WHEN IBM sold its personal computer manufacturing business to Lenovo in December 2004 for US$1.25bil, the deal was seen as the most prominent overseas acquisition by a Chinese company back then. The year before, foreign direct investments (FDIs) by Chinese companies amounted to US$2.9bil.
Much has changed since the Lenovo purchase. According to a June 2008 report by McKinsey, the level has risen tenfold since then. In the first quarter of 2008, Chinese companies announced FDIs of almost US$26bil, nearly twice as much as during the same period the year before.
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