New Chinese government took office in 2013
Since the new Chinese government took office in 2013,
the quality of Chinese investments in Germany has changed.
On the one hand a clear increase in M&Acan
be seen, particularly in technology-intensive areas. On
the other hand there has been an increase in the engage-
ment of state-owned enterprises that are directly under
the control of the central government (so-called Yangqi).
According to our research, between 2014 and 2016 ten
M&Atransactions in Germany could be traced back to
By contrast, in the entire period between
2003 and 2013 there were also ten. Regardless of the type
of ownership, we observe that at least 51 out of the 99
Chinese M&Atransactions in Germany we looked at in
our study are compatible with China’ s industrial policy
strategy “Made in China 2025”.
Also, the pharmaceutical and health sector, which is part of the strategy and
previously tended to play a subordinate role, is now
gaining in significance. Often Chinese M&Ain Germany
are accompanied by the acquisition of key technologies
which have been allocated a central role by China to
support its intended advancement within global value