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1. China Outbound Investment
Why Chinese companies are
coming out, and at what scale are
they doing so.
How does it affect your
brand/company?
Ricardo Ferrer
Asian Horizon Ltd.
Shanghai, 2013
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2. Looking back: the China Outbound landscape changed
China’s vision for its companies to become global players was spelled out in 1999 with the
“Go Global” policy - the State Council issued a new regulation which granted export tax
rebates, foreign exchange management assistance and financial support to overseas
Chinese enterprises that used raw materials, components and parts, and machinery
equipment made in China.
Chinese companies have been investing outside of China through greenfield projects and
through M&A.
Chinese ODI Flows (1982-2011) Chinese ODI Flows (2005-2011)
80000 80000
70000 70000
60000 60000
50000 50000
40000 40000 US$ million
US$ million
30000 30000
20000 20000
10000 10000
0 0
05
06
07
08
09
10
11
81
83
85
87
89
91
93
95
97
99
01
03
05
07
09
11
20
20
20
20
20
20
20
19
19
19
19
19
19
19
19
20
20
20
20
20
19
19
20
Source: United Nations Conference on Trade and Development
(UNCTAD), “Inward and Outward Foreign Direct Investment Flows, Source: A Capital Dragon Index
Annual,”
UNCTADStat Database. http://unctadstat.unctad.org. 9
Units in US$m at current prices and current exchange rates
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3. China’s war chest has been steadily increasing
China's foreign reserves (1990-2011)
40000
30000
20000 100mUS$
10000
0
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Source: PRC State Administration of Foreign Exchange (SAFE)
As of the end of March 2012, China had US$3,305bn in foreign exchange reserves10.
China has had large foreign reserves from historical trade surpluses, high net foreign
direct investments (“FDI”) inflows and speculative capital inflows.
Chinese officials realised that parking the bulk of their foreign reserves in the bonds of
over-indebted Western governments would not generate the highest returns (at the end
of June 2012, over 35% of the reserves were stored in low-yield US government
bonds8).
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4. Historical Outbound M&A Activity
Outbound M&A was insignificant until 2005 when it passed US$10bn after which the
pace picked up with a total of 207 announced deals in 2011 worth US$42.9bn¹.
According to PwC’s analysis which includes announced deals (not necessarily closed),
Chinese outbound M&A in 2011 represented an increase of 10% by deal number and
12% in deal value year-on-year¹.
However, according to A Capital Dragon Index which tracks Chinese outbound
investments globally, the index dropped slightly in 2011 (from US$68.81bn to US$68bn in
value) due to over-performing Chinese growth and possibly a sign of caution of Chinese
investors towards volatile markets and increased discernment regarding investment
opportunities. But Chinese outbound investment reached US$21.4bn in the first
three months of 2012 which represents an increase of 118% in value compared to
1Q2011 (the A Capital Dragon Index does not include deals that have not closed).
Source: MergerMarket
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5. Why Chinese companies are going out
“Go global” is a natural extension of the development path of Chinese companies. They are
looking to:
• secure supply of mining and natural resource assets
• develop new markets outside China and intensify international presence
• acquire technologies and brands as many Chinese buyers seek to improve their
competitive position in China
• make minority interest investments with a strategic partner to consolidate partnership and
future cooperation opportunity
• gain access to learning international management skills and expertise
As part of China’s 12th Five-Year plan, China will spend US$1.7tln over the next five years
developing seven “strategic sectors” - confirmed by Chinese officials at the U.S.-China Joint
Commission on Commerce and Trade meeting in Chengdu in 21 Nov 2011. See Appendix
IV and V for details on China’s US$1.7tln spending target over the next five years.
State-owned enterprises (SOEs) have dominated outbound investments in the past, but
privately owned enterprises (POEs) are participating more and more in outbound M&A
activities (Geely/Volvo, Tencent/Digital Sky, Level Up, Huawei/CIP).
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6. The government watches outbound deals closely and is
quick to change policy directions
China got burned by the loss of money in its first major investments in financial firms in 2008.
China Investment Corporation (CIC) faced harsh criticism from the Chinese public and
government and reassessed its investment strategy.
Other failed deals such as Chinalco’s attempt to double its stake in Rio Tinto drew
embarrassment abroad and criticism at home. See map in Appendix I showing some failed
Chinese investments.
Through the complex onshore approval regime, the government ensures companies have
properly planned and prepared their outbound investments.
We are seeing more minority deals combining western resources and technology with
Chinese financing capabilities together with cooperation arrangements to form long term
strategic relationships. Going for a minority stake is increasingly recognized as a way to tap
into high quality assets that would otherwise not be for sale or out of reach for Chinese
investors: Zoomlion/Electromech, CIC/GDF Suez, Weichai Group/KION Group.
Following the European debt crisis, instead of buying government bonds, Chinese funds are
looking to invest in European infrastructure and technology companies.
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7. Sources of China Outbound investment
SOEs… POEs…
…traditionally dominated outward investment …present a huge potential. Private
because they are the biggest and most enterprises accounted for US$1.269bn
advanced companies with easy access to (1.7%) of total non-financial ODI flows up to
cheap financing from state-owned banks and 201116. POEs, which have been growing in
have market presence. They are the largest terms of number and size, are playing an
Chinese companies in the natural resource increasingly important role in China’s
sector. economy5, and are particularly active in
outbound M&A in the industrial and
The four largest outbound investors—
consumer related sectors.
CNOOC, Sinopec, China Investment Corp.
(CIC), and China Aluminum—alone The complicated approval regime at home
accounted for half of Chinese investment and foreign exchange restrictions have kept
through the end of 2010. All are centrally the number of outbound deals by POEs
controlled, with CIC one of the two sovereign down.
funds6. Private firms are increasingly active, with
SOEs represented 98% of all deal value in 28% of total investment amount (up from
1Q2012 (as against 53% in Q1 of 2011), a 17%) and 61% in terms of number of deals
record high, due to their focus on (up from 44%) in 201111.
resources12.
See Appendix II for SOEs in Fortune 500.
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8. Chinese outbound private equity
The private equity industry is fast emerging as a key provider of growth capital to China's
privately owned SMEs. With some degree of fiscal tightening in China and volatility in equity
markets, the role of PE and venture capital funds in this sector of the economy is set to
grow.
Chinese funds are investing minority stakes alongside Chinese companies in midsized
European companies with strong potential in China, either because of their branding or
technology or some other edge.
There is a growing number of new Chinese funds that are keen to invest in debt ridden
companies in Europe and the US which have solid businesses.
We are also seeing more leveraged buyouts and PIPES in offshore-listed PRC businesses -
e.g. Focus Media by CEO Jason Jiang, The Carlyle Group, FountainVest Partners, CITIC
Capital Partners, CDH Investments and China Everbright; Alibaba’s share buy-back from
Yahoo; Citic Capital’s move for telecoms billing firm AsiaInfo-Linkage.
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9. China Outbound Drivers and Investment areas
“When going out, the investment should carry benefits for the company
and for China’s economy by either promoting Chinese exports,
enhancing the firm’s technological capacity and R&D activities, or
enabling it to create and establish an international brand.”
MOFCOM
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10. Drivers for PRC companies to “go out”
Access to raw materials – oil, gas, mining:
Need to secure access to overseas energy resources and raw materials to support China’s high
economic growth rate
Between 2004 and 2006 oil and gas attracted the most Chinese interest, between 2007 and 2009 interest
shifted to the metals and mining sectors
Oil: China was the world’s second-largest consumer of oil behind the United States, and the second-
largest net importer of oil as of 20094.
Mining: aluminum, copper, nickel, iron ore, and other key commodity products
Deals in the resources and energy sectors continued to dominate in 2011, representing 42% of the
number of outbound transactions on a combined basis compared to 44% in 2010. This sector also
accounted for 83% of deal values and 14 out of the 16 deals valued at over US$1bn¹.
Acquisition of Technology, Brands, and Know-How
Chinese companies are looking for advanced technology, manufacturing processes, and managerial
know-how
Companies are encouraged to enter joint ventures or to purchase foreign companies through which they
can absorb state-of-the-art technologies and thus “leapfrog” several stages of development and upgrades
Shougang (Capital) Iron and Steel/ Mesta Engineering and Design Inc (US); Lenovo/IBM and Medion AG;
Tencent/Digital Sky Technologies; BAIC/SAAB, Sany/Putzmeister, Weichai/KION
The global crisis allowed China to go bargain hunting for firms with good brand recognition but in dire
financial straits: Nanjing Automotive/MG Rover, Geely/ Ford Motor's Volvo, Shandong Heavy/Ferretti.
Haier/Sanyo white goods business, Sergio Tacchini, Fila, Kappa.
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11. Drivers for PRC companies to “go out” cont.
Competition in the Domestic Market:
Chinese companies are facing intensifying levels of domestic and international competition. Saturated domestic markets or
attempts to gain first-mover advantage in untapped markets overseas are drivers for them to go out.
Chinese firms can no longer compete on low cost alone so they are going out to obtain better research, development, and
brand recognition. They want to have a competitive edge in the domestic market. Foreign companies control virtually all IP
in China and account for 85% of China's technology exports.
Overcoming Trade Barriers
Some Chinese companies invest abroad in an attempt to avoid foreign quotas, tariffs, and other barriers to Chinese-made
goods.
This was a more compelling motivation before China’s WTO accession, but some tariffs and quotas remain and Chinese
firms have continued to build factories in countries that have relatively unfettered access to the American and European
markets, e.g. TCL/Schneider deal was a way for Chinese television manufacturer TCL to avoid European quotas on
Chinese imports.
Greenfield investments have also been made in order to take advantage of other country’s government subsidies, tax
credits/breaks and cheap land, eg. Suntech’s factory in Arizona qualified for federal and state tax breaks.
Creating Global Champions
A top priority for the Chinese government under its “going global” strategy is the creation of a number of “global
champions”, large PRC firms with globally recognized brands able to compete in the international marketplace.
All large investors, such as China Minmetals and Industrial and Commercial Bank of China, are centrally controlled. Almost
all firms that might qualify as national champions are SOEs.
These also include partially government-owned variations or ones with strong government ties, eg Haier (appliances),
Lenovo (computers), Huawei (telecommunications).
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12. The Outlook is bright
China's ODI net flows in 2011 reached US$74.65bn, an increase of 8.5 % compared to the
previous year. ODI grew an annual average of 45% between 2002 and 2011³.
For the first half of 2012, there were 117 outbound transactions³.
By the end of 2011, more than 13,500 PRC investing entities had established about
18,000 overseas enterprises in 178 different countries. In 2011 alone, China invested in
1,392 overseas projects in 132 countries³.
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13. The Outlook is bright
Although macro-economic indicators show that China’s economy continues to slow down
in 1H 2012, its accumulated outbound direct investments into the non-financial sector
totalled US$35.42 billion, indicating 48.2% growth year-on-year13.
China’s outbound M&A will continue to grow with more diversified industry focus. As
production of Chinese goods continues to move up the value chain and the country
transitions to a consumer-led economy, buyers from China are keen to acquire more
industrial know-how, technology and brands.
China will soon become a net exporter of FDI. China’s Ministry of Commerce expects this
crossover to occur around 2015, while the International Monetary Fund (IMF) thinks that it
could happen as early as 20117.
A Capital Dragon anticipates an additional US$800bn of Chinese ODI over the next five
years.11
According to a SAFE official, the government is targeting a total of US$560bn in outbound
foreign direct investment in the five years to 2015.
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14. Geographical outlook
China's outward FDI flows by region
(US$ million, 2004-2011)
50000
45000
40000 Asia
35000 Africa
30000
Europe
25000
20000 Latin America
15000 North America
10000 Oceania
5000
0
2004 2005 2006 2007 2008 2009 2010 2011
Source: PRC Ministry of Commerce (MOFCOM), National Bureau of Statistics (NBS), and State Administration of Foreign Exchange (SAFE)
According to a survey by the EIU² at the beginning of 2010, 42% of the respondents said
they planned to look to Asia-Pacific for investment, while 39% planned to invest in North
America and 24% in Western Europe. Among manufacturing companies, eight out of 23
said they will focus on North American markets; their aim is market expansion.
Asia, in particular Hong Kong, is the primary destination of Chinese outbound investment.
Singapore is becoming a popular platform for resources deals in the area. See Appendix III
for a more detailed explanation.
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15. 2010 Outbound Direct Investment Flow by Region
Distribution of China's ODI Flow by Global Region, 2011 (US$ million)
3320 3170
2480
Africa
11940
Asia
Europe
Latin America
8250
North America
45490 Oceana
Source: MOFCOM, NBS, SAFE
China has also begun to cut deals with resources-rich African nations under which it
will fund the building of infrastructure in exchange for resources such as oil and
copper. China struck such type of deals in seven African countries, worth a total of
US$14bn between 2004 and 2010².
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16. 2010 Top 10 destinations for Chinese ODI
Top 10 destinations of Chinese ODI, 2011 (US$ million)
405.9 376.4 372.8
708.2
899.3
1060.3
Hong Kong
1104.1
British Virgin Islands
2169.2
Cayman Islands
Australia
2926.1
Singapore
United States
Luxembourg
South Africa
Russia
26251.9 Canada
Source: MOFCOM, NBS, SAFE
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17. China’s outward foreign direct investment flows into EU
Country 2005 2006 2007 2008 2009 2010 2011 There is a noticeable increase in
Austria - 0.04 0.08 - - 0.46 20.22
Belgium - 0.13 4.91 - 23.62 45.33 35.9
Europe as an investment target, with
Bulgaria 1.72 - 0 - -2.43 16.29 53.9 44 announced transactions in 2011,
Cyprus - - 0.3 - - - 89,54 compared to 25 in 2010¹. The target
Czeck Rep - 9.1 4.97 12.79 15.6 2.11 8.84
sectors in Europe have been
Denmark 10.79 -58.91 0.27 1.33 2.64 1.61 5.89
Estonia - - - - - - - industrials and consumer related
Finland - - 0.01 2.66 1.11 18.04 1.56 sectors besides the always popular
France 6.09 5.6 9.62 31.05 45.19 26.41 3482 resources sector.
Germany 128.7 76.72 238.7 183.4 179.2 412.4 512.4
Greece - - 0.03 0.12 - - 0.43
Hungary 0.65 0.37 8.63 2.15 8.21 370.1 11.61 Europe is experiencing the
Ireland - 25.29 0.2 42.33 -0.95 32.88 16.93 start of a structural surge in Chinese
Italy 7.46 7.63 8.1 5 46.05 13.27 224.8
Latvia - - -1.74 - -0.03 - -
ODI in advanced economies. The take-
Lithuania - - - - - - - off was only recent: annual inflows
Luxembourg - - 4.19 42.13 2270 3207 1265 tripled from 2006 to 2009, and tripled
Malta - 0.1 -0.1 0.47 0.22 -2.37 0.27
again by 2011 to $10bn for the year.
Netherlands 3.84 5.31 106.8 91.97 101.5 64.53 167.9
Poland 0.13 - 11.75 10.7 10.37 16.74 48.66 The number of deals with a value of
Portugal - - 0 - - - - more than $1m doubled from less than
Romania 2.87 9.63 6.8 11.98 5.29 10.84 0.3 50 to almost 100 in 2010 and 2011 15.
Slovakia - - - - 0.26 0.46 5.94
Slovenia - - - - - - -
In 12012, Europe was the no.2
Spain 1.47 7.3 6.09 1.16 59.86 29.26 139.7 destination behind South America and
Sweden 1 5.3 68.06 10.66 8.1 1367 49.01 no.1 for non-resources with US$1.7bn
United Kingdom 24.78 35.12 566.5 16.71 192.2 330.3 1420
Total 189.5 128.7 1044 466.6 2966 5963 7471
invested and 83% of non-resource
(US$ million). Note: Data for 2005, 2006 include only non-financial outward FDI flows. total11.
Source: MOFCOM, NBS, SAFE
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18. Sectoral Composition
The flow of investment in natural resource extraction accounted for nearly half of the total in
2003, one third in 2004, and about 40% in 2006 but dropped to less than 16% in 2009. The
largest investments in 1Q2012 were dominated by the traditional pattern of Chinese state-
owned companies investing in energy and resources companies in places like South
America and Africa.
However, Chinese ODI targets a wide variety of business areas, reflecting the diversified
nature of the country’s domestic industries and the Chinese government’s considerations.
The consistently high percentage of investment flow in the service sector (30% in business
services and 19% in finance in 2009) reflects the fact that ODI is largely used to serve and
promote the export of Chinese commodities.
According to MOFCOM, the outflows of financial ODI reached US$6.1bn in 2011, among
which US$3.4bn was in the banking sector (56%). By the end of 2011, total Chinese financial
investments overseas was split between banking (80.1%), insurance (1.7%), securities
(5.2%) and other financial sectors (13%). Investments by financial institutions dropped
29.7% to US$6.1bn in 2011, probably due to the continuing European debt crisis and a
volatile global financial market. However investments by non-financial companies reached
US$68.6bn in 2011, up 14% from the previous year³.
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19. Outbound Direct Investment Flow by Sector, 2011
Distribution of China's ODI Flow by Sector, 2011 (US$ million)
Agriculture, forestry, husbandry, and fishery
776
1648 2564 Mining
1875 10324
Manufacturing
Production and supply of electricity, gas and w ater
7041 117
Construction
6071 Transport, storage and post
Information transmission, computer servises and softw are
1974 Wholesale and retail trade
Lodging and catering services
14446 Banking
Real Estate
Leasing and business services
798 Scientific research, technical service and geologic prospecting
105
Water conservancy, environment and public facilities management
6
20 25597 Service to households and other services
329 Education
255
707 Health, social security and social w elfare
Culture, sports and entertainment
Source: MOFCOM, NBS, SAFE
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20. A word of warning
Extensive use of data has been taken from the 2010 and 2011 Statistical Bulletin of China’s
Outward Foreign Direct Investment issued by MOFCOM, NBS and SAFE. Unfortunately,
data most readily available from Chinese statistical sources generally have a reputation for
inaccuracy and opacity.
Also, different sources have different measurement methods. All values must, therefore, be
taken with some reservations.
By way of example, according to ThompsonReuters data, China outbound investment in
2011 reached US$59bn. PwC which based its analysis on ThompsonReuters and
ChinaVentures data stated there were US$42.9bn with 207 deals in 2011, and according to
A Capital which uses data sourced from Mergermarket, NBS, MOFCOM, UNCTAD and
proprietary research, 2011 saw US$68bn worth of ODI flows from China. According to
China’s 2011 Statistical Bulletin of China's Outward Foreign Direct Investment, ODI flows for
2011 were US$74.7bn.
The 2009 Statistical Bulletin of China’s Outward Foreign Direct Investment, compiled by
MOFCOM, does not provide ownership breakdown for companies responsible for the rest of
the capital (about 30%). They may include state enterprises that are governed by local
(provincial or municipal) governments, and companies partially owned or controlled by the
state, eg. Lenovo, TCL, and Beida Jade Bird (all listed companies) owned by the regional
governments of Beijing, Shanghai and Guangdong.
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21. Appendices
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22. Appendix I: Through consolidation and controls over new entrants,
national champions have been built from large SOEs
Fortune Company Industry Revenue Fortune Company Industry Revenu
500 Rank (US$ 500 Rank e (US$
# billion) # billion)
5 Sinopec Group Petroleum Refining 273,422 297 China Metallurgical Group Equipment Manufacturer 32,076
6 China National Petroleum Petroleum Refining 240,192 311 Aviation Industry Gorp. of China Aerospace & Defense 31,006
7 State Grid Utilities 226,294 326 Shougang Group Metals 29,181
77 Industrial & Commercial Bank of
China
Bank 80,501 328 Ping An Insurance Insurance 28,927
87 China Mobile Communications Telecommunications 76,673 331 Aluminum Corp. of China Metals 28,871
95 China Railway Group Construction, Engineering 69,973 341 Wuhan Iron & Steel Metals 28,170
105 China Railway Construction Construction 67,414 343 China Post Group Utilities 28,094
108 China Construction Bank Bank 67,081
346 China Resources Resources 27,820
113 China Life Insurance Insurance 64,635
352 Huawei Technologies IT, communications 27,356
127 Agricultural Bank of China Bank 60,536
354 Sinosteel Metals 27,266
132 Bank of China Bank 59,212
366 COFCO Food, agribusiness 26,469
139 Noble Group Agricultural and energy products 56,696
367 Jiangsu Shagang Group Metals 26,388
145 Dongfeng Motor Automotive Motor Vehicles 55,748
147 China State Construction Construction, Engineering 54,721 371 China United Network Communications Utilities 26,025
Engineering
375 China Datang Power Generation 25,915
149 China Southern Power Grid Utilities 54,449
398 Bank of Communications Banking 24,264
151 Shanghai Automotive Motor Vehicles & Parts 54,257
162 China National Offshore Oil Mining, Crude Oil Production 52,408 399 China Ocean Shipping Shipping 24,250
168 Sinochem Group Energy, agriculture, chemicals, real 49,537 405 China Guodian Power 24,016
estate, finance
408 China Electronics IT 23,761
197 China FAW Group Automotive Vehicles 43,434
430 China Railway Materials Commercial Steel Trade & Railway Service 22,631
211 China Communications Construction Transportation infrastructure 40,414
Baosteel Group Metals
431 China National Aviation Fuel Group Air transportation logistics service 22,630
212 40,327
221 CITIC Group Financial Services 38,985 435 Sinomach Machinery Industry 22,487
446 Henan Coal & Chemical Coal 21,715
222 China Telecommunications Telecommunications 38,469
450 Lenovo Group Engineering, Technology 21,594
227 China South Industries Group Vehicles, new energy, equipment
manufacturing, defence
37,996
458 Jizhong Energy Group Energy, Resource 21,255
229 China Minmetals Metals and Mining Corporation 37,555
463 China Shipbuilding Industry Shipbuilding and Shiprepairing 21,055
250 China North Industries Group Defense, IT, petro chemicals, 35,629
equipment manufacturing 467 China Pacific Insurance (Group) Insurance 20,878
276 China Huaneng Group Power Generation 33,681 475 ChemChina Chemical 20,715
279 HeBei Iron & Steel Group Metals 33,549 484 Zhejiang Materials Industry Group Metal materials, energy, 20,001
chemicals, logistics, Trading
289 People’s Insurance Co. of China Insurance 32,579
485 China National Building Material Group Construction 19,996
293 Shenhua Group Mining and Energy 32,446
From the July 25, 2011 issue
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23. Appendix II: 12th FYP spending targets
China will spend US$1.7tln over the next five years developing seven
“strategic sectors” - confirmed by Chinese officials at the U.S.-China Joint
Commission on Commerce and Trade meeting in Chengdu in 21 Nov
2011.
The seven strategic sectors are referred to in China’s 12th Five-year Plan
as the “Strategic Emerging Industries”.
The targeted sectors include alternative energy, bio-technology, new-
generation information technology, high-end equipment manufacturing,
advanced materials, alternative-fuel cars, and energy-saving and
environmentally-friendly technologies
The spending target is 2.5 times larger than the RMB4bn stimulus the
country enacted at the end of 2008 which saw China spend its way out of
the global crisis and speed up its emergence as a global force.
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24. Appendix III: The 12th FYP’s Seven SEIs and 37 Projects for Sub-
industries
U.S. –China Economic and Security Review
Commission, Hearing on China’s Five- Year Plan,
Indigenous Innovation and Technology
Transfers, and Outsourcing, testimony of Willy C.
Shih, June 15, 2011.
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25. EIU Survey results2
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26. Footnotes
¹ PwC, M&A 2011 Review and 2012 Outlook Press Briefing.
2
Economist Intelligence Unit (EIU), A Brave New World, March 2010
³ MOFCOM, NBS, SAFE, 2011 Statistical Bulletin of China's Outward Foreign Direct
Investment
4
U.S. Energy Information Administration
5
PwC, China Opportunities: As a market and as an investor, June 2010
6
The Heritage Foundation, Derek Scissors, Chinese State-Owned Enterprises and
U.S.–China Economic Relations, 1 April 2011
7
IMF (2010a); and China Daily, “Overseas Direct Investment to Grow,” December 24,
2010, http://www.chinadaily.com.cn/bizchina/2010-12/24/content_11749290.htm
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27. Footnotes contin.
8
US Treasury Department data: China’s holdings reached US$1,164.3bn end 1H2012
9
MOFCOM officially disagrees with these figures, as they are based on different
measurement methods
10
People’s Bank of China, financial statistical report of 1st quarter 2012
A Capital Dragon Index, 2011 Full Year, How fast is China Globalizing: Tracking Chinese
11
Outbound Investments, & 1Q2012
12
The Economic Times, China’s outbound investment touch $21.4 bn in Q1 2012
13
KPMG, 毕马威中国经济全球化观察， 2012 年第二季度
14
Stratfor Global Intelligence, Chinese Investment Offers in Africa, 15 August 2012
15
Rhodium Group, China Invests in Europe – Patterns, Impacts and Policy Implications
The figure refers to investments by 私营企业 accoridng to MOFCOM, NBS, SAFE, 2011
16
Statistical Bulletin of China's Outward Foreign Direct Investment
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28. Other references
US-China Economic & Security Review Commission, Going Out: An Overview of China’s Outward
Foreign Direct Investment, 30 March 2011
Economist Intelligence Unit (EIU), A Brave New World, March 2010
PwC, China outbound M&A deal activity powers ahead, 15 August 2011
PwC, China Opportunities: As a market and as an investor, June 2010
MOFCOM, NBS, SAFE, 2009 and 2010 Statistical Bulletin of China's Outward Foreign Direct Investment
The Heritage Foundation, Chinese Outward Investment: More Opportunity than Danger, 13 July 2011
The Heritage Foundation, Derek Scissors, Chinese State-Owned Enterprises and U.S.–China Economic
Relations , 1 April 2011
Asia Society’s special report, An American Open Door? Maximizing the Benefits of Chinese Foreign
Direct Investment, May 2011
Deloitte, Borderless, boundless, 2011
US-China Economic & Security Review Commission, Backgrounder: China’s 12th Five-Year Plan, 24 June
2011
APCO, China’s 12th Five-Year Plan, 10 December 2010
McKinsey&Company, What China’s five-year plan means for business, July 2011
EIU, China’s 12th Five-Year Plan or how to turn an oil tanker round, January 2011
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29. Thank You
Ricardo Ferrer
CEO, Asian Horizon Ltd.
www.asianhorizonltd.com
Shanghai, 2013
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