Growth opportunities and increased spending on research and development (R D) are key priorities for China's manufacturing executives, according to an annual KPMG global survey released on Wednesday.
The report surveyed 360 senior executives, including 36 from China, across six industries -- aerospace and defence, automotive, conglomerates, medical devices, engineering, and industrial products and metals.
About 95 percent of Chinese respondents indicated growth was a high or extremely high priority in the next two years, compared to just two-thirds in the last 24 months. More than 62 percent of China's executives plan to spend over 6 percent of revenue on R D over the next two years while less than half of global respondents plan to do the same, according to the survey.
"China's own manufacturers are keen to move up the value chain and expand their global footprint, bringing not only competition but also opportunities for collaboration," according to Daniel Chan, Co-Sector Head of KPMG China's industrial manufacturing department. China remains a significant market that can't be ignored by manufacturers looking for growth.
Foreign investors able to bring innovation and investment into new technologies should find strong growth opportunities in China, Chan said.
Meanwhile, up to 94 percent of China's executives plan to enter new geographic markets in the next 24 months; 89 percent said they intend to enter new sectors, according to the survey.
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