Patriotism tests loom for big business

Economic nationalism makes it harder for multinationals to navigate the world.

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For Chinese fans of table tennis, even global tournaments have a cosy feel. China so dominates the sport that many international matches amount to a contest between “our Chinese” and “their Chinese”.

Fans in China proudly watch their country’s champions compete with members of the “ping-pong foreign legion”, their fond nickname for Chinese-born aces who, realising they will never make their national squad, emigrate to play under other flags. At the Paris Olympics in 2024, more than a dozen table tennis players representing European, Latin American and other countries were China-born and trained.

If Chinese state planners have their way, economic globalisation is about to take a similar turn. It is their hope that some of the fastest-growing industries will soon be dominated by Chinese companies, or by foreign firms that depend on Chinese supply chains. Either way, the real winner will be China.

In Beijing and other capitals, business bosses and officials expect to hear the phrase “China goes global” a lot in 2026. More Chinese companies will open or expand overseas operations, trying to ease trade tensions by creating jobs abroad. Some operations will distribute fully made-in-China products, such as affordable, gadget-packed electric vehicles or high-performance batteries. Others will send semifinished kits to assembly plants far from home, transferring just enough value to be seen as local manufacturers.

Chinese firms are already hearing loud demands from European and other governments to transfer more advanced technologies to foreign partners, and to source more components from local supply chains. The European Union is debating “buy European” local-content rules for public procurement contracts, in a bid to give such demands some bite.