'More mainland firms eye Belt and Road expansion'
A rising number of mainland companies are eyeing expansion in the Belt and Road region as the wave of enterprises "going global" entered a new phase, according to a survey. The Trade Development Council (TDC) surveyed 2,015 firms across the country and found that 94 percent revealed plans to tap into Belt and Road markets, up from 73 percent recorded three years ago. The TDC noted that 91 percent…
A growing number of Chinese businesses are looking to expand their presence in the Belt and Road region, according to a recent survey conducted by the Trade Development Council (TDC). The survey, which polled 2,015 companies nationwide, revealed that 94% of respondents plan to enter Belt and Road markets, a significant increase from the 73% recorded three years prior.
The TDC noted that 91% of respondents prioritized further expansion in Southeast Asia, with Singapore, Vietnam, Thailand, and Malaysia being the most favored destinations. Hong Kong emerged as the top choice for overseas expansion, followed by mainland platforms, with 78% and 31% of firms respectively. TDC deputy director of research, Wing Chu, stated that many companies have adopted comprehensive strategies to diversify their markets, despite concerns about trade uncertainties, which they believe have minimal impact due to differing exposure to related markets.
As the political environment between China and the US improves, the TDC expects that business uncertainties will have lesser significance in the future. Bruce Pang, TDC director of research, highlighted Hong Kong's role as a "super connector" and "super value-adder," emphasizing the city's diverse services in areas such as financing, risk management, and ESG-related support.
Hong Kong's upcoming 11th Belt and Road Summit, themed "Advancing High-Quality Development, Embarking on a New Journey," will be held on September 9-10 and will feature sessions on going global.
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