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

This article explores how the Belt-and-Road Initiative has affected the internationalization 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 a positive impact on improving the innovation capability and firm performance of Chinese multinational enterprises through promoting R&D internationalization and strengthening the specialization of production.