The report of the 20th National Congress of the Communist Party of China proposed to "improve the quality and level of trade and investment cooperation" and "promote the joint construction of high-quality development of the the Belt and Road". In the context of the current deep adjustment of global industrial and supply chains, the importance of outward investment cooperation is increasingly prominent. The 2023 Survey Report on the Current Situation and Intention of Chinese Enterprises in Foreign Investment released by the China Council for the Promotion of International Trade shows that Chinese enterprises have steadily developed their foreign investment in 2023, with over 80% of the surveyed enterprises having the intention to expand and maintain their foreign investment, an increase of nearly 10% compared to the previous year, and over 90% of the enterprises are optimistic about the future prospects of foreign investment. The good expectations of various business entities for foreign cooperation indicate that China's high-quality "going out" pace will be more stable.

     At present, China's foreign investment cooperation presents the following characteristics: comprehensive investment fields, extensive foreign investment cooperation fields, involving cross-border mergers and acquisitions, international production capacity cooperation, overseas resource development, overseas park construction, infrastructure investment cooperation, and labor dispatch, forming a comprehensive development pattern; The investment area is wide. By 2023, China's "going global" enterprises have spread in 155 countries and regions around the world, involving RCEP member countries, SCO countries, countries jointly building the "the Belt and Road", BRICS countries, etc; Deeply embedded, central enterprises such as China Building Materials and China Railway deeply cultivate the international market, driving the coordinated development of the upstream and downstream of the industrial chain. They not only export Chinese standards and technical specifications, but also participate in the formulation of international standards and specifications. The overseas layout of Chinese enterprises is gradually extending to high-tech industries such as semiconductor materials and new energy photovoltaic; Enterprises have benefited greatly, and many Chinese enterprises have achieved a transformation from "product going global" to "brand going global", leveraging "high-end" in the global market. For example, Haier has gone from being made in China to being a Chinese brand, and then to becoming a global brand. Its revenue and net profit have maintained growth for seven consecutive years, with overseas revenue accounting for over 50% of total revenue.

     Looking ahead to the future, Chinese enterprises can integrate into the global industrial division of labor through high-quality "going out". While embracing the dividends of the global market, it will also drive high-quality "introduction".

     One is to meet the requirements of the new development pattern. Implementing high-quality international circulation is an important lever for building a new development pattern, helping enterprises upgrade and expand towards high value-added and high-end directions. For example, after Shandong Weichai Group cross-border mergers and acquisitions of France's Boduan and Germany's Linde Hydraulic, they introduced Boduan and Linde Hydraulic for investment in Shandong's return journey, and the projects were almost entirely localized. This development model of "cross-border investment+return localization" promotes enterprises to achieve a virtuous cycle of "going out" and "bringing in", and helps to build a new development pattern of "dual circulation".

     Secondly, it conforms to the laws of industrial development. At present, Chinese enterprises have accumulated advanced technology, industrial capital, and excellent talents in the manufacturing industry and other fields. Their own business level and innovation ability have also greatly improved, and they have the conditions to further participate in international resource allocation. Chinese enterprises are leveraging tax incentives, land and labor cost advantages in Southeast Asia and other regions to layout some production capacity, which is expected to form a new "goose formation model", achieve a positive interaction between strengthening international cooperation and promoting the upgrading of domestic industries in investment host countries, and lead the reshaping of regional industrial division of labor system.

     Thirdly, it is in line with the internationalization strategy of the enterprise. Throughout the world, international operations have become an important way for enterprises to achieve rapid development and improve competitiveness. Chinese technology and high-end manufacturing enterprises have also experienced multiple rounds of overseas business expansion. Through overseas layout, enterprises can deeply integrate into the global R&D innovation network, improve their original innovation capabilities, extend their product industry chain, and climb towards the high-end of the global value chain, thereby enhancing their international market competitiveness. For example, Huawei's internationalization has achieved excellent results, ranking first in the total number of 5G patents and providing products and services to over 3 billion people in more than 170 countries worldwide.

     The fourth is to meet the needs of domestic and foreign markets. In the fourth quarter of last year, BYD's quarterly sales of pure electric vehicles surpassed Tesla for the first time, becoming the world's largest electric vehicle seller. BYD has established five production bases overseas and completed coverage of key sales areas. In addition, the popularity of Pinduoduo's overseas version of Temu also indicates the preference of overseas consumers for Chinese products and models. Going global can bring enterprises closer to the consumer market, increase the market penetration rate of Chinese products, and enhance the breadth and depth of Chinese enterprises' overseas layout. At the same time, some "going global" enterprises have introduced overseas brands, services, and concepts into China, providing consumers with richer products and more choices.