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Tech strength to lift Chinese firms’ overseas revenues to record high within 5 years: UBS
Carmaking, power supply chains at forefront of China’s go-global expansion, driven by rising technological competitiveness, Swiss bank says
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Themis QiPublished: 5:40pm, 26 May 2026Updated: 9:50pm, 26 May 2026The technological competitiveness of Chinese companies is set to accelerate their overseas expansion, especially in the power and carmaking sectors, with offshore contributions projected to reach a record high within five years, according to UBS.
Mainland-listed non-financial companies were estimated to derive 25 per cent of their revenue from offshore markets by 2030, which would be up from 18.7 per cent last year and mark the highest level since 2003, according to the Swiss bank.
The latest round of go-global expansion was shifting from top-down policy pushes to “bottom-up” profit-driven motivations, as competition in the domestic market remained intense, said Robin Xu, head of China research at UBS Securities.AdvertisementChina’s heavy investment in research and development (R&D) had already boosted its competitiveness against global rivals, reflected in tech hardware-led exports so far this year, Xu said at a briefing on Tuesday, which was part of a five-day forum through to Friday that has attracted 6,000 global heavyweights.
Expecting R&D spending to continue technological catch-up, Xu projected exports to developing markets – including those under Belt and Road Initiative – to rise further.
China’s R&D to gross domestic product ratio reached 2.8 per cent last year, exceeding the average of the Organisation for Economic Cooperation and Development for the first time, according to the National Bureau of Statistics. In 2024, enterprises contributed 77.7 per cent of the total.
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