Rationale of internationalization of China’s national oil companies: seeking natural resources, strategic assets or sectoral specialization?

Introduction: China’s soaring profile in outward foreign direct investment One of the most significant developments in global investment in the last several years has been the rapid ascent of Chinese firms. Since its opening in the late 1970s China has made progressive, but impressive efforts to attract foreign direct investments (FDI) inflows. Moreover, since 1999, China has pursued a parallel strategy, coined the ‘go out’ (or go global, zouchuqu) corporate strategy, whereby it has encouraged increased internationalization of Chinese firms.