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品书网 > 杂志 > Getting Through The Hiccups

Getting Through The Hiccups

时间:2024-10-20 11:56:15

Chineseinvestorsfacebothopportunitiesandchallengeswhengoingabroad

AnewlightrailtrainarrivesfromAbujatotheairportstationinNigeriaonJuly12.TheprojectwashandledbytheChinaCivilEngineeringConstructionCorporationandpartlyfundedbytheExport-ImportBankofChinaXINHUAInAugust,theMinistryofCommerce(MOFCOM)releaseddataonChina鈥檚nonfinancialoutbounddirectinvestment(ODI),whichcontinuedsteadygrowthinthefirstsevenmonthsoftheyear.

FromJanuarytoJuly,Chineseinvestorsmade$65.27billionofnon-financialODIinnearly4,000overseasenterprisesin152countriesandregions,markinga14.1-per-centincreasefromthesameperiodayearago.

BaiMing,aseniorresearchfellowattheChineseAcademyofInternationalTradeandEconomicCooperation,toldBeijingReviewthatChinesecompanies鈥檌nvestmentsabroadinthefirstsevenmonthsoftheyearsawaconsiderableincrease,thoughstillnotreachingthehighestlevels.

鈥淭oagreatextent,wecanseeitasrestorativegrowth,鈥滲aisaid.

Newfeatures

AministryindexthatmeasuresODIactivityeachmonthshowedthatitremainedstableat192.93inJuly,comparedwiththepeakof205.3andlowof189.6registeredwithinthefirstsevenmonthsoftheyear.

Besidessoundgrowthmomentum,China鈥檚ODIshowedseveralnewfeaturesandtrends.Chinesecompaniesincreasedinvestmentin54countriesalongtheChina-proposedSilkRoadEconomicBeltand21st-CenturyMaritimeSilkRoad.The$8.55-billionaddedinvestmentrepresentedan11.8-percentyear-on-yearincrease,withnewconstructioncontractsalongtheBeltandRoadworth$57.11billion.

Inaddition,overseaseconomicandtradecooperationzonesplayedamajorroleinChina鈥檚ODI.AccordingtoMOFCOM,bytheendofJune,Chinahadbuilt113overseaseconomicandtradecooperationzonesinatotalof46countries.

AlongtheBeltandRoadroutes,Chinaestablished82overseaseconomicandtradecooperationzonesin24countries,withanaccumulatedinvestmentof$2.59billionfromJanuarytoJune,accountingfor87percentofChina鈥檚newinvestmentinoverseaseconomicandtradecooperationzonesworldwide.Intotalthezonescreated$3billionworthoftaxrevenueforthesecountries,facilitatingcommondevelopmentforChinaandhostcountries.

Infact,thetradeandinvestmenttiesbetweenChinaandthesecountrieshavebeenexpandingsincethelaunchoftheBeltandRoadInitiativein2013.Duringthisperiod,economicandtradezoneshaveattractednearly4,000enterprises,creating$2billionworthoftaxrevenueforthesecountriesandproviding244,000localjobs,accordingtoMOFCOMdata.

StructuralimprovementofoutboundinvestmentcontributedtotheODI鈥檚continuedstablegrowth.Chinesecontractorssignedmoreagreementsforlargeprojectsabroadinthefirstsevenmonthsoftheyear.Transport,powerandconstructionprojectsaccountedfor68.2percentofthetotalcontractvalue,andmorethan85percentofnewprojects鈥檆ontractvaluesurpassed$50million.

Meanwhile,nonewprojectswerereportedinsectorssuchaspropertydevelopment,sportsandentertainment,sincetheChineseGovernmentmadestrongeffortstopromotesoundgrowthofoverseasinvestmentbyforestallingrisks.

OnAugust18,2017,theStateCouncilreleasedaguideline,makingitclearthatoverseasinvestmentthatwentagainstpeacefuldevelopment,win-wincooperationandChina鈥檚macrocontrolpolicieswouldberestricted.Thoseonthelistincludedrealestate,hotels,entertainment,sportclubsandoutdatedindustries.

ThedocumentstipulatesthatenterprisesshouldtaketheleadinexportingChina鈥檚superiortechnologyandequipment,upgradingthenation鈥檚researchandmanufacturingabilityandmakinguptheshortageofenergyandresourcesthroughprudentcooperationinoil,gasandotherresources.

鈥淯ndoubtedly,Chinesecompanies鈥檊oing-globalstrategyhasbeenasuccess,butproblemshavealsoemerged,suchasbogusinvestmentsandignoranceininvestment,鈥滲aisaid,addingthathebelievedthattheguidelinehaseffectivelyledoverseasinvestmenttowardamorerationaldirection.

Challengesandexpectations

Despitesoundmomentum,Chinesecompaniesstillfacechallengeswhengoingabroad,especiallyastradeprotectionismisontheriseinsomecountries.

IntheUnitedStatesforexample,recentregulationssuchastheForeignInvestmentRiskReviewModernizationActsignedbyPresidentDonaldTrumponAugust13,aswellastheexpandingpowerandscopeoftheCommitteeonForeignInvestmentareposingchallenges.Inrecentyears,manyChineseinvestmentprojectswererejectedbytheUnitedStates.

Insomedevelopingcountries,ontheotherhand,factorssuchasincompleteinstitutions,weakinfrastructure,unstablepoliticallandscapesandchaoscausedbywaralsohinderChineseinvestmentandexposeinvestorstohighrisks.

Atthesametime,Chinesecompaniesalsohaveroomforimprovement,assomeofthemjumpontheinvestmentbandwagonwithoutanunderstandingoflawsandregulationsorcultureandconventioninhostcountries,causingconflictwithlocalpeople.

鈥淭heso-called鈥楥hinathreattheory鈥檃nd鈥楥hinesecolonialism鈥檃dvocatedbysomeWesterncountriesprovokedissension,too,鈥滲aitoldBeijingReview.

HesuggestedthatChinesecompaniesconductthoroughresearchoncountriesandlocalpartnersbeforemakinganinvestment.Whenprojectsarelaunched,investorsshouldbearinmindsocialresponsibilitiesandreducemisunderstandingsasmuchaspossible.

Inthissense,overseaseconomicandtradecooperationzoneshaveshowngoodperformanceinrecentyears.Inspiteofanunsatisfactoryinternationalenvironment,suchzonescanbeasafehavensincetheyarelesssusceptibletooutsideinfluence.

鈥淚nthepast,goingglobalwaslimitedtoindividualcompanies,whilenowithasexpandedtoindustrialchains,鈥滲aisaid,addingthatChinesecompaniesbelongingtothesameindustrialchainwithsimilardemandcanjoinhandsintheiroverseasexpansionandcommunicatesmoothlywithlocalpartners.

BaiconcludedthatalthoughChineseinvestorswillfaceincreasingdifficultiesinWesterncountries,heexpectsthatwiththeconclusionofthe2018BeijingSummitoftheForumonChina-AfricaCooperation,investmentincountriesalongtheBeltandRoadroutes,especiallyontheAfricancontinent,willincreaseandthatthegovernmentwillintroducemorepoliciestoregulateandencourageoutboundinvestment.

AtechniciantestsanantennaproducedbyChina鈥檚telecomequipmentproducerHuaweiforabasestationinKajaani,Finland,onMay12,2016XINHUACopyeditedbyRebecaToledoCommentsto
   

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