Over­seas in­vest­ing sees large in­crease

China Daily (Hong Kong) - - NATION | DIGEST - By LI JI­ABAO li­ji­abao@chi­nadaily.com.cn

Chi­nese out­bound in­vest­ment rose a dra­matic 28.3 per­cent in the first 11 months of the year as the world’s sec­ond-largest econ­omy ac­quired for­eign as­sets amid its grow­ing global eco­nomic clout.

Out­bound in­vest­ment, cal­cu­lated on the ba­sis of deals closed, rose to $80.2 bil­lion in the Jan­uary-Novem­ber pe­riod, ex­ceed­ing the $77.2 bil­lion for all of last year, the Min­istry of Com­merce said on Wed­nes­day.

Shen Danyang, spokesman for the min­istry, said it will con­tinue to im­prove in­dus­trial guid­ance for Chi­nese in­vest­ment in var­i­ous over­seas des­ti­na­tions and help strengthen train­ing of transna­tional man­agers for the over­seas op­er­a­tions of Chi­nese en­ter­prises.

“We will try our best to sim­plify the ap­proval pro­ce­dures to en­cour­age out­ward in­vest­ment,” Shen said at a news con­fer­ence.

China will con­tinue to ne­go­ti­ate agree­ments to boost out­bound in­vest­ment, in­clud­ing pacts with the United States and the Euro­pean Union, Shen said.

From Jan­uary to Novem­ber, 72 per­cent of the in­vest­ment was di­rected into seven economies — Hong Kong, ASEAN, the Euro­pean Union, Aus­tralia, the United States, Rus­sia and Ja­pan.

But spend­ing des­tined for Hong Kong edged down 0.6 per­cent, and that for Ja­pan de­clined 13.3 per­cent amid strained re­la­tions, Shen said.

China’s in­vest­ment in Rus­sia soared nearly seven­fold in the first 11 months, sup­ported by “big projects”, Shen said.

Rus­sia’s top oil pro­ducer Ros­neft an­nounced in Oc­to­ber it had signed a mem­o­ran­dum of un­der­stand­ing with China’s State-owned China Na­tional Petroleum Corp to cre­ate a joint ven­ture for de­vel­op­ing the re­mote East Siberian fields. The value of the deal was un­spec­i­fied. CNPC also struck a deal in June to ac­quire a 20 per­cent stake in a liq­ue­fied nat­u­ral gas project in the Rus­sian Arc­tic known as the Ya­mal LNG.

In­vest­ment in the US jumped by 232 per­cent, and spend­ing in Aus­tralia in­creased by 109 per­cent. In­vest­ment in the EU leaped by 89.9 per­cent.

In Septem­ber, China’s Shuanghui In­ter­na­tional took over US pork gi­ant Smith­field Foods for $ 7.1 bil­lion, the largest- ever Chi­nese ac­qui­si­tion of a US com­pany.

Dur­ing a visit to China in early De­cem­ber, UK Prime Min­is­ter David Cameron said that China’s in­vest­ment in the UK over the past 18 months ex­ceeded all that in the past three decades, cov­er­ing sec­tors rang­ing from tele­com and in­fra­struc­ture to nu­clear power and high-speed trains.

AFP con­trib­uted to this story

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