Abstract After occupying the top spot of attracting foreign investment in developing countries for 23 consecutive years, China's overseas investment exceeded the number of attracting foreign capital for the first time and became a net exporter of capital. From 2005, China’s overseas investment exceeded 10 billion U.S. dollars for the first time, and in 2014 it exceeded 116 billion...
After occupying the top spot for attracting foreign investment in developing countries for 23 consecutive years, China’s overseas investment exceeded the number of foreign investment for the first time and became a net exporter of capital. From 2005, China’s overseas investment exceeded US$10 billion for the first time, and in 2014 it exceeded US$116 billion. In the past 10 years, China’s overseas investment has grown nearly 11 times. Chinese capital can be seen in 184 countries and regions around the world. The “going out†strategy has taken tangible steps at the capital level.
Net capital output
On the 6th day of 2015, Dorset, UK, a Chinese-based PV company, Trina Solar, sold the company's 13.2 MW photovoltaic ground power station to the UK's local solar investment company, Forestigh. The project is expected to generate 14 million kWh of electricity a year, providing clean, renewable solar power to 4,300 local households.
From simply selling solar modules to building photovoltaic power plants and then switching hands, Chinese companies are shifting from manufacturers to investors in the European market. The big picture is that in 2014, China became a exporting country from a capital-importing country.
On January 21, the Ministry of Commerce spokesman Shen Danyang introduced that in 2014, China achieved a total foreign direct investment of US$116 billion, a year-on-year increase of 15.5%. In this year, China actually used foreign capital of US$119.56 billion, which means In this year, the scale of China's foreign direct investment and the scale of attracting foreign investment in the same period was only 3.56 billion US dollars. According to the existing statistical caliber, the two-way investment is close to balance for the first time.
“Statistically, there are two different forms of foreign investment. One is to invest directly from domestic sources, including own capital and domestic financing, and the other is to add investment in overseas financing or investment profits. Li Zhipeng, a researcher at the Institute of Foreign Economic Relations and Trade of the Ministry of Commerce, told the new financial reporter, "If you follow the second algorithm, there will be more foreign investment."
If we add third-party financing from Chinese companies, China’s foreign investment should be around $140 billion last year. This data is about 20 billion U.S. dollars higher than China’s use of foreign capital. The actual foreign investment has exceeded the scale of foreign capital utilization. China has become a net exporter of capital.
"This phenomenon is not unexpected. In recent years, China's foreign investment has continued to grow, especially now that the country has pushed the strategy of walking out. The digital changes are still very fast. In the past few years, foreign investment will be a symbol of development, and changes are now taking place." Li Zhipeng Introduction, "Overall, the increase in foreign investment is the inevitable result of China's economic and social development, and the general trend."
Among the 116 billion foreign direct investment, the financial category was US$ 13.11 billion, up 27.5% year-on-year, and the non-financial category was US$ 102.89 billion, up 14.1% year-on-year. In general, as of the end of 2014, China’s accumulated non-financial foreign direct investment was 3.97 trillion yuan (US$644.3 billion).
Ranked third in the world
For a long time, in the international investment market, China has always appeared as an image of attracting foreign investment. The amount of attracting foreign investment was once an important part of the performance appraisal of local governments. The encouragement of attracting foreign investment and foreign investment is not the same. And as we go out to become a national strategy, the situation is slowly changing.
Among the “2014 Top 100 Most Attractive Foreign Countries and Regions in the World†released by Satan Think Tank, the United States ranked first in the world with a flow of US$16.569 billion, and China ranked second in the world. Traditionally, as an important country to attract foreign investment, China has maintained its first foreign investment in the past 23 years, while foreign investment exceeded US$10 billion for the first time in 2005. Until 2013, China’s overseas investment exceeded 100 billion for the first time. Dollar.
“China’s overseas investment has ranked third in 2013, at that time it was 40% in the United States and 70% in Japan.†Li Zhipeng said, “Japan is a traditional capital exporting country and a foreign investment country. China is only a few recent ones. Large-scale overseas investment began only in the year, although the growth is not slow, but because the base is small, the total amount is not very large."
After China’s GDP surpassed Japan for the first time in 2010, China also began to challenge Japan in its foreign investment. In 2013, Japan’s foreign direct investment reached US$135.094 billion, an increase of 10.4% over the previous year, a record high, and maintained double-digit growth for three consecutive years. In the same year, China's foreign direct investment flows reached a record high of US$107.84 billion, up 22.8% year-on-year, and the growth rate exceeded Japan by 12%. In the same year, global FDI outflows increased by only 1.4% from the previous year.
"We estimate that the growth rate of foreign investment in the next few years may be even faster. Of course, we must also see that China's foreign direct investment started relatively late, and in general it is still in its infancy, the total size of investment or the stock of investment. Compared with the developed countries and regions such as the United States, the European Union, and Japan, we are still relatively small in scale. This also shows that there is still much work to be done to guide and promote Chinese enterprises to better carry out foreign investment cooperation." Shen Danyang introduced.
In 2014, China’s total foreign investment, foreign direct investment of local enterprises was 45.11 billion US dollars, up 36.8% year-on-year, accounting for 43.8% of total foreign direct investment in the same period. It is close to half of China's foreign investment and has become a new bright spot. In the first two months of the year alone, local investors in China have made direct investments in 1,393 overseas companies in 135 countries and regions, with investment (non-financial) reaching US$11.54 billion, of which local foreign direct investment increased year-on-year. Up to 89.4%.
China is currently in the 10th position on the total amount of foreign investment. According to figures at the end of 2013, the cumulative net amount of China's foreign direct investment (stock) reached 660.48 billion US dollars, ranking two ahead of the previous year, ranking 11th in the world.
Wide range of fields
On January 21st, Wanda [Weibo] Group announced that it will invest 45 million euros (about 320 million yuan) to buy 20% of the Atletico Madrid football club and enter the club's board of directors. This is the first time a Chinese company has invested in the top football clubs in Europe.
Cai Jinyong, CEO of International Finance Corporation, said that Chinese enterprises “going out†from the earliest focus on oil and mineral resources to entering developed country markets are no longer a single model in developing countries.
On the second day after the release of foreign investment statistics in 2014, Ping An Insurance acquired the office property Tower in the financial district of London from Deutsche Bank Asset and Wealth Management for 419 million euros ($482 million). Place.
For Trina Solar, a company headquartered in Changzhou, Jiangsu, China, it is already familiar with selling PV modules and building power stations. “This is the second power station sold by Trina Solar in the UK in 2014, reflecting the steady development of the company's business in the UK.†Gao Jifan, Chairman and CEO of Trina Solar, commented.
For Trina Solar, a company headquartered in Changzhou, Jiangsu, China, it is already familiar with selling PV modules and building power stations. “This is the second power station sold by Trina Solar in the UK in 2014, reflecting the steady development of the company's business in the UK.†Gao Jifan, Chairman and CEO of Trina Solar, commented.
In fact, both developed European and American countries and emerging economies like Russia, Brazil, and South Africa, as well as some underdeveloped economies, are very welcome to Chinese companies to invest in them.
“Europe has always been a key area of ​​our investment, not only selling components to Europe, but also other businesses, such as olive oil and wine projects in Spain and Greece.†Another Chinese solar energy company, Yingli Group, told the new financial reporter, “European market The advantage is a sound legal system and financing channels."
The preference of Chinese capital for Europe and the United States is clearly shown in the figures. In 2014, Chinese capital investment in the United States increased by 23.9%, and investment in the EU increased by 1.7 times. Investment in services increased by 27.1%, and the proportion increased to 64.6%.
Li Zhipeng introduced that outside the traditional mining, agriculture, and manufacturing sectors, the information service industry, overseas real estate development, and cultural and sports fields have shown a new upsurge. For the continuous release of Chinese capital, Europe has generally shown a welcome posture.
Before investing in the Atletico Madrid football team, in 2014 only Wanda, a local-level enterprise in China's real estate sector, was acquiring four overseas projects in Madrid, Chicago, Los Angeles and the Gold Coast. The Madrid project is an absolute landmark in the region.
Since the financial crisis in 2008, the European economy has been in a low position in recent years, and asset prices are relatively low, which is considered to be an important reason for China's capital investment in Europe.
From the perspective of development, enterprises will face bottlenecks when they develop to a certain stage. Only by “going out†can we better share resources, markets, technology, management, talent, information, and so on. In the two major forms of new investment and cross-border mergers and acquisitions, the latter has always been an important starting point for Chinese enterprises to directly invest large foreign direct investment.
According to statistics from Professor Ge Shunqi, deputy director of the Institute of International Economics of Nankai University, in 2012 and 2013, there were 858 overseas mergers and acquisitions by Chinese companies.
Financial indicators are not the only standard
On the one hand, investment flows have hit record highs. On the other hand, we must also see that overseas investment companies or projects still have gaps with developed countries' multinational companies in terms of capital capacity, management capability, technology level and brand value.
Overseas investment sounds high, and the opportunities and challenges it faces are actually coexisting. Relevant information shows that more than 10% of projects in China's private foreign investment have suffered losses.
“The company has just gone out, it is a stage of investment, starting factories and training workers. From the financial statements, there must be no high returns.†Li Zhipeng stressed that the success or failure of going out should be judged from multiple levels, not from short Time is purely financial statements to look at the problem.
China's foreign investment is at an early stage, and there are still many problems to be solved. For example, the mentality of going out is more urgent, the investment target is not clear enough, the location selection lacks scientific assessment, the preferential policies of the investment country are not enough, and the actual control of the investment enterprise after the merger is weak, and the intermediary company is over-reliant, Ge Shunqi believes.
In 2014, the Ministry of Commerce issued 15 warnings concerning foreign investment, involving Iraq, Angola, Ukraine and other countries.
In order to promote foreign investment cooperation and the development of foreign trade standards, as early as 2013, the Ministry of Commerce and other nine departments have issued the "Trial Measures for Foreign Investment Cooperation and Foreign Trade Credit Cards in the Field of Foreign Trade" to regulate Chinese enterprises going global.
"The next 15 years is a good time for Chinese companies to make overseas mergers and acquisitions." Wei Jianguo, former deputy minister of the Ministry of Commerce, said in the middle of last year. Li Daokui, director of the China and World Economic Research Center of Tsinghua University, conservatively estimates that the size of China's foreign direct investment will catch up with the United States in 2025.
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