2025 KPMG MNC China Outlook Report

As China’s economy enters a new phase, multinational companies (MNCs) are not only encountering many opportunities, but also a new set of challenges. How do MNCs perceive their growth prospects amid this change? Are they still committed to the China market, and how are their strategies adapting to secure future success?

Based on insights from 137 China-based executives at MNCs operating in China, and in the backdrop of increased competition, deepening localisation, and developments in digitalization and AI, the 2025 MNC China Outlook Report not only reveals MNCs’ economic growth outlook, but also the strategic shifts and operational changes that they are undertaking to adapt to a changing market.