Abstract
In response to the One Belt One Road (OBOR) initiative, China’s overseas direct investment (ODI), especially mergers and acquisitions, rose significantly in the belt-road countries, especially the land-based ones. Comparatively speaking, state-controlled acquirers played a leading role in infrastructure sectors, whereas the non-state-controlled acquirers were particularly active in non-infrastructure sectors. Central and West Asia, Western Europe and Russia are favorable destinations of Chinese ODI in the belt-road countries. The host countries have adopted a positive and friendly attitude toward Chinese acquisitions. The whole or majority ownership acquisitions rose significantly, and an increasing number of state-controlled targets were acquired by Chinese enterprises.
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