It is clear that China has emerged as a key investment actor in the current global milieu. What is not so clear is why this is so. This paper adds an historical perspective to the state capital story by examining China’s trade and investment patterns through a longitudinal lens. The paper outlines the emergence of China as a modern global investment force and discusses the strategic importance of securing supply as a motive for China’s outward direct foreign investment. The paper also focuses on Australia as a recipient nation of foreign direct investment from China and highlights some regulatory tensions that can arise from a state capital investor-investee relationship