The internationalization of Chinese multinational enterprises under the Belt-and-Road Initiative

This article explores how the Belt-and-Road Initiative has affected the internationalisation of Chinese multinational enterprises with a case study of China Railway Rolling Stock Corporation. It is found that the Belt-and-Road Initiative can be considered as part of China's integration with global production networks, which enhances the ownership, location and internalization advantages of Chinese multinational enterprises. In particular, the Belt-and-Road Initiative has had positive impact on the improvement of innovation capability and firm performance of Chinese multinational enterprises through promoting R&D internationalisation and strengthening the specialisation of production.