View of Chinese automaker Geely's booth during an expo in Bangkok, Thailand. XINHUA
While Chinese companies still have ambitious plans to expand their overseas business activity, structural changes are taking shape, including motives for outbound reaches and the diversification of companies and industries going abroad, said a report released by Singapore-based bank UOB.
Released for the seventh consecutive year, the latest report showed that 80 percent of the 380 surveyed Chinese companies plan to undertake overseas expansion plans in the next three years, with the Association of Southeast Asian Nations continuing to serve as the first destination of choice.
This is in line with the close trade ties between the two economies, as China's trade value with ASEAN surged 18.2 percent year-on-year to 4.34 trillion yuan ($643.2 billion) in the first six months, said the General Administration of Customs.
Malaysia has gained the most attention so far this year, with 56 percent of polled Chinese firms expressing interest in the market. This could be partly due to the energy crisis that has roiled the world this year. The richer application scenarios in Malaysia can be translated into more opportunities for Chinese companies, especially new energy companies, said Xin Tao, managing director of UOB China.
