Okay, CNOOC didn't get Unocal, Haier didn't get Maytag, and Lenovo Group's purchase of IBM Corp.'s personal computer business in 2005 is still the leading example of outbound Chinese acquisition activity. But the same forces that drove the two failed bids--China's need for raw materials, and the desire of Chinese manufacturers to move up the value chain and gain control of brands with pricing power in global markets--are likely to generate more attempts, perhaps in the near future.

Why do I bring this up now? Two reasons: First, a report in this morning's New York Times on the U.S. push for a greater Chinese role at the International Monetary Fund. Though the IMF is best known as the hub of global monetary cooperation, it actually plays a more important role as co-host (along with the Word Bank) of the world's largest cocktail party. This annual affair will be revving up in Singapore in a few weeks, and as usual the official attendees will be vastly outnumbered by bankers, investors and dealmakers of every kind. It will be a great chance for ambitious Chinese execs to hear about deals, with the acknowledgement of their country's macroeconomic clout driving home the point that they have money to invest.

The other reason is a recent piece in the McKinsey Quarterly (registration required) called "Helping China's companies master global M&A". The authors note the challenges that Chinese acquirers face (post-merger integration chief among them) but make the case that the Chinese can succeed at global M&A. They also argue that the official Chinese figure for outbound investment ($6.9 billion in 2005) understates the activity that's already taking place. — Kenneth Klee

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