Chinese enterprises’ 'going global’ strategy embraces wider path

Updated: February 5, 2020 Source: People’s Daily Online
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As China’s reform and opening up continues, the country is seeing a growing capability in supply of products and services. The volume and types of China-manufactured commodities and Chinese services continue to expand, and the gradually optimized structure of the sector is also leading to a broader market, making the path of “going global” wider and wider.

Service exports are a new highlight. While “Made in China” is sweeping the world, the influence of Chinese services is also on the rise. Exports of Chinese technologies, culture, entertainment and healthcare services are booming. For instance, mobile payment, car hailing service Didi Chuxing and short video platform Tik Tok have entered the daily lives of many foreigners.

The owner of one small enterprise told People’s Daily Overseas Edition that he is now selling facial masks to Southeast Asian countries through Tik Tok, and his company has developed a professional team of over 20 employees.

In addition, the commodity structure in the Chinese manufacturing industry is also being continuously optimized, as high-tech products have replaced labor-intensive ones as the major force of exports.

The growth in exports of computers and communication products are especially noticeable, and these products account for around 68 percent of China’s total exports of high-tech products.

Chinese smart phones and appliances manufactured by Xiaomi, Huawei, OPPO and Transsion are proving very popular in Southeast Asia and Africa, while Chinese photoelectron products, machineries, new materials bio-tech products and new energy vehicles are also enjoying high export growth.

“Made in China” products are destroying their old image of being low-quality and simply assembled, and more and more fashionable Chinese products are being exported to foreign markets.

Cross-border e-commerce accounted for 2.2 percent of China’s total exports in 2014, and now the figure has gone up to 7.7 percent. As the most dynamic sector of China’s foreign trade, cross-border e-commerce is offering more options for global consumers and making global supply possible for Chinese manufacturers. It is able to rapidly expand the influence and market share of Chinese brands, and offer a new channel for Chinese enterprises to go global.

Editor: 王若寒