Western Countries Shift Their Attitude Towards Chinese Investmen.docx
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Western Countries Shift Their Attitude Towards Chinese Investmen.docx
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WesternCountriesShiftTheirAttitudeTowardsChineseInvestmen
WesternCountriesShiftTheirAttitudeTowardsChineseInvestmen
THEfirstChinaOverseasInvestmentFairopenedinBeijingonNovember3,2009,aimingtopromoteChineseinvestmentinoverseasmarkets.Surprisinglyforthehost,representativesfromdevelopedcountriesthathadpreviouslybeencautioustowardChineseinvestmentwereamongthosefromthe100plusparticipatingcountries.TheyweresincereandanxioustomarkettheirprojectstoChineseinvestors.DoesthissignalachangeintheWesternattitudetowardChineseinvestment?
FearsUnfounded
Overthepast16years,Chinahasbeenthelargestforeigndirectinvestmentrecipientamongthedevelopingcountries.Bytheendof2008,atotalofUS$900billionhadflowedintoChina.Instarkcontrasttothiswave,bytheendof2008China’sinvestmentinoverseasmarketshadtotaledonlyUS$184billion,representingatinyproportionoftheglobalForeignDirectInvestment(FDI)andranking22ndworldwide.
Duetodifferentcorporatebackgroundsandculturaldisparities,Chineseoverseasinvestmentswerethecauseofworryandfearinsomecountries,andconsequentlyChinesecompanieswithacquisitionofferswereshunnedonthebasisofdifferentexcuses.Forexample,theChinaNationalOffshoreOilCorporation’sattempttopurchaseAmericanUnocalwasrejected,likewisetheAluminumCorporationofChina(Chinalco)’smergerandacquisitionbidforAustralianRioTintowasrepelled.Australia’snationaldailynewspaperTheAustralianpublishedaneditorialtitled“SayNotoChinalco,”sayingthatChineseenterprise’sentryintotheAustralianmarketwouldthreatenitsnationalinterests.However,accordingtostatisticspublishedonthewebsiteoftheAustralianBureauofStatistics,foreigninvestmentinAustraliareachedA$1,724.4billiononDecember31,2008;thefirstthreeleadinginvestornationswereBritain(25percent),theUnitedStates(24percent)andJapan(5percent).Incontrast,theinvestmentfromtheChinesemainlandwasonlyA$4.615billion,makinguponly0.27percent.
“We’veheardaboutthefearsthattheworldmayconverttoan‘Asia-Pacificera’,”commentedHon.AnuraPriyadharshanaYapa,MinisterofBusinessDevelopmentandInvestmentPromotionofSriLanka,“butforacountryinsidetheAsia-PacificeconomicspherelikeSriLanka,webelievetheprogressoftheAsia-Pacificregionwillbeviewedasapositivestimulustotheglobaleconomy.Chinahasincreasinglyplayedaleadingroleinthisregard.Weassumethatsuchfearsaregroundless,becausewebelieveChinawillalwaysopttocreateawin-winsituation.”
SomerepresentativesofWesterncountriesclarifiedthatindividualcasescouldnotrepresentthetrueattitudeofWesterncountriestowardChinesecapital.JonHuntsmanJr.,currentU.S.ambassadortoChina,saidatthefairthatChinaistheU.S.’sfastestgrowinginvestor.Chinesedirectinvestmentinhiscountryhasreachedbillionsofdollars,andChineseenterprisesareplayingaveryactiveroleinmanyAmericanindustries,fromtelecommunicationstoconsumergoods.
JimMurphy,executivedirectoroftheMarketsGroupoftheAustralianTreasury,statedatthefair:
“In2008ourForeignInvestmentReviewBoard(FIRB)releasedasetofguidelinesrelatedtothescreeningofforeigninvestmentproposals.Thoseguidelinesarenon-discriminatory,intendedtopromotetransparency,andarenottobeconsiderednewpolicy.TheFIRBwillrevieweachproposalonacase-by-casebasis,includinganyfromChina.Theguidelinesapplyequallytoallforeigninvestments.ChinaisshowingagreatinterestininvestingintheAustralianresourcessector,whichisconducivetothefurtherdevelopmentoftheChineseeconomy.Meanwhile,AustraliaiswillingtosupplytheirresourcesforbenefitstheydelivertotheAustralianeconomy.Therefore,theAustraliangovernmentalwayswelcomesChineseandotherforeigninvestmentinourresourcessector.”
HiroshiMitanioftheJapanExternalTradeOrganization(JETO)explainedcandidlythefearsoftheJapaneseentrepreneurs:
“Fromtheverybeginning,severalJapaneseenterpriseswereconcernedaboutChina’sindustrialpurchasingmovesbecausetheyfearedtheoccurrenceofa‘Wimbledonphenomenon’inwhichtheJapanesemarketwouldbedominatedbyforeignplayers.ButnowwerealizethatthosefearsareunfoundedbecausetheWimbledonChampionshipsintheendinjectedvigorintosportsintheUnitedKingdom.”Hefurtherelaboratedontheidea,“Thecollisionofdifferentculturesandtechnologieswillgeneratenewsparks.Therefore,anyforeignenterprise’sentryintotheJapanesemarketwillbringabouteconomicvigorratherthandanger.Japanshouldbemoreopenandwelcomeinvestmentsfromvariouscountries,includingChinaofcourse.”
ANewSourceofCapital
Inthewakeofthe2008globalfinancialcrisis,countriesaroundtheworldwerehungryfornewsourcesofinvestmentcapital.ManyofthemturnedtheirattentiontoChina,hopingthatChina’sinvestmentwouldhelpstimulatetherecoveryoftheireconomies.
“Theworld’seyesaregluedonChina,”saidMr.RudolfBekink,theDutchambassadortoChina,atthefair.Accordingtohim,foreigncapitalhashadavitalimpactontheDutcheconomy,helpingcreatejobopportunitiesanddevelopnewtechnologies.TheDutchgovernmentcountsonChina’sinvestmentasapartofitsnationaleconomy.
GiuseppeArcucci,foreigninvestmentdirectorofInvitalia?
CanItaliangovernmentagencyforpromotinginwardinvestmentandindustrialdevelopment,saidthatInvitaliahasofferedconcreteinvestmentprojectsforChineseinvestorsandthattheItaliangovernmenthasrecentlyimplementedaseriesofpreferentialpolicies,includingloweringcorporatetaxes,simplifyingadministrativeproceduresandprovidingsupporttoresearchanddevelopmentprograms.
CraigBond,chiefexecutiveoftheChinadivisionoftheStandardBankofSouthAfrica,saidatthefairthatitisveryobviousthatemergingeconomiesneedChina,becauseChinahasbothcapitalandforeignexchangetosupportthem,andparticularlyChinapossessestop-levelmanagementskillsandengineeringtechnologiesthatareindispensableforenteringthemarketsofemergingeconomies.
StatisticsshowthatChina’stotaloutwardinvestmentssoaredfromUS$2.7billionin2002toUS$56billionin2008.Bytheendof2008,thenumberofforeignersemployedbyoverseasChineseenterpriseshadreached455,000.In2009,undertheimpactoftheglobalfinancialcrisis,theworld’stransnationalinvestmentsufferedayear-on-yearsharpdecline,whiletheoutboundinvestmentofChinesebusinesseswentup1percenttoUS$33billionbetweenJanuaryandSeptember.ThiscontrastindicatestheriseofChinaasacapitalsourceintheglobalmarket.
OptionsforNew-techIndustries
Chinahasbothampleforeignexchangereservesandadvancedtechnologies,sosomeWesternnationsalsoseekChina’scapitaltoinvestintheirnew-technologysectors.
Japan,whichhasexcelledatabsorbingnewtechnologiesfromothercountries,islookingforwardtogreaterinvestmentfromChinaintoitsmostadvancedtechnologysectors.HiroshiMitaniexplainedatthefairthatinthepastJapan’stechnologywassuperiortothatofChina,butnowsomeofChina’stechnologieshavesurpassedtheJapanese,especiallyinthefieldsofbiopharmaceutics,herbalmedicinepatentsandrobotmanufacture.HeadmittedthatJapanhopestobringinChineseinvestment,togetherwithtechnology,fromthesefields.
Manydevelopedcountriesarealsoattemptingtoattractforeigninvestmentintotheirgreenenergysectors.ChristopherChung,CEOoftheMissouriPartnership,saidatthefairthattheMissouriStateGovernmentiscourtinginvestmentsfromChineseenterprises,especiallythoseinnewenergysectors,suchaswindandsolarenergy.HeaddedthatcompaniesinMissouriwouldliketoformcooperativepartnershipswithChineseenterprises,eitherthroughoutrightpurchasingorbymerger.TheyhopethatChinesecapitalwillleadtotheestablishmentoffactoriesinMissouriandcreatemorejobopportunities,especiallyinthecontextofeconomicrecession.
KevinTsui,managingdirectorofNorthChinaRepresentativeOfficeofCanada’sPacificGatewayInternationalTradeandInvestment,toldChinaTodaythatBritishColumbiainCanadaboastsabundantmineralandmarineresources,andcoalminingremainsamongitstraditionalindustries.TheregionisnowencouraginginvestmentfromChineseclean-energyenterprises.Inaddition,Chineseinvestmentininformationandcommunicationstechnologyareexpectedtoo.
GiuseppeArcuccitoldChinaToday:
“WeareparticularlyinterestedinChineseinvestorsthathavetheireyesonItaly’stechnologicalinnovationanddevelopmentsectors,andIcansayforsurethatbyworkingtogetherwithItaliancompaniesthesenewtechnologiesandproductsstandthegreatestchanceofbeingbroughttomarket.”
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