UBS: Chinese firms' overseas revenue to hit record by 2030
UBS forecasts that mainland-listed non-financial Chinese companies will derive 25% of their revenue from offshore markets by 2030, up from 18.7% in 2024, marking the highest level since 2003. The Swiss bank attributes this growth to rising technological competitiveness, with carmaking and power supply chains leading China's global expansion. Xu projects exports to developing markets, including Belt and Road Initiative countries, to increase further as R&D spending continues. China's R&D-to-GDP ratio reached 2.8% in 2024, exceeding the OECD average for the first time, with enterprises contributing 77.7% of total R&D, according to the National Bureau of Statistics.
Key facts
- Mainland-listed non-financial firms' overseas revenue share projected to reach 25% by 2030
- Current overseas revenue share is 18.7% as of 2024
- Carming and power supply chains are at the forefront of China's go-global expansion
- Exports to developing markets, including Belt and Road Initiative countries, expected to rise
- China's R&D-to-GDP ratio hit 2.8% in 2024, exceeding OECD average for first time
- Enterprises contributed 77.7% of total R&D in 2024
- UBS is the Swiss bank behind the forecast
- Xu is the analyst projecting continued technological catch-up
Entities
Institutions
- UBS
- Organisation for Economic Cooperation and Development (OECD)
- National Bureau of Statistics
Locations
- China
- Switzerland