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The Chinese Are Coming

Chinese multinationals’ growth strategies should be seen within the framework of growth options similar to that of other U.S. and Organization for Economic Co-operation and Development (OECD) multinational growth strategies. OECD and U.S. multinationals have dominated Fortune’s lists of global multinational corporate giants during the last three decades. In the car industry, General Motors (GM) was a permanent fixture among the leading corporate giants, and the same can be said of U.S. financial institutions and other firms such as Coke and Ford. This was the global landscape from the 1950s until the 1980s. During the last three decades, American firms seeking lower wages in labor-intensive activities established direct foreign investments in China. Chinese firms, lacking the knowledge and capabilities, were content to operate in China. Throughout the last two decades, and particularly, the last 10 years, Chinese direct foreign investments into the U.S. market increased significantly, and now Chinese investments into OECD economies, including the United States, exceed U.S. and OECD investments into China. This situation has generated a sense of déjà vu. It is similar to the situation during the 1970s and 1980s. In this time period, Japanese multinationals and Japanese direct foreign investment began to challenge U.S. and European multinationals. Starting in the 1980s, Toyota and Nissan became major players in the car industry and started to challenge the dominance of GM and Ford, among others. The cry was, during the 1970s and 1980s, “The Japanese are coming!” Japanese multinational corporate investments across a number of industries became dominant. Today, Asian investments, particularly those of the Chinese, represent a replay similar to that of Japanese companies’ direct foreign investments in the United States. Chinese direct foreign investments should be analyzed and interpreted similarly to that of American, European, and Japanese direct foreign investment. Export entry strategies are the first phase of conducting international business to be followed by licensing, franchising,