Year in Review: China’s Outbound Businesses Pivot to Latam, Middle East

The year 2023 was one of transition in terms of China’s outward business strategy, characterized by a pivot from traditional markets, such as those in Europe and the U.S., to new opportunities elsewhere, particularly in Latin America and the Middle East.

The move was driven by declining consumer demand in these established markets, compounded by rising trade protectionism in sectors such as new energy vehicles (NEVs) in Europe, as well as ongoing friction between Beijing and Washington and the latter’s strategy to nearshore trade.