The global strategy of multinational enterprises (MNEs) from China started to emerge recently. While sizable components of their strategy and behavior are consistent with what we observe of MNEs from other countries, Chinese MNEs are characterized by three relatively unique aspects: (1) the previously underappreciated role played by the home country governments of MNEs as an institutional force, (2) the challenge of going abroad in the absence of significantly superior technological and managerial resources, and (3) the rapid adoption of (often high‐profile) acquisitions as a primary mode of entry. Overall, this article argues that these three relatively unique aspects of emerging multinationals from China will have significant ramifications for future theory building and empirical efforts of the global strategy research community. Copyright © 2012 Strategic Management Society.