Wheel turns full circle for Chinese firms

Domestic companies make rapid strides on global stage with slew of M&A deals

When China joined the World Trade Organization (WTO) 10 years ago, for Western multinationals it was not only a cheap manufacturing location, but also a market with immense potential. But a decade later, the wind has been slowly changing its direction - more Chinese companies are now turning global players, and seeking resources and consumers in the West.

Large State-owned companies have been the main drivers of the rush to the West. China Petrochemical Corp, or Sinopec Group, the country's biggest refiner, said in November that it would pay $3.5 billion for a 30-percent stake in the Brazilian unit owned by Portuguese oil company Galp Energia SA, the latest move by the company to buy into oil and gas reserves in Brazil. The deal followed its 2010 purchase of a 40-percent stake in another Brazilian unit of Spanish oil company Repsol for $7.1 billion, as part of its efforts to boost upstream reserves.