Chinese private enterprises deepen global footprint

Chinese leading private enterprises with a global footprint are emerging as a distinct force in the global economy, as their overseas expansion shifts away from export-led growth toward deeply embedded operations, innovation-driven development and long-term commitment, a recent report said.

Covering 100 of China's most internationally active private enterprises, the report, released by the Center for Chinese Multinationals at Zhejiang University International Business School, in collaboration with the Cambridge Centre for Chinese Management and the Zheshang Institute, looked at these companies' global operations beyond export-led growth.

The Top 100 enterprises generated 3.98 trillion yuan ($560 billion) in overseas revenue, accounting for 33.3 percent of their total revenue, the report showed, adding that all ranked companies have established overseas subsidiaries across an average of 18 countries and regions.

Building on these findings, the report suggested a move beyond cross-border trade, as Chinese private enterprises increasingly embedded themselves in local markets through localized operations and service networks, signaling a transition toward long-term market integration.

Meanwhile, innovation investment has been a constant driver of this outward push. In 2024, the Top 100 companies together spent 456 billion yuan on research and development, with average investment reaching 4.6 billion yuan per company, according to the report.

Additionally, the Top 100 enterprises recorded more than 816 million global online searches over the past year, reflecting the growing recognition of Chinese brands among international consumers. An average ESG score of 80.65 further pointed to the deeper integration of environmental, social and governance principles into global operations, the report added.