Hong Kong Trade Development Council: 82% of the surveyed foreign enterprises intend to expand their existing overseas business, and 63% will explore new overseas business opportunities.

The latest research by the Hong Kong Trade Development Council indicates that many mainland enterprises are facing challenges from global trade policy adjustments, the rise of protectionism, and the restructuring of global supply chains. Their "go global" strategies have evolved from solely focusing on market expansion to a more comprehensive business layout. Among the surveyed foreign enterprises, 82% expressed their intention to increase existing overseas business, while 63% plan to explore new overseas ventures. Additionally, 54% of enterprises intend to further develop overseas procurement, 47% wish to expand their overseas sales networks, and 36% aim to strengthen technological cooperation with foreign partners. Countries and regions involved in the Belt and Road Initiative have become an important direction for mainland enterprises' global layout. A significant 94% of the surveyed enterprises indicated their intention to develop in relevant markets, a notable increase from 73% in 2023. Furthermore, 91% of enterprises favor the ASEAN region, with intentions to expand into countries such as Singapore (49%), Vietnam (46%), Thailand (44%), and Malaysia (41%). Moreover, 48% of the surveyed enterprises aim to expand into advanced European markets, and 47% plan to further develop business in the US and Canada. At the same time, the percentage of enterprises looking to expand into the Middle Eastern market rose from 33% in 2023 to 46%, while interest in Latin America increased from 17% to 34%. Compared to 2023, mainland enterprises show an increased willingness to expand or further establish themselves in all major overseas markets, reflecting their efforts to seize business development opportunities in various regions through more diversified layouts. In addition to uncertainties stemming from changes in U.S. trade policy, mainland enterprises are also confronting intensified competition from other regions (61%), geopolitical tensions (55%), rising costs in mainland China (51%), and tariff and non-tariff trade barriers (50%). In this context, "going global" enterprises are continuously adjusting their international business development strategies to improve production/service efficiency (60%), manage risks in overseas markets (57%), and control overall production/sales costs (57%). To address the various challenges faced in "going global," 83% of the surveyed enterprises have chosen Hong Kong as their service platform, surpassing mainland China (78%) and Singapore (31%). Pang Ming, the research director of the Hong Kong Trade Development Council, stated that the "going global" strategy of mainland enterprises is gradually evolving from a singular focus on market expansion to encompassing supply chain integration, cross-border investment, and the development of high-value-added businesses, consequently increasing the demand for professional services. When laying out in the global market, enterprises are not only actively exploring opportunities in Belt and Road Initiative countries and other emerging markets but are also placing importance on the development opportunities presented by advanced economies. Pang pointed out that Hong Kong is the most preferred professional service platform among the surveyed enterprises, leveraging its advantages of "internal connections and external communication," as well as its strengths in financial, legal, accounting, and other professional services, to assist companies in more effectively connecting mainland and international markets and seizing global development opportunities. The upcoming Belt and Road Summit in September will serve as an efficient business trading platform to facilitate exchanges and connections between enterprises and global partners and promote cross-regional cooperation.