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Report: China's investment in US can top US$400b by 2020
By Wang Yanlin |
November 15, 2012, Thursday
|
Online Edition
Online Edition
THE United States may attract a record amount of direct investment from China this year and the volume is likely to reach US$400 billion by 2020, the Asia Society said in a report released at a conference held in Shanghai today.
Although there have been a number of failures in China's attempt to invest in the US, they result from different understandings of standards and can be addressed through better communication and cooperation, the conference was told.
"China is an increasingly important source of FDI for the United States," said Brenda Foster, president of the American Chamber of Commerce in Shanghai. "Like investment from other foreign countries, Chinese capital creates new American jobs and maintains existing ones, it creates US exports, provides new sources of capital, offers opportunities for finance-needed infrastructure and promotes research and development."
In the first three quarters of this year, Chinese companies completed transactions worth US$6.3 billion, setting the stage for a new record year in Chinese investment in the US.
The previous record of US$5.8 billion was created in 2010. Before 2008, China's direct investment in the US was below US$1 billion a year.
Although claiming to be one of the most open markets in the world, America seemed not very open to Chinese investors. Last month, the US House of Representatives' Intelligence Committee warned American companies of doing business with Chinese telecom makers Huawei and ZTE, saying they may pose security threat.
Robert Theleen, chairman and CEO of ChinaVest, said both countries need education on how to cope with each other and expand investment opportunities.
The growing number of disputes points to a lack of communication and collaboration. It may be a long process to find a solution but efforts should be made towards that direction, Theleen said.
The report, "Chinese Direct Investment in California," suggested California to step up promotion to attract the right Chinese firms and lead the way to solve America's anxieties over China.
It estimated that California, already with more investment from China than any other US states, can absorb a total of US$60 billion by 2020.
Although there have been a number of failures in China's attempt to invest in the US, they result from different understandings of standards and can be addressed through better communication and cooperation, the conference was told.
"China is an increasingly important source of FDI for the United States," said Brenda Foster, president of the American Chamber of Commerce in Shanghai. "Like investment from other foreign countries, Chinese capital creates new American jobs and maintains existing ones, it creates US exports, provides new sources of capital, offers opportunities for finance-needed infrastructure and promotes research and development."
In the first three quarters of this year, Chinese companies completed transactions worth US$6.3 billion, setting the stage for a new record year in Chinese investment in the US.
The previous record of US$5.8 billion was created in 2010. Before 2008, China's direct investment in the US was below US$1 billion a year.
Although claiming to be one of the most open markets in the world, America seemed not very open to Chinese investors. Last month, the US House of Representatives' Intelligence Committee warned American companies of doing business with Chinese telecom makers Huawei and ZTE, saying they may pose security threat.
Robert Theleen, chairman and CEO of ChinaVest, said both countries need education on how to cope with each other and expand investment opportunities.
The growing number of disputes points to a lack of communication and collaboration. It may be a long process to find a solution but efforts should be made towards that direction, Theleen said.
The report, "Chinese Direct Investment in California," suggested California to step up promotion to attract the right Chinese firms and lead the way to solve America's anxieties over China.
It estimated that California, already with more investment from China than any other US states, can absorb a total of US$60 billion by 2020.
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