Released for the seventh consecutive year, the latest report showed that 80 percent of the 380 surveyed Chinese companies plan to undertake overseas expansion plans in the next three years, with the Association of Southeast Asian Nations continuing to serve as the first destination of choice.

　　This is in line with the close trade ties between the two economies, as China's trade value with ASEAN surged 18.2 percent year-on-year to 4.34 trillion yuan ($643.2 billion) in the first six months, said the General Administration of Customs.

　　Malaysia has gained the most attention so far this year, with 56 percent of polled Chinese firms expressing interest in the market. This could be partly due to the energy crisis that has roiled the world this year. The richer application scenarios in Malaysia can be translated into more opportunities for Chinese companies, especially new energy companies, said Xin Tao, managing director of UOB China.

　　While Malaysia has announced plans to completely transition away from coal by 2044, electricity consumption by data centers is projected to surge from 7 percent of total demand in 2026 to 31 percent by 2035 in Peninsular Malaysia, said local energy authorities. Procurement of renewable energy and acceleration of the country's solar projects are just some of the strategies being used to address the surging demand.

　　At present, Chinese telecommunication companies have the strongest presence in Malaysia, including electronics manufacturing, electronic components and server suppliers related to artificial intelligence, said Xin.

　　Singapore came in second place this year, with 54 percent of polled Chinese enterprises expressing interest in further tapping into the market, 10 percentage points higher than last year.