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Chinese Firms' Global Export Share to Hit 31% by 2035, Goldman Sachs Reports
A new Goldman Sachs report projects Chinese companies will significantly expand their global export market share, reaching 31% by 2035, up from 18% this year. This "going global" trend, spanning 11 sectors from e-commerce to robotaxis, suggests…
China's Deepening Global Business Penetration
Chinese firms are transitioning from peripheral to central roles in the global business landscape, according to a Goldman Sachs report released Monday. The report projects their average market share in export markets will climb to 31% by 2035, a substantial increase from 18% this year.
While this global expansion is underway, the report indicates that public markets have not yet fully reflected the trend in company valuations. However, it forecasts a 3.6-fold increase in revenue for these firms by 2035. The analysis spanned 40 global companies across 11 sectors, including 21 Chinese entities and 19 international peers.
Growth Avenues and Market Disconnect
The Goldman Sachs report identifies significant growth opportunities for companies categorized as "latecomers." These include firms operating in sectors such as robotaxis, e-commerce, surgical robots, clear dental aligners, and power equipment, all poised for considerable market position expansion.
Trina Chen, a Hong Kong-based Goldman Sachs analyst and one of 36 global co-authors, noted in the report that "Markets have yet to price in China’s global growth opportunity, with a number of sectors trading at less than 1x [earnings] in international markets excluding China." This suggests a disconnect between the projected global growth trajectory of Chinese firms and their current market valuations.
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