Since China joined the World Trade Organisation (WTO) in 2002, it has received nearly 40 per cent of all net foreign direct investment to emerging markets. Inward-bound FDI transformed China into the world’s workshop. It became the premier destination for the production of manufactured goods, and as these goods were shipped around the world it led to the creation of huge trade surpluses. The infusion of foreign capital and know-how led to significant improvements in China’s competitiveness and a rise in Chinese living standards. In a sense, inward-bound FDI towards China became a clear barometer of the globalisation process. However,…

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