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Published: 17:58, December 01, 2023
Chinese firms transforming global business via technology
By Zhong Nan
Published:17:58, December 01, 2023 By Zhong Nan

The first China International Supply Chain Expo is being held in Beijing, on Nov 28, 2023. (PHOTO / VCG)

Fueled by industrial advancements, Chinese companies are transforming the global business landscape, placing a strategic emphasis on technology as the driving force, according to a report released by multiple parties.

According to a study jointly released by MIT Technology Review, DeepTech and LinkedIn China, Chinese companies are experiencing a surge in globalization propelled by a new wave of industrial upgrades. This trend is characterized by technology-driven strategies that span across diverse sectors, reflecting the current trajectory of internationalization.

READ MORE: Technology in focus to push new industrialization

Unveiled at the ongoing first China International Supply Chain Expo in Beijing, which opened on Tuesday in Beijing, will conclude on Saturday, the report emphasizes that the current phase of globalization, unlike the initial expansion of commodity trade over a decade ago, is characterized by several notable advantages such as the technology dividend, engineering expertise and resilient supply chains.

LinkedIn has found that China companies are focusing on global talent development in the fields of AI and related digital skills, ESG (environmental, social and governance), decarbonization and sustainability

Chinese companies are transitioning from the internationalization of trade and capital to the internationalization of capabilities, leveraging their digital prowess, robust supply chains, engineering expertise and other strengths. Their core technology and innovation have won global recognition, achieving a technology-driven going global strategy, said Nancy Wang, country manager for China at LinkedIn, a California-based professional networking platform.

ALSO READ: China bolsters financial services for private companies

Chinese companies have entered a new phase that differs from the previous business internationalization era. Smart hardware, industrial robotics, healthcare and new energy are some of the emerging sectors that represent the new face of Chinese companies' globalization, said Wang.

China's non-financial outbound direct investment surged by 17.3 percent year-on-year to 736.2 billion yuan ($103.17 billion) in the first 10 months of 2023, data from the Ministry of Commerce showed.

READ MORE: Chinese tech firm count at Asiad mirrors progress

LinkedIn has found that China companies are focusing on global talent development in the fields of AI and related digital skills, ESG (environmental, social and governance), decarbonization and sustainability.

"With huge opportunities for future development, these companies must figure out how to apply new technologies to solve challenges such as managing global supply chains, recruiting and training talent, and building international brands. LinkedIn will continue to use the resources of its unique international platform to provide the support they need," she added.

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