Sound like a question for school essay!

Adv: share the local knowledge in the foreign country (something very difficult to obtain w/o strategic alliance)
Share distribution systems/chain
Look local (like US MNC looks chinese in china to the chinese customers)

Disadvantages: many times slows the process of decision making
Must share profits
After sometime the chinese companies become useless once the US companies have learned the process and made personal relationships with their customers and supply chain/ distribution chain.

And that is your short and simple answer... Good luck! Hope this is not too late.

I got an A++ in this international class.