China is known for its patience. A century is but a page in the book of its history. We Europeans are much more edgy. First we lamented that our manufacturing jobs were stolen by China. Then we worried about the Chinese shopping spree for raw materials in Africa. And now we are trying to come to terms with the fact that China is buying European businesses in all shapes and forms.

Europe should not complain. This is all part of globalisation and capitalism, the two pillars of our economic success in the past 100 years. Nevertheless, now that China might be seen as the champion of free trade and state-driven capitalism, we should pay close attention to what happens next, or what is already happening. And react accordingly.

For decades, China has been folding Africa into its supply chain for raw materials – mainly oil and minerals. But it is currently mining Europe for its precious metals and gems: talent, intellectual property, market shares, technology, brands, established businesses and value chains.