Nearly 80 per cent of China’s foreign direct investment went to Asia after the lockdown was lifted in 2023 and Singapore, where a large number of Chinese enterprises have set up shop, is reaping the benefits.
Alicia Yao, vice chairman of the China Business Event Industry Committee (CBEIC), a speaker at the recent ITB Asia, said Chinese investors set up 48,000 overseas enterprises in 189 countries and regions by the end of 2023.
The Chinese Enterprises (Singapore) Association), with some 950 members, is expected to exceed 1,000 by the end of 2024, she added. Members are in the fields of finance, infrastructure, shipping logistics, energy and trade, technology and digitalisation, culture tourism and services.
“The successful experience of Chinese enterprises in Singapore is the main reason for attracting Chinese business events and exhibitions,” she explained.
“Globalisation has become an unavoidable issue for Chinese enterprises and this will result in the climax of China’s outbound BEs in 2025 and 2026.”
Some 90 per cent of destination choice, she noted, is concentrated in Asia-Pacific, where airfares are more affordable and visa entry requirements have eased.
ITB Asia buyer Liu Lei, Lenovo (Tianjin) purchasing manager, said budgets have been reduced, so Europe and the US are out, while Malaysia, Singapore and Thailand are in.
China outbound business events are diverse and include association delegation business visits, promotional roadshows, incentive trips, business study and research groups, conferences, and exhibitions.
According to Yao, Guangdong, Shanghai, Beijing, Jiangsu, Zhejiang, Fujian, Shenzhen, Dongguan, Hangzhou, Chengdu, Nanjing, Suzhou are the prime Chinese business events generators.
Zhuhai, Zhongshan, Foshan, Quanzhou and other second-tier cities in the Pearl River Delta are up-and-coming, she continued.
Yao advised industry practitioners interested in tapping Chinese business events to “pay more attention” to ROI, results of business activities, corporate brand publicity, product marketing and sales, project cooperation, and business success.
Chinese corporate incentive trips, she shared, want “different travel experiences” and “are willing to deeply experience local culture and customs”.
CBEIC was set up by the China Council for the Promotion of International Trade and involves related enterprises, social organisations and institutions to promote industry cooperation.
CBEIC members include China national associations, event companies, PCOs, think tanks, research institutes, colleges, universities, industry professionals and consultants.
The non-profit NGO is a new member of the Joint Meetings Industry Council.
