During the 2026 WTO Public Forum, Dr. Wang Huiyao, founder and chairman of the Center for China and Globalization (CCG), stated in an exclusive interview that Chinese companies' globalization has entered a new phase. While the trend of globalization remains unchanged, the role of Chinese enterprises is undergoing transformation. This year's WTO Public Forum attracted over 4,600 participants from various sectors to discuss numerous hot topics related to trade.

According to Dr. Wang, over the past three decades, Chinese companies have progressed from "serving China in China" to "serving the world from China," and now to "serving the world from within the world." Going forward, the goal of Chinese companies' globalization should not merely be selling products overseas, but also taking supply chains, value chains, service systems, and even standards global. "We must not only become the world's factory, but also the 'factory of the world's factories,'" Wang said. Simultaneously, he believes Chinese enterprises need to undergo an identity shift, transitioning from being "Chinese global companies" to truly becoming "global companies of the world."

From 'Serving the World from China' to 'Serving the World from Within the World'

Dr. Wang analyzed that the globalization journey of Chinese companies has passed through several phases. In the 1990s, Chinese enterprises mostly concentrated on "serving China in China," focusing on domestic market needs. Following China's accession to the World Trade Organization (WTO) in 2001, the country entered the "serving the world from China" stage, engaging extensively in global trade and the international division of labor, gradually becoming the world's factory. Now, 25 years after joining the WTO, the global industrial landscape is undergoing fresh changes. "We are about to enter the stage of 'serving the world from within the world,'" Dr. Wang noted. In this new phase, Chinese companies going global will no longer just export products; they will focus on deploying production, supply chains, value chains, and service networks across the globe.

He introduced a novel concept, "factory of the world's factories." Wang highlighted that China's manufacturing share of global output has reached an impressively high level, altering its role in the global industrial chain. In previous years, China primarily provided finished goods to the global market; now, a large number of Chinese companies supply components, raw materials, equipment, software, and various intermediate products. "Every country has its own factories, but they require ample raw materials, intermediary goods, components, and upstream-downstream linkages, and China provides these," he explained. Citing Germany's automotive industry as an example, Wang pointed out that German manufacturers heavily source parts, assemblies, and other items from China, demonstrating how Chinese firms have deeply integrated into the global automotive value chain, aiding other nations in enhancing their manufacturing prowess rather than merely selling products.

More Than Just Heading to Europe and the U.S.—Building a Global Industrial Chain; Chinese Companies' Overseas Markets Require Greater Diversification

Dr. Wang does not endorse simplistically labeling the current internationalization as "diversified markets." For him, the global market still exists broadly, but the manner in which companies engage with it is changing. Previously, traditional markets like Europe and the United States were focal points for Chinese companies going global. Yet today, geopolitical factors increasingly influence these markets. Conversely, markets in ASEAN, Brazil, Central Asia, the Middle East, and Africa are becoming crucial regional focuses for Chinese companies, offering greater development potential. "From an entrepreneur's perspective, the impact of geopolitics must be considered when going global." Consequently, the immediate next steps for Chinese enterprises involve not only selling products to more countries but also globally deploying value chains, supply chains, and manufacturing capabilities.

For instance, setting up production bases in Brazil allows leveraging local markets and regional trade agreements to reduce some export costs; Vietnam has already become a significant trading partner, with goods produced there feeding into global markets. In Wang's view, the outcome of such strategic layouts is not a simplistic relocation of Chinese manufacturing overseas, but the formation of a more dispersed, globally resilient industrial network. "We need to establish global value and industrial chains to mitigate regional impacts," he asserted. Wang further noted that China has introduced zero-tariff arrangements for numerous countries, including least developed nations. With trade facilitation measures being implemented, this may even attract enterprises from advanced economies like Europe and the U.S. to invest in and set up plants in markets such as Africa. "Thus, it's not merely about being a Chinese global company; it's about becoming a world global company."

Chinese Companies Going Global Need Most is a 'Service System'

However, Dr. Wang believes Chinese companies still face clear shortcomings in truly achieving globalization, and he listed five areas that need improvement. First is the inadequate utilization of local talent. Historically, when Western multinationals entered the Chinese market, they heavily recruited returned overseas Chinese students and local Chinese familiar with local and international markets. In contrast, after Chinese companies expand abroad, they have not sufficiently utilized local talent possessing experience with China or familiarity with the Chinese market. "This situation exists not only in Europe but also in South American countries like Brazil." Wang advocates for Chinese companies to more actively engage local talent in management and market expansion to integrate into local business communities.

Second, the professional service ecosystem required for Chinese companies' globalization has not yet caught up. Previously, Chinese manufacturing exports focused on selling products, but as companies begin to invest, build factories, and operate overseas, merely shipping goods is insufficient. They need local accounting, legal, consulting, insurance, security, and education support services. "The entire service system has not fully kept pace," Wang said. This indicates that Chinese companies' globalization is transitioning from "commodity going global" to "enterprise going global wholesale," meaning companies need more than an overseas sales department; they need complete business operational capabilities.

Third, Wang emphasizes that Chinese enterprises must become part of the local economy. "Pay attention to corporate social responsibility, provide local investment, employment, and tax contributions, do not just engage in one-time deals." He argues the goal should be becoming "global companies operating locally," requiring long-term roots, including creating jobs, contributing taxes, nurturing local talent, and building sustained relationships with local communities, aligning with his notion of "global companies of the world."

'Scaled Innovation' Emerging as China's New Advantage

Dr. Wang believes that the shifting competitive strengths of China's globalization extend beyond manufacturing scale and cost to include a new capability: scaled innovation. He referenced this summer's Davos theme focused on "scaled innovation." In his view, China's super-sized market allows rapid large-scale application of new technologies, forming a complete loop from research and development to manufacturing and market feedback. Examples include a massive mobile internet user base, a substantial global share of 5G base stations, extensive electric vehicle charging infrastructure, the world's largest port cluster, and an extensive high-speed rail network. "Scaled innovation is a uniquely competitive domain." This large market environment allows electric vehicles, robotics, artificial intelligence, and renewable energy tech to achieve rapid practical deployment while lowering costs through economies of scale.

From Products and Manufacturing to Brands, Next Comes Standards Going Global

In Dr. Wang's view, the next phase of Chinese companies' globalization includes an often-overlooked dimension: "standards must go global as well." He suggests the progression from "products going abroad" to "manufacturing going abroad" should extend to "services going abroad" and "standards going abroad." In recent years, Chinese companies have accumulated technology and industrial scale in electric vehicles, solar, wind, and energy storage, and have begun participating in or even leading the creation of international standards in some sectors. Wang shared his personal experience with China's ultra-high-voltage (UHV) power transmission advancement—from importing 500kV technology from Canada to mastering 700-800kV systems through projects like the Three Gorges Dam, West-to-East Power Transmission, and Southern Power Grid—illustrating the transition from "technology imitator" to "technology innovator" and now "standard participant."

Given global efforts to combat climate change, cost reductions in green products like solar, EVs, and storage can facilitate worldwide energy transition. "The entire world is fighting climate change and seeking affordable, high-quality products; every nation lacks cost-effective climate-mitigation solutions," Wang remarked. He stressed that providing these at lower costs is particularly meaningful for developing countries. While acknowledging that "China is already catching up and will have even greater potential to surpass in some industrial standards," he also cautioned on hot-button issues like AI standard-setting. China's involvement in international standard creation aims not just to enhance its influence but also to ensure compatibility between global standards, preventing standards from becoming "polarized."