Decentralized Chinese Acquisitions not a replay of Japan Inc.

WSJ. Their drive "is consistent with government policy to secure long-term supplies. But China is too chaotic and fragmented to think that there is one central coordinator. China does not have a single ministry like Japan's Ministry of Economics, Trade and Industry," Mr. Hu (Goldman Sachs) says. "A lot of what is happening is a bottoms-up phenomenon with companies under pressure from their shareholders to grow, and since they are cash-rich, to deploy that cash efficiently."

Here's the backdrop: