The announcement on October 25th that Industrial and Commercial Bank of China (ICBC) would buy 20% of Standard Bank in South Africa for $5.6 billion was a telling example of China's new foreign-investment strategy. It achieved many objectives simultaneously, some of which are not immediately obvious. If the progress of foreign firms in China sometimes seems a bit like a game of draughts, with companies jumping over themselves to gain better positions, the advance of Chinese firms abroad is more like a game of chess. They are taking calculated steps as part of a long-term strategy.
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