Suchergebnisse

ABSTRACTWhile Europe has become the principal venue for new Chinese foreign direct investment, little of it has resulted in new (greenfield) production or research and development facilities. The bulk of this investment has been used to take over European companies, outstripping Chinese acquisitions in North America by 800 per cent. While some takeovers have been of insurance, sports, luxury goods and similar non‐strategic companies, many have been of innovation‐driven firms. This article explores the reasons for the preference — by Chinese state‐ and privately owned companies — for takeovers of this type of European company. Its working hypothesis is that there are correspondences between the continuing weaknesses in China's innovation system and the fact that Chinese companies have been partially shut out of the US and Japan, leading to the focus on cutting‐edge technological acquisitions in Europe. While these correspondences cannot be proven empirically, the article suggests that, given the available evidence and the context in which it arises (particularly the Chinese government's 'Made in China 2025' industrial agenda), the balance of presumption must be that these are key dynamics driving China's European acquisitions programme. Amongst its conclusions, the article suggests that Chinese corporate takeovers arguably problematize the future of European innovation and competitiveness and thus the technological robustness of Europe's economic development.

This article examines the behavioural patterns of successive Canadian governments in responding to three takeover attempts of iconic high-value Canadian corporates by large state companies from China. The first is China Minmetals Corporation's attempt to acquire Noranda in 2004–2005 during the Liberal government of Paul Martin, the second is China National Offshore Oil Corporation's acquisition of Nexen in 2012 during the Conservative government of Stephen Harper, and the third is China Communications Construction Corporation International's bid for Aecon Group in 2017–2018. This analysis highlights some important similarities in the behavioural response of the Canadian governments across the three cases: ambivalence and wariness. Policy lessons are addressed in the conclusion.

Based on a panel discussion convened by the American Enterprise Institute at its 11th policy conference, Washington, D.C., Dec. 3, 1987.