Amid widespread fear local businesses will be overwhelmed by foreign competitors when China joins the World Trade Organization, the country's largest brewery is showing the opposite can also be true.
Tsingtao Beer, created almost a century ago by German brewers in Qingdao, is buying Carlsberg's subsidiary in China, giving it a brewery in Shanghai with the latest Danish technology.
The price has not been disclosed, but it is thought to be in excess of 100 million yuan (about $12.1 million).
Tsingtao is also negotiating to buy part of Beijing Asia Shuang He Sheng Five Star Beer Co., majority owned by U.S. investment firm Asimco.