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This paper critically evaluates the relationship between state capitalism and "strategic coupling" within global production networks (GPN). It underscores specifically the lack of cases on "coupling" involving state‐owned enterprises (SOEs) from developing countries and city‐regions within developed countries. Most existing studies focus on the connection between regions in developing economies with lead firms originating from developed economies. This leaves open a conceptual and empirical gap as SOEs from developing countries (like those of China and India) are (1) increasingly becoming lead firms in their own right and (2) investing in developed economies. Against this backdrop, this paper highlights conceptually significant points from the acquisition of Nexen, a Canada‐based oil and gas TNC, by CNOOC, a large Chinese SOE, and argues for a fresh research agenda that examines the strategic coupling of lead firms that are also SOEs from developing economies. [ABSTRACT FROM AUTHOR]