Chinese media Reference News reported on the 29th, citing a report from Hong Kong media South China Morning Post, that Swiss financial giant UBS had indicated a prospect that 'the technological competitiveness of Chinese companies will accelerate their overseas expansion, especially in the power and automobile manufacturing sectors.'

According to the article, UBS predicted that 'approximately 25% of the revenue of non-financial companies listed on mainland China will come from offshore markets by 2030.' This is about 6 percentage points higher than the 18.7% in 25, and Xu Bin (シュー・ビン), head of UBS Securities' research division, expressed the view that 'against the backdrop of intensified competition in the Chinese market, the new wave of overseas expansion by Chinese companies is shifting from a 'policy-driven' model to a 'profit-driven' model, where profit pursuit is the driving force.'

Xu also pointed out that 'continuously expanding R&D investment is enhancing the international competitiveness of Chinese companies,' citing the export trends of technology hardware since the beginning of this year as evidence.

According to China's National Bureau of Statistics, China's R&D expenditure intensity (R&D expenditure as a percentage of GDP) reached 2.8% in 25, surpassing the average of Organisation for Economic Co-operation and Development (OECD) member countries for the first time. In 24, enterprise R&D investment accounted for more than 77% of China's total.

The article noted that 'despite facing trade frictions, China's exports of new energy vehicles and wind power equipment are still growing significantly,' and reported that new energy vehicle exports in the first quarter of this year increased by 120% year-on-year, while wind power equipment increased by 45%.

The aforementioned Xu believes that 'global energy transition demand and the investment boom in the artificial intelligence (AI) sector will continue to play a crucial role, and China's cost advantage in related fields will further support companies' overseas expansion.' Regarding the globalization of Chinese companies, he also pointed out that they are 'undergoing a fundamental transformation from merely export-driven to achieving deeper localization.' (Translation/Editing: Noya)