八八專案

1

What ............................................................................................................................................................. 2

Why ............................................................................................................................................................... 2

驅使中國企業來歐洲投資得主要動力： ................................................................................................. 3

其他考慮動機： ....................................................................................................................................... 4

Who .............................................................................................................................................................. 5

Where ........................................................................................................................................................... 6

How_ 企業併、購服務 〈M&A Services 〉 .............................................................................................. 7

When............................................................................................................................................................. 9

其他相關參考資料 ..................................................................................................................................... 10

ABC 專題簡報 ......................................................................................................................................... 10

參考文獻 ................................................................................................................................................. 10

2012 is golden year for Chinese ODI ........................................................................................................ 10

Foreign investment, Weekly .................................................................................................................... 10

More private Chinese companies to invest abroad .................................................................................. 11

MOFCOM urges more tolerance for Chinese companies investing abroad ............................................... 11

Chinese firms urged to use Hong Kong as springboard ............................................................................. 12

Foreign exchange rules for FDI to be simplified ........................................................................................ 13

Chinese FDI falls for first time in 9 years .................................................................................................. 13

Chinese investments abroad face challenges ........................................................................................... 14

Chinese investment in Europe triples ....................................................................................................... 15

Outbound direct investment on the rise .................................................................................................. 16

Sino-Belgian investment fund to avoid Southern Europe ......................................................................... 17

ODI curb will improve China deals ........................................................................................................... 17

八八專案

2

WWhhaatt

ABC Services 聯結中國廣大市場的方法之一， 即是藉由提供強有力的企業併購〈M & A, Merger

& Acquisition〉商機給予對歐洲市場有發展企圖心的中國公司。「 八 八 專案 」這項具導航指標

方案的目的，在於彙整出在歐洲具有一定成熟年資〈至少三十年〉，與已在國際市場上佔有相當穩

健、高比例之銷售與配銷市場〈國外市場佔其營運的百分之八十〉的比利時公司。 這些比利時公司，

以爲具有高度企圖心到歐洲發展市場的台灣企業，提供一個高效率之企業併購契機為其合作目標。A

BC Services 以我們多年國際專業經紀人的經驗與能力，將協助企業之併購，使初期繁瑣的合併、

收購發展便利化。當然，我們也將會提供其他相關必要的市場研究與調查〈Market research〉服

務，以協助您把關經銷管道的建立和周邊的選擇性建議

八八專案

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WWhhyy

中國在過去幾年中，歷經了經濟的巨幅快速發展。持續的經濟增長效益，已有數百位的中國企業成

功的擴展其商業版圖至歐洲，而後繼更是看好歐洲併購商機，接踵而來。ABC Services 的專業理念，

即是在於爲來自亞洲各國的公司，提供其在歐洲經商發展的一個完善高效率的平台：我們運用成熟

的「know-how」，相當歷練與成功的引導著中國客戶在歐洲事業的卓越成就。近幾年間，在歐洲跨

國企業的中國公司，百分之三十的中國企業選擇與我們 ABC Services 合作 ，成就斐然地在比利時擴展

營運。

如上所言，中國企業目前正經歷著快速的增長。目前的趨勢在中國的一些關鍵因素列舉如下：如上

所說，中國經濟目前正在迅速增長。就其中影響中國目前的趨勢主要關鍵因素，列出以下四點：

M & A 成為中國企業在歐洲商業發展的主導投資模式。

約百分之九十投資額低於千萬美元的中、小型中國企業，仍持續在外來投資者中主要地位。

國有企業〈SOE, State owned enterprises 〉將仍然是投資的主要驅動關鍵。但私人投資者〈台

灣、中國大陸、印度〉將會持續增加。

中國投資者主要或是感興趣的投資相關領域在於製造業、能源、化工和加工。

在「 八 八 專案 」中，ABC Services 做為一個中間人，有效充分的運用代辦費用 (non-exclusive agenc

y agreements)，並提供額外的代辦服務〈Antwerpen Business 創立於 1989 年， ABC Services 的前身。

隨著與亞洲市場關係日趨密切，ABC 在 2007 年成為比利時政府正式認可並指定的對華服務商務中心，

為企業提供專業的商業祕書服務，至 2011 年，將近三分之進駐比利時的中國廠商選擇 ABC 作為拓

展歐市策略服務夥伴。 〉。在這彼此合作關係上，ABC Services 應被視為您來歐洲擴展經濟的一個

值得信賴的平臺。

驅使中國企業來歐洲投資得主要動力：

立即的配送和銷售管道。

取得企業品牌名稱。獲取專業新技術。

獲得管理與革新專門知識與技術。

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4

協助跨國企業開拓歐洲市場，在地國家可能面臨的貿易阻礙。

逆轉經濟衰退的不景氣，為低價成本前進歐洲市場的投資契機。降低成本與擴展市場。

其他考慮動機：

充分利用歐洲在地國家的有利政策，法規諮詢。例如：

金融稅務

進口關稅

貨物的自由流通

避免國內市場的飽和。

留意商業合作夥伴/供應商。

提供 貴公司產品在歐洲市場定位，競爭對手分析，潛在客戶開，協助您有效率的掌握市場。

爲產品製造商了解與獲取原材料，能源及天然資源之最有利成本價格條件。運用在地國家之

先進成熟、便利的管理架構，提供您完整的成立公司服務，專業的商業秘書服務，是台灣企

業進軍歐盟市場的策略服務夥伴。

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5

WWhhoo

「 八 八 專案 」將由 ABC Services 資深商業顧問 Theo Vaes 親身監控。每一個專案的研究與分析，

將由我們的中國團隊進行執行工作。ABC Services 亦將會協助其合作夥伴和一切業務網路的支援。

ABC Services 的專業團隊及結盟夥伴：亦將是您事業上的合作夥伴，我們提供了一個連接大中華與歐

洲市場的有效商業平臺，使貴公司在全球各分公司的企業精英，可以更專注於他們的核心業務，發

揮潛力，以獲取最佳的業績。

雷格斯集團〈Ｒegus，完善的商務中心管理團隊，提供您靈活的辦公室庶民服務，以及ＨＲ

人力資源管理〉

德勤事務所〈Deloitte，提供會計，金融財務預算，風險評估，以及完善的稅務管理服務〉

在比利時和歐洲業務聯繫〈bvba Geert Vincke, Steven Couwels, SCV, BAN〉

中國業務聯繫〈Haiyan Zhang, Steven Couwels, Koen de Ridder, Dirk Daelemans and a ABC Rep

resentative in China〉

荷蘭市場行銷代表〈Jos Vrolijk，專業於荷蘭地區中小型家族企業市場行銷管理發展〉

比利時佛蘭芒語中國商會〈Belgian- and Flemish Chinese Chamber of Commerce, 為想要在比

利時法蘭德斯地區建立或擴展業務的華商，提供高效率的機密建議，華商交流資訊。〉

法蘭德斯投資貿易局〈Flanders Investment & Trade，透過合力，以其在國內外廣泛應答的網

絡和專長，促進法蘭德斯的公司與外國企業的可持續國際商業。〉

比利時台北辦事處〈Flanders Investment & Trade Taipei office，提供華商最高效的 network 〉

這些預期將銷售被併購的比利時公司，主要為仍極高度活躍於國際市場上的中、小企業規模，這些

經營完善獨立的企業組織其最高收益可達 30 億歐元，是被看好持續經營的家族型企業。

經由我們 ABC Services 團隊專業評估篩選出預期銷售其企業組織之最佳潛力名單，我們將會安排必

要參觀活動，並分別提供其各詳盡的分析評估資料。這些檔案文件也將彙總後一一提交給意圖在歐

盟拓展商機的華商企業。

八八專案

6

在「 八 八 專案 」合作期間，這些有意願來比利時和歐洲市場發展投資的台灣公司，將與經由 ABC S

ervices 嚴格挑選的歐洲合作對象〈這是經由我們市場研究與調查，並前往華商經貿市場實地考察過

後，預期出售的比利時公司，)，就投資的規模與市場定位，雙方進行高效率商務接洽。過去二十多

年，ABC Services 成功地爲來自六十個不同國家的跨國企業開拓歐洲市場〈亞洲合作客戶為中國，

韓國，印度〉。這些意願來歐洲投資並成功發展的企業，其中較大規模者平均年營收達 300 萬歐元，

擁有足夠的財務能力與資源穩健地進行海外、歐洲投資。相對的，在此「 八 八 專案 」中，我們也將

以我們的成功經驗與專業能力，提供台灣企業最高經濟價值的併購策略與對象:在比利時將被併購的

公司企業，主要為活躍於國際市場上的比利時製造商或分銷商〈其他潛在的被併購歐洲公司，我們

將在稍後的階段考慮〉。在來歐洲發展投資的前兩年，我們也會加強 ABC'S 專業管理團隊的服務，

提供四名額外的商業精英工程師或具相當商業學術素養的資優研習生，提供個人專業領域能力與實

習專案服務。這些優秀的研習生在各項專案中亦是一主要的人力資源，在業務分析，數值模擬，中

國的語言和文化，和其他的 M＆A 相關問題的協助與支援上，提供了他們的專業所長，與上述 ABC S

ervices 各領域的專業夥伴們，成功地協助來歐洲投資的華商企業，在歐盟市場開創商機。

八八專案

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WWhheerree

在「 八 八 專案 」此項方案裏，將被併購的比利時公司主要位於安特衛普城市或是位於其近郊。這些

公司的國際市場銷售佔他們的收入金額最大的比例，而此類公司的主要國際活動均在歐洲進行。當

然其商業活動亦遍及在北美洲、南美洲、非洲和亞洲等區域，只是較小的活動程度。而多數商業的

既有買家都落在中國大陸。隨著 ABC Services 「 八 八 專案 」進展，我們預期將有更多的亞洲公司將

擴展其跨國之經營規模。

八八專案

8

HHooww__ 企企業業併併、、購購服服務務 〈〈MM&&AA SSeerrvviicceess 〉〉

在「 八 八 專案 」合作期間，ABC Services 將支援協助台灣製造商在歐洲的併購計畫活動。我們將會

為我們的亞洲客戶，提供在比利時最具潛力與合適於您市場定位的被併購企業對象。

確認區隔這些比利時〈以及日後其他歐洲國家〉公司，國際分銷及銷售在其營運活動上佔有

較高的比例。

是台灣企業和歐盟市場在文化和商業習性差異上的橋樑。

公司價值評估

財務分析

行業分析

買賣交易價值評估

支援談判、協商

正當合理的調查程序

風險分析

橋接文化差距

預計在未來幾年，亞洲對外直接投資與併購商業投資，在歐洲將大幅度增加。通過 ABC Servicds 專

業的服務平臺，台灣公司將會有最佳的機會，來成功地合併或收購這些具有高度國際商業活動價值

的歐洲公司。透過我們精英團隊的幫助下，必然的，台灣企業將能夠確保獲得現有的國際分銷渠道，

收購品牌，受惠於專業技術和管理經驗的支援協助，處於低公司成本的優勢，成功的應對貿易投資

的壁壘。

在「 八 八 專案 」雙方合作期間，我們的活作夥伴和顧問團隊，將會視現況為專案策略做必要性的優

化和調整， 以適應投資的環境的變化和挑戰。 為此目標，ABC Services 現有的廣大歐洲市場業務網

路以及其與日增加的中國網路〈廣西〉亦是無價之寶。

八八專案

9

WWhheenn

「 八 八 專案 」是一項具靈活性、為各企業量身製訂，約一至兩年短期目標的實質企劃。因此，我們

自信該專案預計將于 2014 年開始運作。在此之後，該計畫將會與更大的組織合作，並在德國、 荷蘭

和其他歐盟國家不斷的成功複製擴展。

資料來源_ M:\data\ABC Services\Team\Culture\4 d model Cooperrider et Wastijn.vsd

2012/ 12

確定抉擇目標

探究感受目標憧憬

想像 成功的景象

建設性的核心目標

決定成就的規模

創造成就將會是如何

八八專案

10

其他相關參考資料

ABC 專題簡報

ABC fund - 88 CH v1.pptx

ABC SWOT.docx

Belgian sectors.docx

BVOB members contactdata.xlsx

Companies Belgium China.xlsx

Strategische Adviesraad Vlaanderen 20110824.pdf

參考文獻

2012 is golden year for Chinese ODI

Foreign investment, Weekly

Du Liang, Director of the China Entrepreneur Research Institute, said in Frankfurt that from January to July

this year, overseas investment by Chinese companies reached USD42.2 billion, a 52.8% growth year-on-

year. The latest Ministry of Commerce figures showed that Chinese investors have expanded their businesses

into 2,407 companies in 117 countries and regions worldwide from January to July, as total outbound direct

investment (ODI) – excluding finance – hit USD42.2 billion during this period. During the first half of the

year, there were 117 merger and acquisition (M&A) deals conducted by Chinese investors overseas, worth a

total of USD30 billion. The Institute also compiled a top 50 list of the most internationally ambitious Chinese

enterprises, according to their overseas strategies, corporate governance provision, supply chains, capital

flows, brands, R&D, social responsibility activities, and profits. The top five were Lenovo Group, Huawei,

Haier Group, CNOOC and Sinopec Group. The Institute found that the most common sectors involving

overseas Chinese investment were energy and mineral mining, information technology, and household

appliances, while the agriculture and medical sectors were highlighted as the least outward-looking. The

Institute also unveiled China’s top 10 M&A deals during the January-August period, the biggest being

CNOOC’s USD15.1-billion takeover of Canada’s Nexen in August, the China Daily reports.

八八專案

11

17/09/2012

More private Chinese companies to invest abroad

Foreign investment, Weekly

At the end of the year, 18,000 Chinese firms had invested in 177 countries with a cumulative investment of

USD424.78 billion and assets totaling USD2 trillion. “Chinese private companies, due to their special

advantage of being flexible and ability to break into markets, are gradually becoming a major force in

China’s going out strategy,” said National Development and Reform Commission (NDRC) Vice Chairman

Zhang Xiaoqiang. Private firms would be encouraged to invest in infrastructure, oil, gas, and even military

industries overseas, which are currently dominated by SOEs

3/09/2012

MOFCOM urges more tolerance for Chinese companies investing abroad

Foreign investment, Weekly

China’s Ministry of Commerce (MOFCOM) is urging the international business community to be more

“tolerant and rational” toward ambitious Chinese companies seeking to invest overseas. Shi Ziming of the

Ministry’s Department of Outward Investment and Economic Cooperation, said many international markets

still misunderstood the motives behind Chinese companies making investments overseas. Shi said there

should be much more objective recognition and evaluation of any proposal being made by a Chinese

company seeking to make an investment, given their strong track record in terms of local job creation and

other economic contributions to the organizations and communities in which they invest. The latest Statistical

Bulletin of China’s Outbound Foreign Direct Investment showed that Chinese non-financial ODI surged by

14% in 2011 from a year earlier to USD68.58 billion. The revised figures were an improvement on those

announced earlier in the year by the Ministry, which had been set at USD60 billion. China’s total ODI gained

8.5% year-on-year to USD74.65 billion, which makes China the sixth-largest investing nation in value terms

worldwide. About 36% of Chinese ODI last year was realized through mergers and acquisitions (M&As),

particularly in mining, manufacturing, and electricity production and supply. ODI during the first seven

months in the non-financial sector increased 52.8% from a year earlier, driven by growth of capital flow into

ASEAN member countries and the United States, which represented 36% and 29.6% of the total respectively.

Still, in 2011, China’s ODI by value accounted for just 4.4% of the global total, meaning “China still lags far

behind developed economies in investing overseas”, said Shi. In 2011, Chinese companies that owned

operations overseas submitted local taxes of more than USD22 billion, creating jobs for as many as 1.22

million people, including 888,000 local jobs, said the MOFCOM report.

八八專案

12

27

AUG

2012

Chinese firms urged to use Hong Kong as springboard

Foreign investment, Weekly

The National Development and Reform Commission (NDRC) is drafting a raft of measures to encourage

mainland firms to use Hong Kong as a springboard for offshore investment. Speaking at the Second China

Overseas Investment Summit in Hong Kong, NDRC Vice Chairman Zhang Xiaoqiang said one measure

would be to encourage more mainland firms to list in Hong Kong and issue yuan-denominated bonds in the

city to finance overseas projects. Another would be to encourage mainland firms to set up operations in Hong

Kong specifically for overseas investment. Zhang said the NDRC would support joint investment by

mainland and Hong Kong firms in overseas infrastructure, mining, energy, high-tech, advanced

manufacturing, and logistics projects via equity investment, mergers and acquisitions (M&As), and

greenfield investment. Hong Kong Chief Executive Leung Chun-ying told summit delegates that 65% of

mainland overseas direct investment went through Hong Kong, while the city’s investment on the mainland

totaled USD37.3 billion in the first half, accounting for 63% of all investments in the mainland for the period.

八八專案

13

09

JUL

2012

Foreign exchange rules for FDI to be simplified

Foreign investment, Weekly

The State Administration of Foreign Exchange (SAFE) is planning to simplify the foreign exchange rules

pertaining to foreign direct investment accounts. The plan is another step in the country’s efforts to make the

yuan fully convertible on the capital account and to eventually make it a global currency. The acts of opening

or adding to foreign exchange accounts for the purpose of foreign direct investment (FDI) will no longer be

subject to regulatory examinations. The same will be true for transfers between different foreign exchange

accounts. Examinations will no longer be conducted on reinvestments of profits generated by foreign

companies in China. There will also be a simplification of the procedures foreign investors must follow when

buying Chinese equities in the over-the-counter market and applying for capital verification for investments

in Sino-foreign joint ventures. “The move will eliminate a lot of procedures and make foreign direct

investment simpler in China,” said Wang Jianhui, Chief Economist with Southwest Securities Co, an

investment bank. The report said the procedures for foreign direct investment should be simplified for

investments whose purpose is verified and which do not involve speculative capital. Guo Shuqing, Chairman

of China Securities Regulatory Commission (CSRC), said that none of the 40 items in China’s capital

account is totally unconvertible. To avoid financial instability, China’s capital markets are largely off-limits

to foreign investors. Only selected foreign fund managers can invest in China through the Qualified Foreign

Institutional Investor (QFII) program. In total, USD80 billion in QFII has been approved. An RQFII program

— the “R” standing for renminbi — followed this year. It allows off-shore yuan, accrued mostly through

yuan-denominated trade settlements, to flow back to China.

09

JUL

2012

Chinese FDI falls for first time in 9 years

Foreign investment, Weekly

Foreign direct investment (FDI) from China fell for the first time in nine years in 2011. According to a report

八八專案

14

by the United Nations Conference on Trade and Development (UNCTAD), outgoing FDI from China

declined 5.4% to USD65.12 billion last year – the first drop since an increase in expansion overseas in 2003.

Francis Cheung at brokerage firm CLSA said the data was unsurprising. “Since Greece threatened to break

from the euro zone last June, pricing negotiations of any merger and acquisition have become immensely

difficult,” Cheung said. “If I were an executive from a corporation in one of those troubled regions, I would

also hold off until better times.” Cheung expected China’s FDI outflow to rebound in the next few months as

projects restarted amid better external economic conditions. China remained the world’s most favored

destination for FDI, with inflows rising 8% to USD124 billion last year, and for the first time investment in

services surpassing that of manufacturing. UNCTAD said the amount of capital inflow to the financial sector

would rise in the coming years as foreign banks including HSBC and Citigroup expanded their presence in

China.

02

JUL

2012

Chinese investments abroad face challenges

Foreign investment, Weekly

Chinese firms were expected to invest USD800 billion abroad over the next five years, but their investments

were at an immature stage and faced serious challenges, speakers told the China Global Outbound

Investment Summit in Beijing. “We anticipate an additional USD800 billion will be invested overseas by

Chinese companies from 2012 to 2016,” André Loesekrug-Pietri, Chairman of private equity fund A Capital,

said. “The growth of Chinese overseas investments will be 17% per year, double its GDP growth.” China’s

appetite for resources pushed its overseas direct investment up by 118% to USD21.4 billion in the first

quarter, according to A Capital. Resources accounted for 92% of the first-quarter investment, South America

being the biggest recipient with Sinopec’s USD4.8 billion investment in a 30% stake in Petrogal Brasil.

Foreign direct investment (FDI) in China used to dwarf China’s outbound investment (ODI), but in the first

quarter, outbound investment was only 26% lower than FDI, according to A Capital. Beijing’s goal is for

Chinese overseas investment to equal FDI by 2015. “Previously, foreign direct investment was crucial to the

success of China. Crucial to the next 10 years is outreach to other countries,” said Michel Wormser, Vice

President of the World Bank Group’s Multilateral Investment Guarantee Agency (MIGA). Mergermarket’s

Asia Research Manager Shunsuke Okano said that so far this year, China had made 39 mergers and

acquisitions (M&A) overseas worth USD16.3 billion. “That is not as high as last year’s USD44.2 billion. At

this pace, the total [for the whole of this year] won’t match last year’s,” Okano said. Mergermarket’s data

differ from A Capital’s because Mergermarket tracks only M&As, not other forms of investment. China’s

overseas investment was smaller than the U.S., France and Germany, but was the fastest growing in the

world, Loesekrug-Pietri said. Last year, China invested USD68 billion overseas, but the U.S. led with

USD328.9 billion, followed by Germany with USD200 billion and France with USD147 billion, according to

A Capital. But, China’s overseas investment was the fastest growing at an annual rate of 54% from 2000 to

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2010, the South China Morning Post reports. “Ninety-nine per cent of Chinese companies are not ready to

invest abroad … I’m talking about culture and understanding of the world,” said Liu Shaohua, Executive

President of the Reignwood Group, a private Chinese conglomerate. “Sometimes, if you acquire a foreign

company, you have a grand signing ceremony, then your nightmare begins,” he added. One problem is

Chinese companies and their foreign counterparts view contracts differently. Dirk Walker, Partner at China-

based law firm King & Wood Mallesons, said that “often the Chinese investor will find the contract an

ancillary aspect of the relationship, but the foreign side sees the contract as the entire relationship”. “The

Chinese party may misinterpret this as the foreign party not trusting him. The foreign party can misinterpret

Chinese post-contract negotiations as reneging on the contract,” Walker said.

11

JUN

2012

Chinese investment in Europe triples

Foreign investment, Weekly

Chinese direct investment into Europe tripled in 2011 to USD10 billion, according to a new study that

estimates Chinese companies are in the early stages of a global shopping spree that could see them spend as

much as USD250 billion to USD500 billion in the region by 2020. Although total Chinese outbound direct

investment (ODI) is still small compared to the size of its economy, most analysts believe the country is on

the verge of ramping up its spending abroad, with Europe seen as one of the most attractive markets,

according to a study by Rhodium Group, the Financial Times reports. Chinese ODI is expected to reach

USD1 trillion to USD2 trillion between 2010 and 2020 and the study expects around a quarter of that will go

to Europe through mergers and acquisitions (M&As) or greenfield investments. Chinese companies are most

interested in buying European technology, brands and high-end manufacturing. Separate studies by A

Capital, a private equity firm that helps Chinese companies invest abroad, support Rhodium Group’s

estimate. “At current growth rates and without a change in Chinese government policy we expect an

additional USD800 billion in outbound Chinese direct investment in the five years from 2011 to 2016,” said

André Loesekrug-Pietri, Chairman of A Capital. Europe was the number two destination for Chinese

outbound direct investment in the first quarter of 2012, after South America. Chinese investment to Europe

reached USD1.7 billion in the first quarter and represented 83% of all outbound Chinese non-resources deals.

“Our dataset shows a profound post-2008 surge [in Chinese outbound investment to Europe] which the

official data sources are missing,” said Thilo Hanemann, Research Director at Rhodium Group and co-author

of the report. “The absolute values remain small compared to Europe’s total inward FDI stock, but the

change in trend line is what matters.” The report estimates that Chinese direct investment in Europe averaged

less than USD1 billion each year from 2004 to 2008 but then tripled to around USD3 billion in both 2009 and

2010 before tripling again to almost USD10 billion last year.

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State-owned companies accounted for 98% of all deal value in the first quarter, a new high and up sharply

from 53% in the first quarter of 2011, A Capital estimated in its quarterly Dragon Index on China’s outbound

investment. Resources and energy deals accounted for 92% of the total, up from just 24% a year earlier. The

dominance of state-owned firms in the first-quarter figures “show more difficulties for private firms to seize

large opportunities in an environment characterized by both volatility and strong competition for good

assets,” A Capital said in the report. South America was the top destination for investment during the first

quarter, at 43% of total foreign merger-and-acquisition activity by Chinese companies. So far, the top five

Chinese private investors in Europe are Geely, Huawei, Lenovo, Sany and Wolong Group. Chinese

investment has created 45,000 jobs in the EU.

05

JUN

2012

Outbound direct investment on the rise

Foreign investment, Weekly

Outbound direct investment (ODI) is set to soar in the coming years, with double-digit growth rates

predicted, said Chen Runyun, Commercial Counselor at the Department of Outward Investment and

Economic Cooperation at the Ministry of Commerce (MOFCOM). ODI surged by 1.8% in 2011, from the

previous year, to USD60 billion. But the January to April figure grew by 72.8% year-on-year to USD23.16

billion. China’s total ODI, at the end of April, stood at USD345.1 billion. “The trend is clear. ODI is on a

fast-growth track which will probably continue for some decades,” Chen said. “Various factors, including the

increasingly appreciating yuan, China’s large foreign exchange reserves and domestic companies expanding

abroad, are driving the fast growth.’’ ODI is expected to register an annual growth rate of 17% from 2011 to

2015, reaching USD150 billion in 2015. China overtook Japan and the United Kingdom in 2010 to become

the fifth-largest global investor. China was the largest investor among the developing nations in 2010 and

2011. Overseas investment, by the end of 2010, mainly went to manufacturing, retail, wholesale, commercial

services and mining. In terms of regions, Asia, Europe and Africa are the top three destinations for ODI.

Chen predicted that Latin America will be another key investment destination. China’s investment in the

European Union jumped by 94% in 2011, year-on-year, to USD4.28 billion, and in Africa it went up by 59%

year-on-year. More and more overseas investment deals came through mergers and acquisitions (M&As).

Besides cultural issues, Li Rongcan, Assistant Minister of Commerce, said “many Chinese companies and

investors complain that they face protectionism’’.

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29

MAY

2012

Sino-Belgian investment fund to avoid Southern Europe

Foreign investment, Weekly

The €250 million private equity fund set up by China’s sovereign wealth fund to invest in Europe will shy

away from the troubled southern European region and focus on Germany, France and Scandinavia. The fund,

set up by the China Investment Corporation (CIC) in partnership with the Belgian Federal Holding and

Investment Co and private equity group A Capital, has been backed by Vice Premier Li Keqiang, who

appeared at the fund’s first-round fundraising ceremony in Brussels. André Loesekrug-Pietri, Chairman of A

Capital, said that with the resurgence of regional concerns it was “not a good time” to invest in consumer-

driven industries and the financial services sector with heavy exposure to southern European countries like

Greece, Italy and Spain. The fund is expected to allocate 30% to 35% of its capital to Germany, 20% to

Scandinavia, 20% towards France, and the remainder to Britain, Belgium, the Netherlands, and other

European countries. The fund focuses on mid-cap European companies that generate between €300 million

and €3 billion in sales annually. Its four investments areas include high-end manufacturing, environmental

industries and clean energy, consumer brands and food safety. Loesekrug-Pietri said it might take more time

to convince nervous Chinese investors about opportunities in Europe, and added that the fund still attracted

Chinese investors who had a good understanding of the diversity of European markets, and who were

genuinely interested in foreign investment, the South China Morning Post reports.

21

MAY

2012

ODI curb will improve China deals

Foreign investment, Weekly

The central government’s plan to slow the growth of overseas direct investment (ODI) will lead to more

successful and quality investments, said speakers at the American Chamber of Commerce in Hong Kong’s

2012 China Conference. For the 12th Five Year Plan period from 2011 to 2015, the Ministry of Commerce

(MOFCOM) has set a target of 17% annual growth of overseas direct investment (ODI) to USD150 billion

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by 2015. The target rate has been set lower than the 30% in the previous Five Year Plan period of 2006 to

2010. Chinese investments have been made in nearly 200 countries. “If you have a fast rate of growth, you

have lots of bad deals. Slower growth rate can give you better quality. I like this cautious approach,” said

Zheng Lili, co-leader of Asia Pacific International Core of Excellence of Deloitte. With a slower growth rate

in outbound investment, the rate of success of Chinese companies’ overseas acquisitions will go up and the

rate of failure will go down, said Stanley Jia Tianan, Partner at international law firm Baker & McKenzie