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Wenzhou Enterprises Take the Lead in China’s Going Out Strategy

40 years ago, Wenzhou people took the lead in the market-oriented reform in China. Over the past 40 years, Wenzhou has been the birthplace of many economic innovations in China, for example, China’s first individually-owned business license, China’s first Farmers’ City, China’s first chamber of commerce out of Wenzhou, making great models in the economy of China. Nowadays, Wenzhou enterprises are taking an active part in China’s overseas economic and trade cooperation zones with their footprints spreading all around the world. Thanks to China’s Belt and Road Initiative, Wenzhou people and their enterprises are building a worldwide network of friends to be a pacemaker in practicing the country’s Going Out strategy.

CHINT, a large industrial group originating from a small factory in Wenzhou, China, has made great efforts in going out for more than 30 years. In 1992, the company started to export their electrical equipment. In 2004, internationalization was established as a corporate strategy of the company. In 2009, it set up five overseas sales departments to set foot on more markets around the globe. At present, CHINT is providing products and services for more than 140 countries and regions in the world with its business covering electrical, new energy, automation and intelligent home. In recent years, CHINT has successfully exported the technology of rooftop PV power station, one of their hit products, to Germany, Egypt, Thailand and Pakistan etc. On a global scale, CHINT has built over 200 grid-connected PV power stations.

CHINT’s going out is an epitome of Wenzhou enterprises’ expansion in the global market. In 2013, faced with its growth ceiling, CPET, a Wenzhou company for pet products, took the initiative in building its first overseas plant in Vietnam to break trade barriers and expand its business. In 2014, Tsingshan Holding, a giant stainless steel producer in Wenzhou, China, started its investment in Indonesia’s nickel industry and built Tsingshan Industrial Park locally to produce 3 million tons of stainless steel annually.

Pengsheng Industrial Park is another model project of Wenzhou companies’ going out strategy. Located in Uzbekistan’s Sirdaryo State, the park is the biggest non-energy cooperation project between China and the Central Asia country. Built in 2009 by Jinsheng Trading Co., Ltd. from Wenzhou, China with a total investment of USD 99.4 million, it is the first investment project by a Chinese private enterprise in Uzbekistan, which has been ratified by the governments of the two countries. Every morning, over 1,300 local employees from Uzbekistan will come to work at different factories in the park from surrounding villages. The park houses around ten manufacturing companies from Wenzhou, producing ceramic tiles, artificial leather, shoes, valves and pet products etc.

In the past five years, Wenzhou enterprises have invested in 178 overseas projects, 67 of which are located in the regions of Belt and Road Initiative. Besides those large industrial parks launched by big companies from Wenzhou, small companies from Wenzhou are also seeking their business opportunities around the world, which has long been a tradition of Wenzhou people. According to the latest statistics, Wenzhou businessmen has built 18 overseas commodity markets in different countries and set up 216 marketing agencies abroad.

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