1、 the Difference.November 20252025 MNCChina Outlook ReportKPMGs 2025 China MNC Outlook Survey 2025 KPMG Huazhen LLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a limited liability company in Chinese Mainland,KPMG,a Macau SAR partnership,and KPMG,a Hong Kong SAR partnership,are

2、 member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.2Contents03 Executive Summary04 Introduction05 Growth and Revenue Outlook09 Investment Outlook10 Operations15 Tax Co

3、mpliance16 Digitalisation and CybersecurityExecutive SummaryGrowth and Revenue OutlookInvestment OutlookTax ComplianceDigitalisation and CybersecurityOperationsIntroductionKPMGs 2025 China MNC Outlook Survey3 2025 KPMG Huazhen LLP,a Peoples Republic of China partnership,KPMG Advisory(China)Limited,a

4、 limited liability company in Chinese Mainland,KPMG,a Macau SAR partnership,and KPMG,a Hong Kong SAR partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.

5、Executive SummaryIntroductionGrowth and Revenue OutlookInvestment OutlookDigitalisation and CybersecurityOperationsExecutive SummaryGrowth and revenue:A mixed pictureMNCs express more confidence in Chinas medium-term economy than the global outlook,but 2025 revenue forecasts are cautious.Short-term

6、caution;long-term commitmentMultinational companies(MNCs)in China are relatively optimistic for the future and are maintaining market presence and navigating a period of slower growth by shifting strategies from growth to profitability.are at least moderately confident in their three-to-five-year gr