Is China Buying the World

162 Pages·2012·0.433 MB·English

by  Peter Nolan

Is China Buying the World?
For Maeve
Peter Nolan
IS CHINA
BUYING THE
WORLD?
polity
Copyright © Peter Nolan 2012
The right of Peter Nolan to be identifi ed as Author of this Work has been
asserted in accordance with the UK Copyright, Designs and Patents Act
1988.
First published in 2012 by Polity Press
Polity Press
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Cambridge CB2 1UR, UK
Polity Press
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Malden, MA 02148, USA
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ISBN-13: 978-0-7456-6078-3
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Contents
List of Tables vii
Acknowledgements ix
Introduction 1
1 Who are We? Who are They? 11
2 Who are We? 15
2.1 Globalization and industrial
concentration 15
2.2 Evidence from automobiles and
beverages 25
2.3 Globalization and ‘going out’ by global
fi rms 38
3 Who are They? 55
3.1 China catches up 55
3.2 China is still far from ‘catching up’ 66
3.3 China’s deepening relationship with
developing countries 70
3.4 Oil companies and energy security 75
3.5 Multinational companies ‘going in’ to
China 84
v
Contents
3.6 C hinese fi rms ‘going out’ of China into
the high-income economies: ‘I have
you within me but you do not have me
within you’ 95
3.7 C onstraints on China ‘buying the world’ 102
4 The Complexity of ‘Us’ and ‘Them’: The Case
of Strategic Industries 110
4.1 B anks 110
4.2 C ommercial aircraft 119
Conclusion 132
Is China buying the world? 132
Who are we? 133
Who are they? 136
The complexity of catching up 142
References 144
vi
List of Tables
1 Industrial concentration among systems
integrator fi rms, 2006–9 18
2 Industrial consolidation among selected fi rms
within global value chains, 2006–8 19
3 Industrial concentration and the global
business revolution 24
4 Relative growth of trade and FDI,
1990–2009 38
5 Increase in FDI during globalization 40
6 International operations of selected UK
companies, 2008 44
7 International operations of selected German
companies 45
8 International operations of selected US
companies 47
9 Stock of inward FDI in developing countries,
2000 and 2009 53
10 China and the world turned upside down 67
11 Foreign-invested enterprises in the Chinese
economy, 2007–9 94
vii
List of Tables
12 Balance between China’s infl ows and
outfl ows of FDI 95
13 Globalization and FDI 96
14 Distribution of China’s outward stock of FDI,
2009 97
15 Revenue and R&D expenditure of leading
aerospace sub-systems integrators, 2008–9 122
viii