A worker demonstrates martial arts during an open day at the Alibaba Group office in Hangzhou in Zhejiang province. [Photo/Agencies]

Their ambition and confidence are inspiring, but what our study also showed very clearly is that medium-sized companies need support from governments, regulators and banks to realize their ambitions and make the leap into the ranks of large corporations.

Governments and regulators can be important sources of advice, while effective regulation is critical to level the playing field.

Around three-quarters of the businesses said that increasing competition and rising costs were significant challenges, and nearly half talked of problems securing the funds they need to meet their business ambitions. Also significant, the second most cited reason for not expanding internationally was the lack of local expertise.

Medium-sized companies can take several steps to address these challenges. For example, strengthening financial transparency (e.g. by appointing accredited international auditors) or bolstering corporate governance (e.g. by appointing independent directors) can help increase funding from banks or equity investors.

To gain access to international markets, medium-sized companies should seek partnerships or even acquisitions in new locations as a means to acquire local market expertise.

Alibaba founder Jack Ma has spoken of his driving ambition to create "a global company" when he first started the company, something he eventually did.

Many of the medium-sized companies we surveyed had a similar goal.

If we can help them overcome their challenges and make it into the big leagues, such ambitions are great news - not just for Asia, but for the global economy.

The author is global head of commercial clients, Standard Chartered Bank. The views do not necessarily reflect those of China Daily.