From an international perspective, cross-border mergers and acquisitions are the mainstream of outward foreign direct investment (OFDI). With the deepening of the "Belt and Road", Chinese enterprises have also initiated cross-border mergers and acquisitions of developed countries. But overall the success rate is not very high. Compared with mergers and acquisitions initiated by enterprises in developed countries, cross-border mergers and acquisitions initiated by enterprises in emerging countries to enterprises in developed countries have their own unique characteristics. This article analyzes the status quo and problems of cross-border mergers and acquisitions in China and proposes countermeasures.