Keeping up with China Inc's global ambitions
Long-awaited overseas expansion creates new opportunity for communicators, but will test the fitness of global and local agency models alike.
Five years ago, few analysts in the Western hemisphere bet that the aspirationally named Build Your Dreams (BYD) would soon overtake Tesla as the world's top electric vehicle (EV) maker. Last year, it sold 2.26 million battery-electric cars, handily beating Tesla's 1.63 million.
BYD's rise, as well as the expansion of other EV brands like Nio, platform companies like Tencent, ByteDance and Shein, and hardware producers such as Xiaomi and DJI (a drone maker that has captured over 70% of the global consumer market), highlight that the 'Chinese brands going global' narrative is at last becoming reality.
It has happened despite an ongoing trade war with the US, restricted access to advanced technology, and generally weak worldwide economic momentum. The domestic market's slide since the pandemic has been a catalyst. For emerging sectors such as EV, mobile technology and renewable energy, "going global is a must", says Qu Hong, Greater China president at DJE Holdings, which houses Edelman and Zeno China Consulting.
