ByteDance heads first SCMP Plus Going Global 100 ranking

The SCMP Plus Going Global 100 ranking indicates that private businesses, particularly in technology and consumer sectors, are driving China's overseas growth. The majority of the listed companies fall into these categories, reflecting a strategy focused on developing proprietary technology and establishing global brands.

This shift suggests a departure from previous models of overseas expansion. Private manufacturers are now outpacing state-owned enterprises in international markets, moving beyond their traditional role as assemblers for multinational brands. This expansion also serves as a means to mitigate intense domestic price competition.

Jayant Menon, a senior fellow at the ISEAS – Yusof Ishak Institute, noted that private firms are increasingly dominant in this space. This trend is linked to the rising prominence of consumer electronics, e-commerce platforms, digital technology, electric vehicles, green technology, and even light manufacturing.

The ranking highlights how companies like ByteDance, Shein, and BYD are actively building international brands and leveraging their technological capabilities to compete globally. This contrasts with a past emphasis where many Chinese firms primarily functioned as production bases for foreign brands rather than developing their own international presence.