China Economy: More Chinese companies go global using digital channels

Official data shows private companies have contributed over 60 percent of China’s GDP. Today, more Chinese private companies are also hoping to further expand to overseas markets. What are some of the new trends and challenges for going global? CGTN’s Wu Lei has more.

Today many people across the world are using solar panels to power their houses and factories. A set of solar power equipment includes a solar panel, microinverter and other accessories. Established in 2012, this company has been developing and exporting microinverters to the global market.

Dr. YANG BO, FOUNDER & CEO Hoymiles Power Electronics Inc. “At the beginning, we relied on traditional methods, such as participating in exhibitions, searching professional sales and then visiting customers in the industry to promote our products. When you want to make a company’s brand bigger, then you will have to research and analyze the market.”

After years of efforts, Yang Bo and his team have exported over 90 percent of their products to customers in Europe, North America and Latin America. Yang Bo says international expansion is not an easy process.

Dr. YANG BO, FOUNDER & CEO Hoymiles Power Electronics Inc. “When you are promoting the market and brand, you can’t just copy experience in China, because each region and country has its own cultures and different laws.”

The latest China Customs data shows that in the past seven months, the total value of private enterprises’ export reached almost 8.5 trillion yuan, accounting for 63 percent of the total export value. Electric cars, lithium batteries, and solar panel products are some of the most popular Chinese export items.

WU LEI Hangzhou, Zhejiang Province “Many entrepreneurs believe that going global involves more than just selling products to the global market. It also entails building international brand recognition, as well as developing long-term marketing and talent management strategies.”

Global social networking platform LinkedIn and International consulting firm Accenture have talked to over 30 companies across the Asia Pacific region and will launch a report in the coming weeks, focusing on the importance of using digital marketing platforms.

MATT TINDALE Head of LinkedIn Marketing Solutions Across APAC Region “We wanted to really harness all of the power of our platform, the data of our platform, but also looking at external data, specifically on how companies in China and Asia Pacific can better expand internationally.”

Matt Tindale says in Asia Pacific region, Chinese companies are among those with the greatest potential to benefit from using more digital marketing.

MATT TINDALE Head of LinkedIn Marketing Solutions Across APAC Region “It’s about B2B transaction, e-commerce, marketing places, intelligence, but when we think of marketing, to nurture and understand your audiences, and to drive automatically, to drive revenue and profit.”

Digital applications are part of our daily lives. Companies wishing to expand their global market are encouraged to use professional marketing tools to reach more customers and boost their growth. WL, CGTN, SH.