個案資料

China, whose most active multinational companies are state-owned enterprises (SOEs), is actively investing in various sectors overseas. While the role of the Chinese government in the global expansion of Chinese multinationals is significant, government support should not be confused with firms’ own goals. In Africa, Chinese investments have been mostly in sectors such as infrastructure and energy, but investors have recently become interested in services and manufacturing. Chinese telecom firms in Africa enjoy advantages linked to China’s political economy agenda, while Chinese resource companies also have a large stake in Africa. Western commentators tend to speak of “the Chinese” as a single, resource-hungry entity and rarely mention that vast amounts of oil extracted by Chinese firms are sold on the international market. Although strong ties exist between the Chinese government and Chinese national oil companies, similar linkages have often existed in the West. This article argues that Chinese SOEs are hybrid organizations that receive exceptional assistance from the state but also function as private companies competing against global corporations and against other Chinese firms.