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

Abstract 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.