Elan typically takes equity stakes of less than 20% in the companies or joint ventures, so it's not required to consolidate these deals in its financial statements, Teeters says.

FORBES: Elan's spin

As a category, alternative investments ranging from direct investments by foreign corporations in Chinese joint ventures and wholly owned facilities, to investments by private equity firms in all sectors of the economy will continue to be the best way to invest large amounts of capital in China.

FORBES: China Investment Summit

It is no accident that there have been few joint ventures with foreigners, or that, in almost all of those cases, equity stakes have been small.

ECONOMIST: Japanese finance: Rich pickings for the gaijin | The