China’s markets remain opaque; state-owned enterprises continue to dominate key sectors; they and their private sector counterparts receive subsidies and loans at preferential rates, and approval of foreign investment often requires the forced transfer of IP. Despite this, between 2010 and 2020, US companies invested £150 billion in China, principally in the information and technology, automotive, energy and retail sectors – nearly two-thirds of it in greenfield investment rather than acquisitions, in the hope of penetrating the massive Chinese market.