This is not because China is becoming less attractive to multinationals, which are squeezed by local rivals and targeted by overzealous regulators and the state media. Inward investment has topped $100 billion a year in the past five years. Rather, Chinese firms are increasingly venturing abroad. Earlier waves of investors were led by state-owned enterprises in search of resources in Africa and Latin America. Today’s pioneers are often private firms. They seek brands, talent and technology to bring back to the Chinese market.