HSBC Group released a report on the 3rd, which shows that China remains the main market for global companies planning to increase trade and enhance production and manufacturing.
According to a report by China News Service, the survey was conducted by HSBC Group from late April to early May this year, targeting more than 5,700 internationally active companies in 13 global markets, including 1,000 Chinese companies, to understand their expectations and plans for future business in the current global trade environment.
The survey indicates that global companies are generally adjusting their trade strategies to respond to new trade changes, including reevaluating the importance of major markets to their trade growth. Among the target markets where companies plan to increase trade, China was chosen by the highest percentage of respondents (44%), followed by Europe (43%) and the United States (39%).
In terms of manufacturing, China is also favored by global companies, with 40% of respondents currently increasing or planning to increase product manufacturing in China within the next two years, a rate only second to Europe. From a regional perspective, Asian companies choose to increase trade with China (54%) and increase manufacturing in China (52%) at rates higher than the global average.
Wang Yunfeng, President and CEO of HSBC Bank (China) Co., Ltd., stated: “China remains the center of the world trade map. We firmly believe that in the future, the Chinese market will continue to provide growth engines for domestic and foreign companies with its strong potential for technological innovation, in addition to its traditional advantages of market scale and supply chain.”
Despite facing many uncertainties, it is encouraging that 89% of the global companies surveyed remain confident in achieving international business growth within the next two years, and the proportion of Chinese responding companies confident of achieving international business growth within two years is as high as 90%.
Specifically, 84% of Chinese respondents see the current pressures as a catalyst for innovation and actively seek new opportunities to tackle challenges, including exploring new overseas markets and increasing domestic market sales in China.
In terms of overseas expansion, Chinese companies are accelerating the diversification of their layout, with nearly 30% of the surveyed Chinese companies planning to increase trade with Europe, the Middle East, and South Asia.