14 Asian Legal Business | February 2025 financial crisis,” he notes. “Many related institutions, including the China-Africa Development Fund, were established during this period.” “I’ve been privileged to witness China’s economic transformation from domestic reform to global integration,” Yao continues. “Conducting due diligence, negotiations, and deals across various countries, while observing globalization’s impact on local economies, has provided invaluable experience and continues to drive my work.” Wang Jihong, senior consultant at Zhong Lun Law Firm, traces her international practice to 20092010, when she represented China Forestry Group in a forest concession project in the Democratic Republic of Congo. “Chinese overseas projects were relatively rare then,” she recalls. “As China’s GDP rose to become the world’s second-largest and foreign exchange reserves grew, companies moved beyond simple foreign trade to genuine overseas investment.” “From 2015 to 2016, we saw a gradual increase in overseas investment projects, followed by a significant surge in the last four to five years,” Wang explains. “China has truly transformed from a capitalimporting country to a capital-exporting one, with enterprises evolving from contractors to genuine investors conducting overseas acquisitions. This evolution is particularly evident in sectors like energy and infrastructure.” These leading overseas investment lawyers have closely monitored Chinese companies’ international expansion strategies over the past decade. According to Xu, who also serves as Deputy Head of his firm’s International Investment Division, Chinese companies have progressed from “exporting products” to “exporting industrial and ecological chains,” driven by both domestic competition and strategic global aspirations. “We’re currently seeing three key trends in Chinese overseas expansion,” Xu elaborates. “First, investment focus has shifted from traditional infrastructure to strategic industries like new energy and digital economy. Second, business models are evolving from labor-intensive to technology-enabled and smart operations. Third, compliance management has elevated from reactive responses to proactive ESG-driven governance. These trends require overseas investment lawyers to transform from deal brokers to risk managers, developing capabilities to design comprehensive overseas business plans and tailored cross-border legal services that address the specific challenges Chinese companies face during expansion.” Throughout her extensive experience, Wang Jihong has observed a fundamental transformation in Chinese lawyers’ roles: “We’ve evolved from simply fulfilling client requests to providing comprehensive assistance with strategic design and planning. The role of the lawyer has shifted from being reactive to proactive.” Continuous development To successfully transform their role, overseas investment lawyers must build upon their accumulated experience and developed capabilities. According to Xu, top practitioners in this field must not only help companies navigate the complex international environment but also use their sharp legal insight to identify solutions and help clients avoid potential pitfalls. Xu emphasizes that cross-linguistic and crosscultural communication skills are fundamental requirements for overseas investment lawyers, crucial for ensuring smooth project execution. “Moreover, mastery of relevant foreign laws is essential in this practice area. While different legal systems share some common foundations, each country’s laws differ due to their unique historical and national circumstances. These differences appear not only in legal terminology but also in practical application.” “Overseas investment lawyers must therefore systematically research foreign laws,” Xu continues. “They need to go beyond merely reading and understanding legislation to explore the underlying context and evolving practical applications. Ideally, these lawyers should have international study or work experience and foreign practice qualifications to facilitate effective collaboration with legal teams in destination countries.” “The constantly evolving international landscape and policies require companies to adjust their overseas expansion strategies. Consequently, we must maintain continuous learning, closely monitor industry trends, stay current with domestic and international legal developments, and regularly update our knowledge base. It’s crucial to maintain a strategic global perspective, demonstrate keen insight into industry trends, seek guidance from experienced practitioners with humility, and gradually build expertise through practical experience.” For Yao, rapid learning ability is particularly crucial. “Overseas investment lawyers face various jurisdictions, project types, industries, and regulatory environments. Success requires the ability to identify project commonalities, leverage past experiences, recognize local characteristics, coordinate with local counsel, and swiftly adapt to regulatory changes.” Zhang highlights that Chinese companies often explore developing markets where market maturity Cover Story
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