Distinct differences between the sectors targeted

Manufacturing and infor-
mation and communication technology (ICT) companies
represented over 40 percent percent of China’ s foreign
M&Avolume in 2015, compared to about 18 percent of
the total FDI volume (MOFCOMet al. 2016: 8). These two
sectors fit the “Made in China 2025” strategy announced by
the Chinese government in 2015 with the stated aimof buy-
ing foreign high-tech companies (State Council, 8. 5. 2015).
Particularly striking is the growth in Chinese M&A of
foreign ICT companies, in fourth place in 2015 with
US $3. 6 billion in transaction volume, 6. 3 percent of the
total. By 2015, this had grown to the second-largest sec-
tor for Chinese transnational M&A, valued at US $8. 4 bil-
lion.

The focus of Chinese transnational M&Aactivity has
therefore been on the developed countries, making up six
of the top ten target regions by transaction volume in 2015,
including three EU countries: Italy, the Netherlands, and
the United Kingdom.