Shaun Rein writes in Businessweek:

In the last few months my firm, the China Market Research Group, has conducted more than 500 interviews with senior executives from 100 leading Chinese companies in 10 industries, from consumer products to clothing to food and beverage. We found that more than 70% of large industry leaders have already made meaningful steps toward global expansion, as have more than a third of smaller industry leaders. Most companies said they expected to increase their plans for international expansion in light of the global turndown.

Accordingly, direct investment by Chinese companies abroad is growing at breakneck speed, up 353%, to $19.34 billion, in the first quarter of 2008 compared with the first quarter of 2007. Many companies such as home appliance maker Haier have had considerable success becoming international players as they carve out niches and compete on brand value. While most Chinese firms have focused on expanding first into emerging markets in the Middle East and Africa, they are now also looking to North America and Europe and new opportunities in those regions.

In our experience in helping companies go global, we have noticed many Chinese companies making the same mistakes when going abroad that foreign firms make when moving into China. Having analyzed these successes and struggles, CMR has determined the following key strategy points that Chinese companies looking to go global must incorporate into their expansion plans. The Chinese firms that get it right will become the next Sony (SNE) or LG Electronics in the U.S. The ones that do not will fall the way of the Yugo.

To read more:

http://www.businessweek.com/globalbiz/content/dec2008/gb2008121_644935.htm?chan=globalbiz_asia+index+page_top+stories