There is an implicit but commonly held assumption that Chinese businesses are distinctively Chinese. Casting them in unitary and national terms, this assumption has often provided the underpinnings for the conception of the strength of Chinese businesses as signs of an emerging China threat. Drawing on a global production networks (GPN) approach, this paper aims to question the assumption by arguing that many Chinese businesses, embedded in the expanding global and regional production networks, have taken on important transnational characteristics. Given these transnational connections, Chinese business networks in both ‘Greater China’ and China proper are characterized more by diversity and fragmentation than by cultural coherence and homogeneity. This analysis of the transnationalization and fragmentation of contemporary Chinese businesses helps better understand and respond to the complex challenge posed by the economic dynamism in China.