China set to pass Japan

HONG KONG: China is set to become Asia’s leader in outbound corporate acquisitions this year, ending Japan’s twoyear reign, as the country’s appetite for overseas targets expands beyond natural resources and into areas such as food and banking.

So far this year, Chinese companies have launched $56.2 billion of overseas M&As, led by Shuanghui International Holdings’ $7.1bn purchase of Smithfield Foods. This is far ahead of the $40.7bn in deals done by Japanese firms.