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 firms 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 3.6 Chinese 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 Constraints on China 'buying the world' 102 4 The Complexity of 'Us' and 'Them': The Case of Strategic Industries 110 4.1 Banks 110 4.2 Commercial 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
Peter Nolan is Professor of Chinese Management at the University of Cambridge and Director of the Chinese Big Business Programme at the Judge Business School. He has been centrally involved in discussions about the integration of China with the global economy and business system. He has testified before the US Congress' US-China Economic and Security Review Commission and served as an Advisor to the World Bank.
"China frightens the west. Rarely, however, do westerners look athow the world looks to China. Among the few westerners able to lookat the world from the Chinese point of view is Peter Nolan... In[this] thought-provoking book... he addresse[s] one of the bigfears about China that it is buying the world. His answeris no: we are inside China but China is not inside us." Martin Wolf, Financial Times "Peter Nolan knows more about Chinese companies and theirinternational competition than anyone else on earth, including inChina." Financial Times "This new book joins the debate with breath-taking depth andwidth, probing the very heart of the global economic system that wecurrently live in." LSE Politics Blog "A balanced and very honest analysis." Global Journal "Another excellent product of Nolan's fruitful academic career. Inspite of its brevity, this highly readable yet rigorous volumeclosely engages many essential issues that directly concern thefuture of the world's economic and political orders." China Perspectives "This is a useful little book; not only for its assessment ofChina, but also for its resume of the globalised West andindeed worth a look for that alone." Liberator "A well-argued rebuttal of anti-Chinese xenophobia, full ofremarkable statistics." The Age "A slim and agile study of the eponymous question, whichprimarily seeks to debunk the growing myth." International Affairs "This is an analysis which replaces rhetoric on Chinesecompanies with evidence" Business Week "Nolan makes a convincing case against panic. Even China's vastsovereign wealth is small compared to the market capitalisation ofthe companies listed on the stock exchanges of the West." The CA Magazine "Nolan's slim factual volume is a model of clarity." Morning Star "An important perspective that challenges popularconceptions." Publisher's Weekly "If you want to learn about large companies, their role in theglobal economy and in China's rise, there is no better guide thanPeter Nolan: his analyses are factual, measured andpersuasive." Vaclav Smil, University of Manitoba