Title: Learning from Dragons who are Learning from Us:
Abstract: W hen Napoleon Bonaparte made this statement he may well have been envisioning the global economy in the 21st century. Since China opened its doors to the West thirty years ago, there has been a dramatic change in China’s economic fortune. The evolution of Chinese businesses from closed door isolation to internationalization, and even global integration for some, has been dramatic and swift. As these firms matured, there have been major shifts in corporate strategy, technology management, and human resource and talent management practices, especially among globally competitive, leading edge Chinese firms. Americans and Europeans are beginning to notice, and even fear, Chinesemultinationals. They have come to our attention primarily through high visibility media coverage of Haier’s bid to acquire Maytag, CNOOC’s bid to acquire Unocal, and Lenovo’s successful acquisition of IBMs’ computer business. This visibility is the tip of the iceberg regarding aggressive Chinese acquisitions of foreign companies, 62 percent of which are in Asia. Chinese energy companies have bought controlling stakes in oil fields from Indonesia to Sudan; China’s largest steel-maker, Baoshan Iron and Steel, has bought into iron ore mines in Brazil to ensure reliable supply, and is part of a consortium seeking control of Canada’s largest mining firm, Noranda. Acquisitions are one of many paths taken by Chinese multinationals’ as they grow toward global dominance in their industries. There is no doubt: the dragon has awakened. Conventional wisdom suggests that there are three principal reasons for Chinese companies to expand abroad.
Publication Year: 2009
Publication Date: 2009-01-01
Language: en
Type: article
Indexed In: ['crossref']
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Cited By Count: 25
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