It is the 40th anniversary of China's reform and opening up. In the past 40 years, China has moved from closed to open, from conservative to innovative, from single to diversified. The Chinese nation has gone from being on the verge of economic collapse to standing on top of the world today. In 2010, China's GDP surpassed that of Japan to become the world's second largest economy. In 2013, China's total import and export of goods reached US$4.16 trillion, ranking first in the world. In 2015, China's outward direct investment (ODI) surpassed China's actual used foreign capital (FDI) for the first time, and China became a net exporter of capital under two-way direct investment. In the past 40 years, Chinese enterprises have transformed from youth to maturity, from living in China to shining in the middle of the world stage. In 2018, the total number of Chinese companies among the world's top 500 companies reached 120, only 6 far from the United States, which ranked first. 40 years, although it is only a snap of a finger in the long river of history, it is enough to write the vicissitudes of a country. In the 80s of the 20th century, the author worked in the former Ministry of Foreign Trade and Economic Cooperation, responsible for the work of Chinese enterprises "going out". At that time, I wrote a proposal for Chinese enterprises to carry out overseas project contracting and labor service cooperation, and received personal instructions from Comrade Hu Yaobang. For more than 30 years, I have been paying attention to and researching the "going global" of Chinese enterprises, and is committed to helping Chinese enterprises smoothly "go abroad" and develop healthily overseas. In 2008, Dr. Miao and I co-founded the Globalization Think Tank (CCG), which is dedicated to the research of corporate globalization and talent internationalization. Since its establishment, we have launched the "Report on the Globalization of Chinese Enterprises" blue book by the Social Sciences Academic Publishing House of the Chinese Academy of Social Sciences for five consecutive years, and held the "China Enterprise Globalization Forum" for five consecutive years, which has won the full support of national leaders, foreign dignitaries, well-known entrepreneurs, international business experts and transnational high-end business elites, and has become the most influential "Chinese enterprises going global" forum in China, and its scale and level belong to the leading international high-end exchange platform focusing on enterprise globalization strategy in China. Over the years, thousands of domestic and foreign entrepreneurs from political, business and academic circles at home and abroad have carried out wonderful and pragmatic discussions around the theme of "the global development of Chinese enterprises", focusing on the latest trends of globalization, brainstorming for building China's open economy in the new era, and seeking a path for the globalization of Chinese enterprises. Looking back at the 40 years that Chinese enterprises have gone global, they have gone through four stages: the first stage: 1978-1991. In 1978, despite the distance from the world, China resolutely took the first step to catch up. From the autumn of 1978 to the spring of 1979, in just a few months, China and Japan concluded the Sino-Japanese Treaty of Peace and Friendship, the Third Plenary Session of the Eleventh Central Committee that determined the course of reform and opening up was held, and China and the United States formally established diplomatic relations... A series of major events that changed the course of Chinese history occurred one after another, and at this time, the enterprise as one of the protagonists of the era also began to enter the historical stage. State-owned enterprises have embarked on the road of reform and exploration; Private enterprises are like sparks on the prairie; From 1979 to 1989, more than 21,000 foreign companies opened in China, and the entry of multinational companies gave birth to the development of modern industries such as cars, home appliances, and beverages in China, and virtually laid the foundation for these enterprises to go abroad and gallop overseas. During this period, Chinese enterprises going abroad to make overseas investments only sporadically, and the awareness and practice level of global operation were low. Second phase: 1992-2000. In the 90s of the 20th century, the wave of economic globalization swept the world with unprecedented rapidity, and the awareness of globalization of Chinese enterprises gradually awakened. In 1992, China set the reform goal of establishing a socialist market economic system, and Chinese enterprises entered a vigorous spring, and entrepreneurship became a distinctive imprint of that era, which also promoted the vigorous development of the private economy. In the mid-to-late 90s, China put forward the "going out" strategy, and successively adopted a series of preferential policies and measures to encourage Chinese enterprises to go abroad and explore overseas markets. On the one hand, a large number of domestic enterprises have sprung up like mushrooms; On the other hand, the overseas investment activities of Chinese enterprises have become increasingly active, and leaders represented by Haier, Hisense, Huawei, Wanxiang, Shougang and other enterprises have begun to expedition overseas. According to UNCTAD statistics, in 1991, the outward investment of Chinese enterprises entered the era of US$1 billion, and after two small peaks in 1992 and 1993, it fell slightly, and the average annual outward direct investment level of US$2.3 billion was achieved throughout the 90s. During this period, direct export was still the most important overseas business activity of these enterprises, followed by overseas sales networks, project contracting, joint ventures, etc. During this period, Chinese enterprises explored overseas markets, more in the dark, with no experience and lack of reference. The third stage: 2001-2007. In December 2001, after years of negotiations, China finally entered the door of the World Trade Organization, which provided a broad platform for Chinese enterprises to internationalize, and Chinese enterprises were fully integrated into the world market during this period. In order to adapt to the rules of the World Trade Organization and fully integrate with the international market, China began to readjust its laws and tariffs to adapt to world rules. China's accession to the WTO has provided a good historical opportunity for Chinese enterprises to go global, and within China, tremendous changes have also taken place in the social situation. The "going out" strategy, which was initially developed in the 90s of the 20th century, was officially elevated to a national strategy during this period, encouraging enterprises to go overseas and participating in global competition became the keynote of enterprise development. In order to cooperate with the implementation of the "going out" strategy, the State Council officially promulgated the Decision of the State Council on the Reform of the Investment System in July 2004, which abolished the multi-year examination and approval system for Chinese enterprises' outbound investment, which became a major turning point in the history of China's outbound investment policy, and provided a more convenient policy environment for Chinese enterprises to "go out" and participate in international competition in the world. The changes in the domestic and international situation have provided a major historical opportunity for the globalization of Chinese enterprises, and the outbound investment of Chinese enterprises has begun to grow explosively, while a large number of enterprises have gone abroad to compete with international enterprises in the world market. China's accession to the WTO has opened the door to the world, lowered the threshold for Chinese enterprises to go global, and enabled Chinese enterprises to have more opportunities to come into contact with, understand, and integrate into the international market, and more opportunities to learn, learn from, and absorb the advanced technology, operation, and management of foreign enterprises, so that Chinese enterprises will be one step closer to the goal of "Fortune 500." For example, Lenovo's acquisition of IBM's PC business and Geely's acquisition of Volvo's car business have enhanced the popularity of Chinese enterprises in the international market in a short period of time. TCL's acquisition of Schneider, one of Germany's three major national brands, and BOE's acquisition of the TFT-LCD business of South Korea's Hyundai Display Technology Co., Ltd. (HYDIS) have helped Chinese companies obtain technology or markets in a short period of time. Chinese enterprises have gradually deepened their understanding of the "rules of the game" in international competition, and after overseas experience with gains and losses, they have begun to learn to use international rules to allocate resources beyond the scope of one country. Phase IV: 2008 to present. After the outbreak of the financial crisis, the "anti-globalization movement" gradually developed into an "anti-globalization phenomenon", moving from the private sector to the government, and its ideas and ideas even began to influence policies in some developed countries. Investment protectionism, represented by the Committee on Foreign Investment in the United States (CFIUS) to strengthen investment scrutiny, is prevalent. At this time, the Chinese government adopted a "two-pronged" approach at home and abroad in foreign investment, and continuously integrated into the global economic system with an open and cooperative attitude. Chinese enterprises have seized the opportunity and achieved leapfrog development. In 2015, Chinese enterprises achieved a historic breakthrough in outward direct investment, ranking second in the world, and surpassing the level of attracting foreign investment in the same period, becoming a net exporter of capital. At this stage, the globalization of Chinese enterprises has achieved all-round and comprehensive development in a wide range of fields. "Going global" of enterprises is a systematic project that includes various factors such as economy, politics and culture. The path of "going out" also shows diversity, from greenfield investment, cross-border mergers and acquisitions to overseas listing, from commodity export, capital export to strategic layout. Through the long-term tracking of "going out" enterprise cases, we put forward ten major paths for enterprise globalization, such as setting up camps, borrowing ships to go to sea, borrowing chickens and laying eggs, overseas industrial parks, Internet model replication overseas, overseas strategic resource acquisition, "spark fire", "rural encirclement of cities", overseas strategic equity investment, foreign contracting projects and labor service cooperation, etc., these paths are a summary of the practice of Chinese enterprises "going out" for 40 years. The key is that in the choice of path, enterprises need to consider comprehensively and make decisions based on their own industrial characteristics, enterprise characteristics, international environment, and domestic environment. As a latecomer to emerging markets, Chinese companies will inevitably bear an additional burden on the road to globalization. The lack of international talents, the collision and impact of foreign cultures, the challenge of compliance risks, social responsibility, and brand death are all challenges and difficulties faced by Chinese enterprises on the road of globalization. Whether these key issues can be solved well will determine how far Chinese companies can go on the road to globalization. In today's globalized world, it is unrealistic for Chinese enterprises to only want to be in a corner of the domestic or regional market, and internationalization is the only way for Chinese enterprises. As a think tank dedicated to the internationalization of enterprises, CCG will continue to follow up and research, gather the wisdom of scholars, entrepreneurs and government officials in the field of cross-border investment, and jointly provide suggestions for the cause of "going out" and escort the global development of Chinese enterprises. Although the voyage is long, the giant ship has set sail. It is expected that Chinese enterprises will continue to learn in international competition, continuously improve their competitiveness in learning, and finally dance well on the global stage, start a new journey of high-quality development, and contribute more to the new globalization. is the order. Dr. Huiyao Wang, Director of Globalization Think Tank (CCG), Dr. Lu Miao, Secretary General of Globalization Think Tank (CCG), September 2018（AI翻译）