On December 18-19, 2024, the "2024 GoGlobal Forum of 100" (GGF2024), hosted by EqualOcean, a new think tank for globalization, successfully concluded in Xuhui District, Shanghai. The two-day event featured four full-day forums on globalization: Global Leaders, Global Brands, Overseas Insights, and Emerging Industries. A total of 107 speakers, 100 award-winning institutions, and over 3,500 attendees gathered to advance globalization, strive for "true" global expansion, and create a new chapter for 2024. At the GGF2024 Shanghai event, Li Shuang, partner and president of EqualOcean, released the "2024 China Global Brand Strategy Report" authored by EqualOcean. In addition to this report, the forum also released the "2024 China Enterprise Globalization Services Report" and the "2024 EqualOcean Regional and Country Report," totaling three major annual reports. Below is an overview of the forum.
Opening: Connecting Global Minds, Building Global Wisdom
At the beginning of the forum, Huiyuan, an analyst representative from EqualOcean, presented the "2024 EqualOcean Regional and Country Report." Huiyuan stated, "Opportunities always come with challenges. The key is how to find breakthroughs in complex markets."
Huiyuan mentioned that the current Southeast Asian market is characterized by diversified and regional economic development. Malaysia offers favorable policies and a good business environment, Thailand has potential in the new energy vehicle and halal markets, Indonesia can focus on the "2045 Golden Indonesia" vision and nickel investments, and Vietnam has a diverse plastic recycling industry. The market highlights opportunities in digital economy and green energy, but companies must pay attention to differences in industries and policies across countries.
EqualOcean analyst Xiao Danyun noted that the Latin American market is seeing a rebound in energy and commodity sectors. Mexico has strong economic fundamentals, and China-Brazil economic cooperation is progressing well. Overall, the region offers broad opportunities in e-commerce and infrastructure, but political tariffs and inflation risks coexist. Companies need to navigate market volatility and changes in the trade environment.
EqualOcean analyst Zheng Xinran highlighted that in the Middle East market, the UAE has a high globalization index, Saudi Arabia's "2030 Vision" is driving online entertainment and new energy development, and Egypt's automotive industry and the UAE's fintech sector are thriving. The region has a young population, strong purchasing power, and opportunities in energy transition. However, regional tensions, cultural differences, and efficiency issues pose challenges, requiring companies to be flexible.
EqualOcean emphasized that globalizing companies need to comprehensively examine global markets, re-evaluate development paths from the perspectives of digital economy, green energy, and localized manufacturing, while seizing policy changes and market opportunities. They should also leverage regional demographic advantages to enhance purchasing power and build more forward-looking global strategies to achieve long-term stable growth in overseas markets.
Keynote Speech: Trends and Insights in Globalization
Professor Yan Cui from the Zhejiang International Chamber of Commerce for the Private Economy shared practical experiences of Zhejiang businesses going global. Currently, Chinese private enterprises have strong import and export capabilities, though their role in overseas contracting is somewhat limited. As an economic powerhouse, Zhejiang has businesses spread worldwide, with diverse motivations for globalization and a trend of industrial clusters expanding abroad. However, the journey faces challenges such as ambiguous government attitudes and industrial chain shortcomings. Professor Yan Cui shared Huali Group's ten principles for overseas investment risk management, aiming to provide reference for companies navigating complex international environments, improving overseas business expansion, and achieving more stable long-term development.
Five Roundtable Forums: Global Market Hotspots and Trends
The core of the forum featured five roundtable discussions covering the Middle East, Japan and South Korea, Latin America, Southeast Asia, and Africa. Industry experts, corporate executives, and scholars shared market dynamics, practical experiences, and future strategic directions.
Roundtable 1: Middle East Market – The Next Southeast Asia for Chinese Companies?
Driven by economic diversification reforms, countries like Saudi Arabia and the UAE are becoming hotspots for global investment.
Jiang Jiang (Belle Middle East Market Leader): Stability is key. One must know when to stop to achieve stability, so maintaining a stable mindset is crucial, as is stability in dealing with Arabs.
Lin Wei (Midea Home Appliance Division Overseas Strategy and Investment Director): Many Chinese companies lack localization, bringing domestic habits, including fast-paced and high-pressure approaches, which are significant barriers. Physical presence is essential; leaders must be on the ground, understand the market, and integrate with locals.
Sun Degang (Director, Fudan University Middle East Research Center): First, understand the target country. Second, build a rich network. This will help solidify, strengthen, and expand your presence.
Shi Songrui (Founder, Saiya Blueprint): In 2024, the first year of globalization, many Chinese companies feel they have seized a great opportunity for upgrading. However, by 2025, they must ensure long-term satisfaction. Globalization requires strategic patience, cultural adaptation, and gaining confidence and positive feedback. Entrepreneurs need strong mental resilience and a continuous exploratory drive.
Roundtable 2: Japan and South Korea Market – The Path to Wealth Creation
Japan and South Korea have strong consumer markets but high cultural barriers and intense competition, making them both attractive and challenging for Chinese companies.
Lavin (Founding Partner, Yunshan Capital): If 2024 is the first year of globalization, 2025 will inevitably enter a higher level of competition. High-dimensional competition means companies must have strong advantages and no fatal weaknesses. Competitors are also continuously upgrading (becoming more competitive).
Zhang Yan (Co-founder and General Manager, Beiang Intelligent): To counterattack the Japan and South Korea markets, first, focus on product innovation and differentiation. Second, go global but work locally, leveraging local resources. Third, position your product correctly, finding your opportunity point; differentiation is key—better to be different than better.
Zhang Yi (Overseas Business Head, Chiye Technology; Joey's 900 Million Globalization Notes): You need to understand the market stakeholders who can form partnerships with you and the groups they represent. Leveraging their strength to reach end consumers is a crucial part of localization.
Chu Gangqiang (Founder, Jacob's Column): In many ways, Chinese globalization is high-dimensional competition against lower dimensions. Winning new markets overseas is certain with determination.
Luo Haofei (Fund Manager, Leviaries; Senior International Lawyer): To open the Japan and South Korea markets and gain trust from investors and clients, understanding the underlying business logic and cultural attributes is essential.
Roundtable 3: Latin America Market – Beyond Mexico
Latin America, as one of the last major growth markets, is witnessing new development opportunities.
Cao Ting (Deputy Director, Latin American Studies, Fudan University): The "Belt and Road" initiative provides an excellent platform for companies to expand their products, upgrade technology, and further internationalize the RMB. Latin American countries welcome Chinese companies investing through this platform.
Zhang Zhibin (Overseas Investment Head, Jiacheng Capital): Compared to the globalization journeys of foreign companies, Chinese companies are still in the early stages. With rapid technological changes, overseas markets continue to offer entrepreneurial opportunities. Startups should first leverage the globalization trend to gather information, form a global perspective, and identify suitable markets. Second, build professional barriers, find true differential advantages, and serve overseas markets with high-quality offerings, collectively enhancing the image of Chinese companies and creating a positive globalization cycle.
Ruan Fei (Overseas Investment Head, Richu Capital): In globalization, do not create demand or assume target users' needs. Selling the same product globally without local adaptation is not branding but dumping.
Wang Pei (Executive Director, Colliers International): Going to Latin America requires focusing on one central point and three key points. The central point is long-termism, which is a vast blue ocean. The three key points are: what does the South American market need? What do you currently have? What can you offer the market, and what benefits can you gain?
Roundtable 4: Southeast Asia Market – Already a Red Ocean?
Southeast Asia, with its vast population dividend and consumption potential, remains one of the most attractive markets for Chinese companies.
Xu Lejia (Founding Partner, Huoshui Capital): Southeast Asia has a unique characteristic I call "time-space folding." In a single sector or company, you can find activities that Chinese counterparts were doing ten years ago, five years ago, and now. This theory suggests that market opportunities in Southeast Asia can be met by referencing China's past and present.
Long Jie (Chief Advisor, TOMORO COFFEE Indonesia): Globalization is a top-down project. Indonesia is in the early stages of consumer industry growth. Collaboratively re-examining the market, taking a long-term view, and spending significant time locally are essential before entering.
Calvin (Managing Director, Nutz Capital): Companies expanding to Southeast Asia need strategic focus and tactical flexibility, concentrating limited resources for maximum impact. Southeast Asia's e-commerce platforms and fulfillment efficiency lag behind those in Europe, America, and China. Leveraging AI to improve operational efficiency can help companies allocate more resources to product innovation and localization, seizing fleeting business opportunities.
Liu Linhai (Founder and CEO, Dreamer Age): Domestic brands and products entering local markets should focus on two lines: respecting time and pursuing the best quality within optimal cost-effectiveness. Embrace local customs and culture while integrating our own, truly entering the local market.
Wu Ji (Founder, Singapore TNT Digital Entertainment and Indonesia TNT Media): The consumption trend of the Z-generation lies in the emotional economy, which is a form of experiential consumption. High-quality content consumption is one of the key manifestations of the emotional economy. Quality content has considerable universality, and its global market potential is vast, making content entrepreneurship highly meaningful. In recent years, content models and technological innovations emerging from China have achieved phenomenal success in North America and other countries, which is a great encouragement for new content entrepreneurs. The future of Chinese content models going global (in areas such as film, music, literature, and gaming) holds tremendous prospects.
Roundtable 5: Africa Market – Decoding the Code for Chinese Companies
Africa, rich in resources and with vast market potential, also presents significant challenges.
Lu Shan (Executive Director, CMB International Capital): Entrepreneurs in Africa must shed their formal shoes, much like Fujian merchants who ventured to Southeast Asia centuries ago, preparing for extreme hardships with a grounded mindset.
Zhang Lingxiu (Partner, Roselake Ventures): Entrepreneurs in Africa cannot rely entirely on external consultants or solutions. They must have an internal team capable of managing overall risks.
Long Zhiyun (CEO and Co-founder, Pyxis): Not just Africa, but all emerging markets with low per capita GDP should not focus solely on volume and low prices. Higher gross margin should be targeted.
Li Yixuan (Cross-border Tech and Emerging Investment Market Consultant for China-Africa): Chinese companies should maintain good public relations. The African market is not suited for "silent wealth accumulation." Brands need to showcase their value in a localized yet internationally aligned manner.
Conclusion: Building a New Global Market Ecosystem, Supporting Chinese Companies' Globalization
This forum provided forward-looking insights and practical strategies for Chinese companies expanding globally by deeply analyzing the development dynamics of emerging markets. EqualOcean stated that it will continue to promote global industry exchanges, helping Chinese companies achieve sustainable growth in the global market.
Facing new globalization opportunities, Chinese companies need to maintain an open and cooperative mindset, actively embrace the digital economy and green development, and build a new global market ecosystem through localized operations and cross-cultural collaboration.
EqualOcean will also continue to support companies in achieving greater success on the global stage through ongoing industry research and international exchange platforms!
Since its inception in 2018 as a spin-off from EqualOcean, the "GoGlobal Committee of 100" (GGC100) was officially launched at the "2023 Globalization Summit" (ESG2023) in Shenzhen in June 2023. The committee, initiated by EqualOcean and over 100 renowned entrepreneurs, investors, and scholars, aims to serve Chinese companies' globalization efforts. From "gathering 100" to "reaching 1,000," from "industry dialogue" to "global empowerment," the GGC has gathered over 500 elite members worldwide, hosted 1,600+ corporate executives sharing insights, and built a 20,000+ precision-targeted globalization community, covering industries such as new energy, AI, FMCG, and food and beverage, with a total market value of 10 trillion RMB. The committee has organized 8 large-scale conferences with thousands of attendees, 20+ industry salons, 10+ elite gatherings, and multiple study tours. In 2024, EqualOcean also published the book The New Wave of Globalization, selling 100,000 copies.
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