Abstract

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For years China has been known as a destination for foreign direct invest- ment, as multinationals flocked there to build export platforms and take advantage of its fast-growing market. Now, however, it is China’s outbound foreign direct investment (OFDI) that is shaping the world. In the first quarter of 2015, China claimed its largest-ever share of global mergers and acquisitions (M&A), with mainland companies’ takeovers of foreign firms amounting to US$101bn, or 15% of the US$682bn of announced global deals. In three months, China recorded more outbound investment transac- tions than in the whole of 2015, when US$109bn in deals were announced.