ExplainerFrom railways to Labubus: China’s businesses and their 50-year trip abroad

Chinese companies have steadily expanded their global reach over the past half-century, but it has been a winding, often turbulent journey

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The Tazara railway connecting Tanzania and Zambia was built in the 1970s with Chinese financing. It was an early example of a model of Chinese infrastructure project that would be replicated across the world over the following 50 years. Photo: Shutterstock

Published: 1:01pm, 3 Dec 2025Updated: 11:21am, 11 Dec 2025

With their domestic profits narrowing and production capacity expanding, China’s firms are continuing to widen their overseas footprints in search of new, more lucrative markets. In this series, we examine China Inc.’s next phase of “going global” and the complex, challenging international environment its companies have chosen to enter.

The emergence of Chinese companies onto the global stage has been one of the most important business stories of the past 50 years. From engineering contractors to toy brands like Pop Mart’s wildly popular Labubu figures, China Inc. now has a highly visible presence in countries around the world.

On the surface, it has often looked like a gradual, steady ascent, as Chinese firms in sector after sector started to find success outside their home market. But in reality, it has been a winding and often turbulent journey, with companies continually having to adapt to shifts in global markets, policies and new technologies.

In this story, the Post charts the history of China Inc.’s global expansion, exploring how Chinese firms’ motives, business models and strategic priorities have evolved over the decades – and what may lie ahead in 2026.

Phase one: aid projects in the developing world (1970s-1990s)

China’s first forays into overseas markets were driven by state-backed foreign aid projects and engineering contracts, primarily in developing nations in Africa and Southeast Asia. Chinese firms mostly undertook the construction of major infrastructure projects, such as power plants, railways and highways.

At the same time, foreign investment began flooding into China, enabling domestic enterprises to gain knowledge of modern corporate management from multinationals setting up Chinese outposts. But few domestic companies were ready to globalise their operations at this stage.

Phase two: post-WTO accession manufacturing boom (2000s)

Following China’s accession to the World Trade Organization in 2001, its manufacturing sector rapidly integrated into global markets, solidifying the country’s role as the “world’s factory”.

SCMP Series

China Inc. goes global

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.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Chinese companies have steadily expanded their global reach over the past half-century, but it has been a winding, often turbulent journey

Phase one: aid projects in the developing world (1970s-1990s)

Phase two: post-WTO accession manufacturing boom (2000s)

Chinese companies have steadily expanded their global reach over the past half-century, but it has been a winding, often turbulent journey