This book examines the political role of Chinese state-owned enterprises (SOEs) under Xi Jinping’s latest round of reforms and how this shapes their investment activities abroad. Focusing on investment in advanced economies, with Australia as a central case study, it explores how closer alignment between SOEs and state policy affects foreign direct investment and raises challenges for host countries balancing economic interests with national security concerns.The analysis draws on a wide range of primary sources, including Chinese laws, regulations, policy documents, and Chinese Communist Party (CCP) rules. Given that many of these materials are difficult to access and interpret, the book provides clear explanations based on close reading and contextual understanding of China’s political and economic system.It also includes original data presented in tables and figures, covering topics such as the direction of SOE reforms, links between state policy and overseas investment, and the operation of Australia’s foreign investment review framework. The book further considers how existing legal tools, both domestic and international, can respond to the risks associated with politically connected investment.The core argument is that recent reforms have strengthened political control over SOEs, with implications for how they operate internationally. This has practical consequences for governments and businesses engaging with Chinese firms, particularly in sensitive sectors.Overall, the book provides a grounded and evidence-based account of contemporary Chinese SOEs and their global role, offering useful insights for researchers, policymakers, and practitioners working on international investment, economic security, and China’s political economy.