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Andrew Hodge, president and general manager of Eli Lilly in China. [Photo provided to China Daily]

And earlier this year, Chinese chemical company Lianhe Chemical Technology completed the 7-million acquisition of UK-based chemical manufacturer Fine Industries.

Andres Ortega, a senior researcher at the Elcano Royal Institute in Spain, said China-EU collaboration in third-country markets is particularly important in the context of strengthening Belt and Road connectivity.

Analysts said it is understandable that BMW is seeking a new partner in a competitive market like China, as Brilliance is only a financial investor in the joint venture, contributing little to BMW's success in the country.

And ironically, depending on the criteria used, some of the benefits could go to Chinese-owned companies.