(Yicai) Sept. 5 -- Overseas expansion is changing from an option to a necessity for Chinese businesses and becoming a new growth source for them, according to a new report by accountants Deloitte and Yicai Research Institute.

The pace at which Chinese firms are going abroad has speeded up this year as a result of internal and external forces, including the promotion of China's policies and the country's transformation into a high-quality economy, according to the report titled New Era of Chinese Business Globalization released at the China International Fair for Trade in Services.

Enterprises exploring overseas markets are shifting from seeking markets, technology, and resources in the early stage to paying more attention to supply chain integration and brand building, with Southeast Asia becoming a popular investment destination for Chinese firms.

Some industries in China are saturated, while it is difficult to turn a profit in others due to fierce competition, making it an imperative for Chinese firms to expand overseas to continue to develop and survive, according to the report.

“With the continuous growth of China's economy and frequent internal and external exchanges, heads of Chinese enterprises have adopted a global mindset and vision,” said Yu Jian, one of the report's authors and executive vice president of Yicai Research Institute.

“Acting based on needs has become the simplest starting point for globalization, with firms no longer going abroad just for the sake of going global,” Yu said.

On the other hand, many Chinese companies are globally competitive in emerging industries, including renewable energy and energy storage, new energy vehicles, e-commerce, and video game development, and overseas markets are an important business growth point for them, the report noted.

The report used Deloitte China’s cross-border business capability maturity model and six cases studies of Chinese firms investing overseas provided by Yicai Research Institute.

The five-day China International Fair for Trade in Services is being held in Beijing through tomorrow.

Editors: Tang Shihua, Martin Kadiev