Shenzhen's journey from exports to expertise

Over the past year Chinese companies expanding overseas have drawn global attention with everything from Labubu collectibles to electric vehicles and even coffee brands. Yet beneath these eye-catching exports lies a more profound and consequential trend: the quiet emergence of truly global businesses that integrate technology, supply chains, and industrial capabilities with local investment.

China's outbound direct investment reached $174.38 billion in 2025, up 7.1 percent year-on-year, according to China's Ministry of Commerce. Analysts point out that a significant share of these flows is directed toward the Asia-Pacific region, where manufacturing-heavy greenfield investment and capacity development projects are expanding rapidly, particularly across ASEAN economies.

At the heart of this outward momentum is Shenzhen, long a symbol of China's reform and opening-up era, and today the country's powerhouse of foreign trade, innovation and advanced manufacturing. As China's top-performing city for foreign trade, Shenzhen is exporting not just products, but entire industrial ecosystems. Its giant corporations such as Huawei, Tencent and BYD are building strong operations across the ASEAN region.