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The proportion of revenue generated abroad by publicly listed Chinese companies is anticipated to continue rising, having already increased fourfold over the past twenty years, according to a senior analyst from a major investment research firm.
Twenty years ago, companies listed in mainland China reported overseas revenues accounting for a mere 3 to 4 percent of their total revenue. By 2024, this share had jumped to 15 percent. This growth was evident even in the first half of last year and is expected to steadily progress over the next five to ten years.
China’s exports grew by 6.1 percent last year, reaching approximately 26.99 trillion yuan (around 3.87 trillion USD). Notably, exports to the United States declined by nearly 20 percent, while shipments to Southeast Asian nations and Africa increased by 13 and 26 percent, respectively.
A clear inverse relationship exists between China’s exports to the U.S. and ASEAN countries. When exports to the U.S. decrease, exports to ASEAN tend to rise accordingly. Last year, Africa emerged as one of the fastest-growing markets for Chinese exports, driven by trade in small commodities, infrastructure-related equipment, and rerouted shipping traffic around Africa due to disruptions in the Red Sea. Industry experts believe that African markets are backed by genuine demand and are poised for strong performance this year.
Diversification of exports is evident not only in destination countries but also across different product categories. China now exports an extensive range, from small commodities and advanced manufacturing items to sophisticated semiconductor equipment, with the market in Yiwu showing especially remarkable growth.
Projections indicate that Chinese exports will increase by 2.5 percent this year and about 5.5 percent in 2024, while growth in 2026 may slow due to the high comparison base last year. However, the trend toward diversifying exports across regions and product lines is expected to persist.
Supported by the “China Plus One” strategy, which encourages companies to expand manufacturing beyond China, there was a 17 percent rise in Chinese investment projects in Southeast Asia in 2025 compared to the previous year. Investment amounts also grew by 7 percent, signaling a strategic shift.
ASEAN countries are attractive options for Chinese firms seeking to avoid U.S. tariffs and gain access to a combined population of around 600 million people. Additionally, operating in the region often involves fewer protectionism risks compared to dealing with international brands.
Latin America experienced mixed results last year. The total number of investment deals by Chinese firms in the region halved to 15, primarily due to a sharp decline in Mexico, which was previously a target for U.S. tariffs. Two years ago, many companies aimed to increase capacity in Mexico to benefit from the US-Mexico-Canada Agreement for tariff-free exports to the U.S., but these plans proved less feasible later.
Brazil has superseded Mexico as the primary investment destination in Latin America, driven by its sizable economy and robust domestic demand. Economic cooperation between China and Brazil, especially in resources and agriculture, has led to more Chinese companies establishing a presence there.
In the manufacturing sector, the automotive industry is leading Chinese firms’ global expansion efforts. Last year, passenger vehicle exports reached approximately six million units, quadrupling from just one million five years ago. The average price per vehicle also increased significantly, from around 100,000 yuan to 300,000 yuan (approximately 43,040 USD).
Looking ahead, Chinese automakers are projected to hold 85 percent of the domestic market by 2030, up from 70 percent, and will command 15 percent of the Western European market, up from 5 percent. However, their share in the U.S. market is expected to remain nonexistent. Globally, their market share will increase from 20 percent to roughly 25 percent.
Chinese motorcycle exports are expected to capture up to 40 percent of the European market by 2030. Electric heavy-duty trucks and buses also show promising growth prospects. Experts highlight that China’s cost-performance advantage, particularly in electrification, autonomous driving, and assisted driving technologies, makes its products highly competitive on the global stage.
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