A new China industrial geography is taking shape
For decades, China's economic narrative revolved around its coastal megacities. Yet a profound shift is underway.
Innovation is becoming increasingly decentralised and distributed across specialised regional clusters. These ecosystems are built around deep industrial expertise and are focused on the technologies that will underpin the next phase of global growth.
We highlight 10 companies – none based in Shanghai, Shenzhen or Hangzhou – whose technology footprints are putting their cities firmly on the global innovation map.
Why this matters – China's innovation story is entering a new phase
China’s evolving innovation landscape signals a structural shift in how and where value is created. At the core of this shift is the continued build-out of China’s technology infrastructure and growing self-reliance across sectors. This dynamic is already visible in global market outcomes.
For investors, the implication is clear: we believe the opportunity set is broadening beyond headline names to a wider universe of companies that are increasingly critical to global value chains.
