The Backbone of The Dragon. The Integrated Financial and Banking System of Chinese State-Owned Enterprises’ Foreign Direct Investments in Latin America

本研究探讨了支撑中国国有企业在西班牙语拉丁美洲实施对外直接投资战略的一体化金融与银行体系。过去二十年来，中国已崛起为全球领先的金融投资者，从根本上改变了传统的南北经济关系模式。尽管现有研究往往孤立地考察国有企业投资和中国政策性银行的贷款活动，但本研究通过分析这些行为体之间的协同关系，填补了一个关键空白。研究采用混合方法，结合定量数据分析、定性文件梳理和深度案例研究，评估中国对外直接投资的战略驱动因素和进入渠道。实证分析基于四个主要案例：秘鲁中远海运钱凯港项目、智利中国三峡集团塔尔塔尔风电项目、墨西哥中车墨西哥城地铁1号线翻新项目，以及阿根廷紫金矿业特雷斯克布拉达斯锂矿项目。 理论框架整合了邓宁的OLI范式、国家资本主义理论和发展型国家理论，以解释中国国有企业如何在商业盈利与国家战略目标之间取得平衡。此外，本研究考察了“一带一路”倡议如何作为一个集体伞式框架和协调机制运作，而非一套僵化的总体规划。研究结果表明，中国一体化的金融架构为国有企业提供了相较于传统西方投资者的竞争优势，具体体现在更长的投资周期、更大的资本可获得性以及更高的融资灵活性。最后，研究强调，尽管这些投资为东道国带来了显著的经济效益和基础设施发展，但同时也产生了与债务水平、环境影响、社会冲突和主权关切相关的严峻可持续性挑战。总体而言，本论文提供了对“全球中国”及其对当代多极化国际关系更广泛影响的一种细致入微的理解。

This research explores the integrated financial and banking systems that underpin the Foreign Direct Investment (FDI) strategies of Chinese State-Owned Enterprises (SOEs) in Hispanophone Latin America. Over the past two decades, China has emerged as a leading global financial investor, fundamentally altering traditional patterns of North-South economic relations. While existing research often examines SOE investments and the lending activities of Chinese policy banks in isolation, this study addresses a critical gap by analysing the synergic relationship between these actors. By a mixed-methods approach that combines quantitative data analysis, qualitative document review, and in-depth case studies, the research evaluates the strategic drivers and entry channels of Chinese FDI. The empirical analysis is grounded in four major case studies: the COSCO Chancay Port in Peru, the China Three Gorges Taltal Wind Project in Chile, the CRRC CDMX Metro Line 1 renovation in Mexico, and the Zijin Mining Tres Quebradas lithium project in Argentina. The theoretical framework integrates Dunning’s OLI Paradigm, State Capitalism Theory, and Developmental State Theory to explain how Chinese SOEs balance commercial profitability with national strategic objectives. Furthermore, the study examines how the Belt and Road Initiative (BRI) functions as a collective umbrella framework and coordinating mechanism, rather than a rigid master plan. The findings indicate that China’s integrated financial architecture provides SOEs with competitive advantages over traditional Western investors, specifically through longer time horizons, larger capital availability, and greater financing flexibility. Finally, the research highlights that while these investments generate significant economic benefits and infrastructure development for host countries, they simultaneously create critical sustainability challenges related to debt levels, environmental impacts, social conflicts, and sovereignty concerns. Ultimately, this thesis provides a nuanced understanding of "Global China" and its broader implications for contemporary multipolar international relations.