China’s overseas investment is driven by the Chinese government’s ‘going global’ policy, formally launched in 2000. The top 100 Chinese companies, measured by Foreign Direct Investment (FDI), are mainly State Owned Enterprises (SOEs) that operate under the control of the State-Owned Assets Supervision and Administration Commission (SASAC), which is a government agency. There are currently 106 SOEs under SASAC, and these are considered national champions. As they continue to globalize, questions arise about how the governance of these SOEs would change in the face of the mounting political and regulatory pressure that is often seen in host countries. This chapter explores how the Chinese SOEs may change their governance practices as a result of internationalization. It investigates Chinese national champions’ reform pattern in the course of globalization. The study provides a better understanding of how globalization can promote SOE reform in China.