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US looks set to attract record high volume of investment from China
By Wang Yanlin |
November 16, 2012, Friday
|
Print Edition
Print Edition
THE US will attract a record high volume of direct investment from China this year, said a report yesterday, despite the US Congress urging tighter screening of investment by Chinese state-owned firms.
"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 keeps existing ones, it creates US exports, provides new sources of capital, offers opportunities to finance needed infrastructure and promotes research and development."
In the first three quarters of this year, Chinese firms sealed US$6.3 billion worth of investments, setting the stage for a new record year for Chinese investment in the US.
The previous record was US$5.8 billion in 2010. Chinese direct investment in the US typically stood under US$1 billion before 2008.
The report, entitled Chinese Direct Investment in California, said the US would look for a cumulative US$100 billion to US$400 billion of Chinese investments in the years till 2020 if the US can keep the average pace of 17 percent growth for input of global FDI flows during the decade.
The report predicted California, which has attracted more investment projects from China than any other US state, can absorb US$60 billion new Chinese FDI by 2020.
But attempts by Chinese companies to invest in the US have created disputes and encountered failures.
One way to address the different understanding of standards is through more communication and collaboration, senior American officials with Chinese experience told a conference where the report was jointly released by the AmCham in Shanghai and the Asia Society, a non-profit organization based in New York.
Robert Theleen, chairman and CEO of ChinaVest, said both countries need to know how to cope with each other and grow investment opportunities.
"It may be a long process to find a solution but efforts should be made toward fostering closer business ties."
"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 keeps existing ones, it creates US exports, provides new sources of capital, offers opportunities to finance needed infrastructure and promotes research and development."
In the first three quarters of this year, Chinese firms sealed US$6.3 billion worth of investments, setting the stage for a new record year for Chinese investment in the US.
The previous record was US$5.8 billion in 2010. Chinese direct investment in the US typically stood under US$1 billion before 2008.
The report, entitled Chinese Direct Investment in California, said the US would look for a cumulative US$100 billion to US$400 billion of Chinese investments in the years till 2020 if the US can keep the average pace of 17 percent growth for input of global FDI flows during the decade.
The report predicted California, which has attracted more investment projects from China than any other US state, can absorb US$60 billion new Chinese FDI by 2020.
But attempts by Chinese companies to invest in the US have created disputes and encountered failures.
One way to address the different understanding of standards is through more communication and collaboration, senior American officials with Chinese experience told a conference where the report was jointly released by the AmCham in Shanghai and the Asia Society, a non-profit organization based in New York.
Robert Theleen, chairman and CEO of ChinaVest, said both countries need to know how to cope with each other and grow investment opportunities.
"It may be a long process to find a solution but efforts should be made toward fostering closer business ties."
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