Introduction -- Who are we? Who are they? -- Who are we? -- Globalization and industrial concentration -- Evidence from automobiles and beverages -- Globalization and 'going out' by global firms -- Who are they? -- China catches up -- China is still far from 'catching up' -- China's deepening relationship with developing countries -- Oil companies and energy security -- Multinational companies 'going in' to China -- Chinese firms 'going out' of China into the high-income economies : 'I have you within me but you do not have me within you' -- Constraints on China 'buying the world' -- The complexity of 'us' and 'them' : the case of strategic industries -- Banks -- Commercial aircraft -- Conclusion : is China buying the world? -- Who are we? -- Who are they? -- The complexity of catching up.