From ‘Made in China’ to ‘Grown in China’: How China is reshaping global business

From the report

For decades, multinational corporations viewed China primarily as a manufacturing base, a vast consumer market and a destination for foreign investment. That perception, however, is undergoing a fundamental transformation. Increasingly, international companies are discovering that China offers something far more valuable than production capacity and commercial opportunities: an innovation ecosystem that strengthens their technological capabilities, sharpens their competitiveness and prepares them for the next phase of global expansion.

Recent developments involving German automotive giant Volkswagen and US financial institution Citigroup illustrate this changing relationship. In October, Volkswagen’s new-energy vehicle (NEV) deliveries in China surged nearly 350 percent year-on-year, surpassing 28,000 units and setting a monthly record. Meanwhile, Citigroup has identified the international expansion of Chinese enterprises as a major growth opportunity, with its China-related business recording double-digit growth for several consecutive years.

These developments reveal a broader economic reality: multinational corporations are no longer simply doing business in China. They are increasingly growing through China.