China feels aggrieved when its firms are blocked from buying or investing into foreign counterparts, while the West is likewise miffed when its bids for Chinese companies go astray.
Here is a list of some transactions that have come unstuck with foreign companies doing business in China, and of Chinese companies which have run into walls when trying to expand overseas:
CNOOC/Unocal
- In 2005, a bid by offshore oil specialist CNOOC for California rival Unocal fell through in the face of U.S. political opposition; also that year state-owned miner Minmetals failed in a bid for Noranda, the Canadian nickel miner, against a backdrop of labour concern about China's human rights.
Coca-Cola/Huiyuan
- This March, China rejected Coca-Cola's planned $2.4-billion (U.S.) acquisition of top juice maker Huiyuan Juice, saying the deal would have been bad for competition.
Chinalco/Rio Tinto
- China's state-owned metals conglomerate Chinalco suffered a major setback in June when Rio Tinto spurned its planned $19.5-billion investment in favour of a tie-up with BHP Billiton .
Rio Tinto
- Last month, Chinese prosecutors formally arrested four Rio Tinto employees on suspicion of violating commercial secrets and taking bribes.
Sinopec
- In June, Sinopec Group's plan to boost production at its largest overseas oilfield, Russia's Udmurtneft, was rebuffed by partner Rosneft.
Zambia
- In 2005, a riot by miners at the Chinese-owned Chambishi mine in Zambia's restive Copperbelt province left five Zambians wounded after they were shot by Chinese managers, following pay protests.
Zambian trade unions accused Chinese firms of paying low wages and maintaining poor safety standards, but the Zambian government says the Chinese have taken measures to improve both wages and safety standards.