My talk will explain the organizational structures that underlie what today is commonly referred to as "Chinese state capitalism" and explore some of its implications, both for China's domestic institutional development and for its interactions in the global economy. For example, I will analyze the prospects for reform of state-owned enterprises, a major policy of the Xi Jinping administration, and highlight the conundrums global business and investment activity by Chinese firms pose for foreign courts and policymakers. Among other policy implications, I will argue that suspicions about outbound Chinese investment should be addressed through adoption of a multilateral regime for cross-border M&A and that it is in China's own interests to support such a regime.