中国对外绿地投资：从“走出去”到“走进去”深入本土化运营

Investment Rating - The report indicates a positive outlook for China's foreign greenfield investment, highlighting its importance as a strategic approach for companies to expand globally and enhance competitiveness [6][40]. Core Insights - The global economic landscape is undergoing significant changes, with China's "going out" strategy evolving into deeper localization in operations, making greenfield investment a key method for companies to navigate challenges such as unilateralism and trade friction [6][7]. - China's foreign greenfield investment has shown a recovery in scale, particularly in sectors like new energy vehicles, photovoltaics, and digital infrastructure, which have redefined the international image of "Made in China" [6][40]. - The report outlines three stages of China's foreign greenfield investment, emphasizing the transition from resource acquisition to enhancing supply chain resilience and local operations [48][51]. Summary by Sections Global Greenfield Investment Scale - Global greenfield investment reached a historical high of $1.41 trillion in 2023, with a slight decrease to $1.34 trillion in 2024, marking the second-highest level recorded [20][24]. - The number of global greenfield investment projects increased by 3% in 2024, totaling 19,356 projects [20]. China's Foreign Greenfield Investment Stages - The report identifies three stages of China's foreign greenfield investment: 1. Exploration phase (1990s to 2017) focused on resource acquisition and basic infrastructure [48][53]. 2. Expansion phase (2018 to 2024) driven by the Belt and Road Initiative, emphasizing capacity output and market share [48][55]. 3. Localization phase (from 2025) aimed at enhancing supply chain resilience and deepening local operations [48][51]. Challenges and Strategies - Companies face challenges such as complex international environments, legal compliance, and cultural differences in their greenfield investment endeavors [7]. - The report provides insights into key investment strategies, including precise site selection, tax planning, and ensuring data security, to optimize investment strategies and enhance operational efficiency [7][40]. Sector-Specific Trends - The information and communication technology sector saw a significant increase in greenfield investment, reaching $211 billion in 2024, a 73% year-on-year growth [35]. - Conversely, traditional sectors like energy and mining experienced declines in investment, with energy and natural gas investments dropping by 28% to $273 billion [35][36]. Regional Investment Dynamics - The report highlights that developed regions like the EU and the US continue to dominate global greenfield investment, while China's share increased to 12% in 2023 before declining to 6% in 2024 due to reduced investments in mining [24][30]. - Emerging markets, particularly in Southeast Asia and Latin America, are becoming focal points for Chinese companies seeking to expand their global footprint [66].