Dominate in terms of the amount of capital invested

Yangqi, i. E. Companies directly under central gov-
ernment control, are playing an increasingly important role
in Chinese M&Aactivity in Germany. Germany’ s indus-
trial structure fits into the framework of China’ s Going
Global Strategy as well as its newindustrial strategy “Made
in China 2025”.

Our research indicates that at least 51 of
the 99 M&Atransactions completed by Chinese investors
between 2014 and 2016 are associated with one of the ten
key industries named in the “Made in China 2025” strat-
egy for Chinese investment. The strategy has affected Chi –
nese investment patterns since it was announced in 2015,
with a subsequent uptick in Chinese investment in the Ger-
man healthcare and pharmaceuticals industry.

The partially opaque ownership structures of Chinese companies rekindle
the debate over who is actually making these investments:
state or business.