CFO leadership in globalisation

Key findings

• Regulatory compliance is the number one barrier to global expansion. Cited by 85% of respondents, far ahead of geopolitical instability (57%), underscoring that a robust compliance framework is the foundation of any international strategy.
• Currency risk is the Achilles heel of global finance teams. Two-thirds (66%) of enterprises identify predicting and managing currency risk as their biggest weakness, a challenge that intensifies the longer a company has been operating internationally, reaching 80% among those with 10+ years of overseas presence.
• South East Asia dominates growth plans. A leading 57% of respondents expect the region to offer the greatest growth potential over the next three years, with Africa (36%) and the Middle East (30%) as secondary targets. Chinese enterprises are on a clear southward and westward trajectory.
• The CFO role is shifting from implementer to strategic enabler. Over half of CFOs (59%) rank deep research into financial regulations as their top priority, while nearly half (51%) are actively involved in international strategic planning — signalling a fundamental expansion of the finance leadership mandate.
• Hard competencies open the door; soft competencies keep it open. Technology, products and cost advantages lead as globalisation differentiators but for enterprises generating more than half their revenue abroad, channel capabilities (rated 3.92) overtake cost as the decisive competitive variable.
• Nearly half of enterprises are moving towards corporate treasury centres (CTCs). Some 20% are already on a clear path to establishing a regional CTC, with a further 25% actively evaluating the option — signalling a new era of centralised global financial management.
• Fiscal and tax support is the most pressing need. Eight in ten enterprises (80%) identify this as their top policy ask, ahead of support for key industries (59%) and clearer rules on cross-border data flows (50%).
• The Belt and Road Initiative remains the strategic backbone. Some 62% of enterprises use the BRI as their primary international cooperation platform, rising to 92% in transportation and 90% in building and construction.

Key statistics

• 85% cite regulatory compliance as the top global risk
• 66% say currency risk management is their biggest finance weakness
• 57% see South East Asia as the leading growth market
• 45% preparing or considering a regional corporate treasury centre.

Globalisation no longer optional for Chinese enterprises

Against the backdrop of China's 15th Five-Year Plan (2026–2030) and an increasingly complex international political and economic environment, going global has shifted from a growth option to a strategic imperative. Digital transformation and regional economic integration are creating new pathways for expansion, while simultaneously raising the stakes for getting it right.

Across the 290 enterprises surveyed — spanning manufacturing, finance, energy, IT, healthcare and more — the perceived difficulty of global expansion averaged 3.47 out of 5, placing it firmly between "neutral" and "moderately difficult." That assessment varies significantly by industry: retail services find it least challenging (3.00), while IT companies rate it the highest (3.71).

Key drivers

The top drivers of globalisation follow a clear hierarchy:

• Expanding into foreign markets — by far the leading driver (score: 4.11 out of 5), and one that grows more prominent as the international share of revenue rises
• Domestic competitive pressure — enterprises increasingly see international expansion as a release valve for overcrowded home markets (3.56)
• Diversifying operational risk — spreading exposure across geographies as a hedging strategy (3.04)
• Policy support — particularly relevant for industries with close government relationships (3.01).

Strategic destinations

South East Asia leads all regional markets as the priority destination for the next three years, with strong cross-sector consensus. But the secondary choices reveal meaningful strategic divergence by industry.

Key data

Industries most bullish on South East Asia:

• Building & construction: 71%
• Healthcare: 67%
• IT & software: 65%
• Education: 60%.

Sectors with distinctive secondary markets:

• Retail & e-commerce: Latin America: 53%
• Energy & utilities (Middle East & Central Asia): ~30% each
• Finance: Russia: 46%
• Media & entertainment: Africa: 80%.

Risk landscape

Two distinct but complementary risk pictures emerge from the survey. When assessing the broader global environment, geopolitical tensions are rated the single biggest threat: scoring 3.99 out of 5, just below the "high impact" threshold of 4.0, and significantly above traditional financial risks like inflation (2.62) or currency fluctuations (2.79).

But when asked about risks specifically facing their finance functions, the picture shifts sharply: 85% of enterprises put regulatory, compliance and legal risk at the top, well ahead of geopolitical instability in second place (57%). For finance leaders, this means compliance is not just one item on the agenda. It is the agenda.

The evolving CFO

Perhaps the most significant finding of this report is the scale of the transformation underway in the CFO role. Compliance remains the baseline but the most effective global finance leaders are moving far beyond it.

What CFOs are prioritising during global expansion:

• Researching financial regulations and tax policies in target markets — cited by 59% of CFOs as their top priority.
• Setting up local finance teams and management systems — 51% of CFOs are focused here.
• Active participation in international strategic planning — also cited by 51% of CFOs.
• Advising on pricing, cost controls and supply chain optimisation — 38% overall.
• Promoting standardised, digitalised global financial systems — 31% overall.

What comes next?

1. Asset-light models will gain ground
   Enterprises are prioritising channel partnerships (score: 3.19) and export trade (2.95) over capital-intensive routes like greenfield investments (2.41). In an uncertain policy environment, flexibility and speed-to-market trump heavy asset commitments.
2. Corporate treasury centres are becoming mainstream
   With 20% of enterprises already committed to establishing a regional CTC and another 25% actively evaluating the option, centralised global treasury is transitioning from a large-enterprise premium to a broad strategic priority. Transportation (46% committed), manufacturing (26%) and energy (27%) are leading the way.
3. Policy advocacy will intensify around fiscal and tax support
   A full 80% of enterprises identify fiscal and tax support as their most important policy need — well ahead of industry-specific support (59%) or cross-border data flow rules (50%). Enterprises that engage proactively with policy developments in their target markets will hold a meaningful structural advantage.

About this research

This report was produced by ACCA in collaboration with the Shanghai National Accounting Institute (SNAI), Kingdee and BDO, drawing on a survey of 290 respondents across China. The sample spans 10 industries, with manufacturing (32%), finance (13%) and energy and utilities (11%) most represented, and a range of enterprise sizes from small (<100 employees) to mega (>10,000 employees). Just over one-third of respondents (34%) are pre-expansion, with the remainder ranging from fewer than three years to over a decade of international presence. CFOs comprised 13% of respondents; mid-to-senior employees, 52%.