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Balancing investment in and out
Source: Xinhua |
January 13, 2010, Wednesday
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Print Edition
Print Edition
CHINA, on top of its persistent "bringing in" investment approach, has also taken the "going out" strategy in the global financial crisis and has made notable achievements.
China's Yanzhou Coal Mining announced last Thursday that it had completed all legal proceedings for the US$3.2 billion acquisition of the Australia-based coal company Felix Resources.
Martin Ferguson, minister of Resources and Energy in Australia, applauded the acquisition as "a very good deal" for both sides.
This is a latest case illustrating the feasibility and effectiveness of China's win-win "going out" strategy during the global economic downturn.
When many countries were breaking their backs to combat the financial crisis in 2009 and reducing their investment abroad, China has gone the other way and invested more overseas.
China is now ranked 12th on the list of countries investing most abroad, and it is the second among all developing countries, according to Taffere Tesfachew, chief of the office of the secretary-general of the UN Conference on Trade and Development (UNCTAD).
Tesfachew said the world now sees well-known Chinese companies, such as Lenovo and Huawei, investing both in developed markets and many African countries.
China's overseas investment not only boosts its own economy, but also benefits local economies, as the investment creates more jobs and offers advanced technology.
Meanwhile, China continues "bringing in" foreign investment to spur its own economy.
Up to now, more than 480 enterprises among the world's top 500 have invested in China, and some 1,200 foreign research centers have been established in China.
On December 30, China's State Council, or cabinet, held a meeting to bring forward measures to create more attractive environment for foreign investment, and seek better use of foreign capital in technological innovation and industrial restructuring.
In this increasingly interwoven and interdependent world, China, by conducting the "going out" strategy more aggressively while sticking to the "bringing in" strategy, has presented an singular economic scenery with a win-win situation for both China and other countries.
China's Yanzhou Coal Mining announced last Thursday that it had completed all legal proceedings for the US$3.2 billion acquisition of the Australia-based coal company Felix Resources.
Martin Ferguson, minister of Resources and Energy in Australia, applauded the acquisition as "a very good deal" for both sides.
This is a latest case illustrating the feasibility and effectiveness of China's win-win "going out" strategy during the global economic downturn.
When many countries were breaking their backs to combat the financial crisis in 2009 and reducing their investment abroad, China has gone the other way and invested more overseas.
China is now ranked 12th on the list of countries investing most abroad, and it is the second among all developing countries, according to Taffere Tesfachew, chief of the office of the secretary-general of the UN Conference on Trade and Development (UNCTAD).
Tesfachew said the world now sees well-known Chinese companies, such as Lenovo and Huawei, investing both in developed markets and many African countries.
China's overseas investment not only boosts its own economy, but also benefits local economies, as the investment creates more jobs and offers advanced technology.
Meanwhile, China continues "bringing in" foreign investment to spur its own economy.
Up to now, more than 480 enterprises among the world's top 500 have invested in China, and some 1,200 foreign research centers have been established in China.
On December 30, China's State Council, or cabinet, held a meeting to bring forward measures to create more attractive environment for foreign investment, and seek better use of foreign capital in technological innovation and industrial restructuring.
In this increasingly interwoven and interdependent world, China, by conducting the "going out" strategy more aggressively while sticking to the "bringing in" strategy, has presented an singular economic scenery with a win-win situation for both China and other countries.
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