTO), highlighted the necessity of global expansion as part of China’s economic evolution. “When a country’s economy reaches a certain level, and its enterprises mature, going global is a historical inevitability and a result of long-term and consistent reform and opening-up policies. For Chinese manufacturers, overseas expansion is not just an opportunity, but a vital stage in their growth,” Long said.
He added that forming strong local partnerships to reach mutual benefits and win-win scenarios is key to achieving stability. He cited the example of the completion of the China-Laos Railway having helped make Laos a major exporter of durian. “Now more than 95% of its durian sales are in China. Many investors invest in durian plantations in Laos to stimulate local economic development,” said Long.
Bai Chong’en, Dean of Tsinghua University’s School of Economics and Management, which is celebrating its 40th anniversary this year, spoke about the importance of considering the perspectives of host countries. “When companies go global, they should not only think from their own perspective, but also from others’ perspective. This inclusiveness can enhance longterm capabilities, as companies gain new markets, talents, and partners,” Bai said. He also called for a dual focus on learning and contributing. “As a multinational corporation, it’s essential to learn from others, continuously enhance abilities and think about what Chinese enterprises can contribute globally. This exchange is mutually beneficial,” he added.
As one of China’s global pioneers, Lenovo’s journey has become a model for other companies. Lenovo Group’s Chairman and CEO Yang Yuanqing reflected on the company’s 20-year global expansion, which began with its acquisition of IBM’s PC business in 2004. “This acquisition remains a significant milestone,” he said. Yang outlined Lenovo’s “three pillars” for successful globalization – a robust supply chain, a global R&D system and a worldwide marketing network. “These are essential capabilities that every Chinese company going global should develop,” he said, adding that digital transformation and adherence to environmental, social and governance standards underpin these efforts. “Lenovo’s production, research and development, and workforce remain largely in China. Through overseas market engagement, we can contribute vitality to China’s economic growth,” Yang said. For companies aiming to succeed internationally, Yang offered three suggestions – focus on building globally recognized brands through localized product innovation, establish resilient supply chains close to target markets, and foster a positive corporate image through community collaboration. “Going global is more than just expanding abroad. It’s about becoming a respected part of local markets,” he said.
Zhejiang Geely Holding Group, China’s largest private carmaker, has demonstrated steady growth in overseas markets, achieving 40% in the number of cars sold and more than 50% in sales revenue recorded abroad last year. Geely CEO Li Donghui cited the company’s emphasis on innovation as a driver of global competitiveness. The company has set up 10 research centers globally. “Technological innovation is core to going global,” Li said, noting the importance of balancing global reach with localized approaches. Geely focuses on regional coordination, ensuring that globalization and localization complement each other, contributing to local industry development.
For Miniso, going global since 2015 has been about more than just store openings. Founder Ye Guofu highlighted that Miniso’s strategy has focused on what he terms “interest-based consumption” – a model centered on lifestyle and emotional value for consumers. “Today’s consumers want more than functional products. They value experiences and emotional joy,” Ye said. Miniso’s new brand strategy, the Global IP Joint Collection Store, focuses on partnerships with popular intellectual properties worldwide. “We collaborate with over 150 well-known IP holders to design unique products,” he added. “Our vision is to become the world’s leading IP design retail group.” As Chinese companies expand their global footprint, they continue to face both opportunities and challenges. With robust strategies focused on technology, inclusiveness and community partnerships, these enterprises aim to establish themselves not just as global players, but as local contributors in every market they enter, Ye said, as reported by the China Daily.
