【正文】 ecially in manufacturing related activity. A number of reasons explain the more frequent use of the whollyowned entry mode in recent years. First, more frequent approval of wholly Chineseowned projects re?ects growing con?dence among the regulating authorities that managers of state owned Chinese MNEs have bee suf?ciently experienced and skilled to take control of, and coordinate effectively, the activities of geographicallydispersed af?liates. It is also a re?ection, at least in part, of the strategic importance placed on particular projects by the Chinese authorities. Theory asserts that, by internalising markets, the internationalising ?rm 3 is able to reduce its dependency on independent intermediaries。 militate against the threat of technology and knowhow leakage。 the negotiation of bilateral investment treaties and trade agreements with host countries and the close intergovernmental relationships that China is now reviving across certain parts of the developing world. Exemplar panies include China Natural Petroleum Corporation (CNPC), the joint owner of a Sudanese oil production plant (together with Canadian, Malaysian and local interests), Sinopec, Shanghai Baosteel (the owner of six joint ventures in Australia, Brazil and South Africa in ironore mining and steel trading), Sinochem and China National Offshore Oil Corporation (CNOOC). There is some evidence to suggest that of?cial development aid provided by China to developing countries (for example, concerning telemunications and transportation infrastructure development, projectspeci?c intergovernmental loans, education packages and so forth) is predicated upon market access or exploitation and extraction rights being granted to Chinese MNEs (Pan 2020, Evans/Downs 2020). It has been argued that MNEs from emerging countries are most likely to invest in the industrialised countries when looking to access technology and learning (Monkiewicz 1986, Ye 1992, Deng 2020). However, this may not be the case for China. Whilst knowledgeacquisition has bee increasingly important to Chinese MNEs in 5 recent years, much of Chinese ODI by value was invested in the industrialised countries primarily for naturalresource seeking reasons, especially in the early 1990s. Good examples include the investments by CITIC and Huaguang Forest Co. Ltd in timber plantations in New Zealand, CITIC?s investment in forestry in the USA, CITIC and China National Nonferrous Metal Industrial Corporation?s 10 percent (US$120mn) investment in Portland Aluminium?s smelter operations in Australia. Canada is also now host to a number of timber and ?sheries related Chinese investments (., CITIC?s investment in the Celgar pulp mill and sawmill project) (Zhang 2020). MarketSeeking FDI Chinese MNEs now conduct both defensive and offensive marketseeking FDI. It is axiomatic to state that China enjoys a parative advantage in lowcost labour and labourintensive production. Given the locationbound nature of labour, the international petitiveness of the majority of (both foreign and locallyowned) ?rms in China necessitates domes