Soft power is becoming increasingly important to Chinese companies.

How does a business go from "corporate internationalization" to "internationalized corporation"?

The 2014 Overseas Chinese Corporate Reputation Report, published by the Zhejiang University Press, may help provide the answer. The book was launched on April 4 at an event at Columbia University.

The authors of the report, Feng Xi, senior vice-president of the Horizon Research Consultancy Group in Beijing; Yao Ming, Chinese entrepreneur representative; and Fu Xiaoxiao, director of the Manchester Business School China Center, discussed Chinese corporate soft power, business opportunities in China, and entrepreneurship in the US and China at the launch event.

Combining data and practical cases analyzed by Horizon, the largest non-governmental think tank in China, Feng introduced a "three-step" strategy" for Chinese corporations.

The three steps stand for "going out, going in, going up" for overseas Chinese firms.

"Going out" refers to hard power displayed in financial resources; "going in "refers to soft power displayed in cross-cultural communication and management; "going up" refers to the right combination of hard and soft powers, in which the host country's government, society, businesses and people like, trust and respect the Chinese corporation.

That is the highest level of honor an international corporation can pursue, the book states.

Feng said overseas investment by Chinese corporations has skyrocketed in recent years, and there is no sign of a slowdown. However, overseas brand recognition and the reputation of Chinese corporations lag their hard power.

The development of hard and soft powers is "unbalanced, uncoordinated and unsynchronized", Feng said.

Feng suggested that as Chinese corporate hard power grows, the simultaneous development and influence of hard and soft powers should be stressed.

Another new reputation concept is raised in the report: heart power (heartware), which is considered the most important among the three, with which corporations use affection to cultivate corporate reputation, the book said.

China's recent national strategy of "One Belt, One Road", and the proposed Asian Infrastructure Investment Bank underscore the "great potential and promising prospects of Chinese corporations overseas", Fu said.

Promoting the book launch were the Tsinghua Alumni Association-Greater New York, Tianjin University Alumni Association in North America, Zhejiang University Alumni Association Greater New York chapter and the Chinese University Alumni Alliance in North America.

Hong Xiao in New York contributed to this story.