The authors show that China has become a major international investor with a growing commitment to Europe. In 2018 alone, China made about 40 percent of its direct investment in Europe. A record value of nearly 13 billion US Dollars was invested in Germany, which was, however, driven by a few major transactions, in particular the entry of Geely at Daimler in the amount of 9 billion US Dollars. By contrast, China's much-discussed involvement in Italy is so far less significant, and in Central and Eastern Europe ("16 + 1 countries") China is primarily focusing on transactions under the "Belt and Road Initiative". Overall, China is now partially converting its foreign assets, previously mainly invested in US government bonds, into equity investments in the West. However, due to declining current account surpluses, China's large investment boom abroad may have already peaked.