走出去战略下中国集流对外投资外文翻译.docx
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走出去战略下中国集流对外投资外文翻译.docx
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走出去战略下中国集流对外投资外文翻译
外文翻译
原文
Outwardinvestmentbychinagatheringstreamunderthegoglobalstrategy
MaterialSource:
TheBankofTokyo-MitsubishiUFJ,Ltd.EconomicResearchOffice
Author:
YokoHagiwara
AlthoughChinaisoneofthenationsacceptingmuchdirectinvestment,inrecentyearsitisobviouslyexpandingitspresenceinoutwarddirectinvestmentunderthegovernment'sgoglobalstrategy.In2005,inadditiontotheincreasingpaceoftheinvestingamount,whichwasUS$12.3billionforasingleyearthatwas2.2timesofthatofthepreviousyear,andwhichreachedUS$57.2billioninaccumulatingtotals,projectsdrawingworldwideattention,suchaslarge-scaleresourcepurchasesandM&Aoflargecorporationsindevelopedcountries,areincreasing.Inwhatfollows,IwillpresenttheactualconditionsofboomingChina'soutwardinvestment,andwilltrytoevaluatethem.
1.Developmentofthegoglobalstrategy
(1)Backgroundofthegoglobalstrategy
WhiletheChinesegovernmenthadpromotedacceptinginvestmentfromabroad,duetoacapitalshortage,ithadstrictlycontrolledoutwardinvestment.However,in1999itannouncedthegoglobalstrategyandturneditspolicytothedirection,ratherpromotingoutwardinvestmentpositively.Afterthat,thepolicytopromoteoutwardinvestmentandtoestablishasupportingsystemwasincludedinthe10thfive-yearplan(2001-2005).Thefirstaimofthestrategyisthedevelopmentofresourcesinsufficientwithinthecountry,anditseemsbecause,alongwithhigheconomicgrowth,therewassurgingrecognitionthattheshortageofresourceswillbecomeamedium-to-long-termrestrainingfactorforthegrowth.Asthesecondaim,theinternationaldevelopmentofChinesecompaniesasmultinationalcorporationsisraised,andthebackgroundwouldbethatthegovernmentstronglyrecognizedtheinfluencebygiantcompaniesintheinternationaleconomy,andfelttheneedtopromotethemultinationalizationofChinesecompanies.
Moreover,inrecentyearsthefactorstoenhancetheexpansionofoutwardinvestmentincreased,bygrowthaccelerationledbyexportsandinvestment.Thevastamountofmoneyinflowaccompaniedwiththecurrentsurplusandtheexpansionofinwarddirectinvestmentcausesnegativeeffects,suchasthepressureforyuanappreciationandthedomesticexcessliquidity.Therefore,theexpansionofoutwardinvestmentisseenimportantlyasoneofthewaystoalleviatethem.Also,thenecessitytoshifttheproductionbasesabroadasaresponsetothetradefrictionbecomingseriousalongwithrapidexportgrowthwasheightened.
(2)Strengthenedthegoglobalstrategy
Firstly,thepoliciesbasedonthegoglobalstrategyincludethederegulationofoutwardinvestment.AnoutwardinvestmentneedsanauthorizationoftheprojectitselfbytheMinistryofCommerce,andanauthorizationintheforeigncurrencyadministrationbytheStateAdministrationofForeignExchange(SAFE).Intheforeigncurrencyadministration,6provincesandmunicipalitiesofGuangdong,Shanghai,etc.,weredesignatedasthetrialregions,andtheauthorizationpowerfortheprojectofUS$1millionorbelowwasdelegatedfromthecentraltothelocalSAFE,withinthetotalinvestmentquotaofUS$200millionin2002.Afterthat,thetrialregionswereexpanded,andallprovinces,autonomousregions,andmunicipalitiesbecamethesubjectsinMay2005.Atthesametime,thetotalinvestmentquotawasenlargedtoanannualUS$5billion,andthelimitofaprojectamountthelocalSAFEcanauthorizewasraisedtoUS$10millionperproject.TheinvestmentquotawaseliminatedfinallyinJune2006.Meanwhile,alsotheauthorizationpowerofinvestmentbytheMinistryofCommercewasdelegatedtothelocalcommercialadministrationsfromOctober2004,exceptthattothelargestate-ownedenterprises.
Secondly,mainlyintheMinistryofCommerce,thesupportsystemofoutwardinvestmentisbeingexpanded.TheMinistryofCommerceopenedaninternetsiteforoutwardinvestmentsupportinApril2003,andbegantoprovideawiderangeofinformationofthecentralgovernmentpolicy,theinvestmentenvironmentineachcountry,theconcreteoverseasinvestmentprojects,andtheorganizationspromotingoutwardinvestment,etc.Followingthat,theMinistryofCommerce,withtheMinistryofForeignAffairs,announced“theguidancelistofindustriesforoutwardinvestmentbycountries”inJuly2004,listedtherecommendedindustriesin5areasof1)agriculture,cattlebreeding,andfishery,2)theminingindustry,3)themanufacturingindustry,4)theserviceindustry,and5)othersin67countries,andstartedtogivetheinvestingcompaniesmanykindsofpreferentialtreatmentsinfunds,tax,trading,foreignexchange,etc.Meanwhile,inNovember2004theNationalDevelopmentandReformCommissionandtheExport-ImportBankofChinaalsocreatedasupportsystemoftheloansforoutwardinvestment,andstartedlendingatpreferredinterestratestotheprojectsthegovernmentrecommendedtoinvestinoverseas.
2.Presentsituationofoutwardinvestment
Alongwiththegoglobalstrategy,thestatisticsweredevelopedinlinewiththeinternationalstandards,andsince2003theflowofoutwardinvestmentandtheoutstandingamounthavebecomereleasedattheactualbase(Table1).
Table1:
OutwardDirectInvestmentbyAreaandbySector
2003
2004
2005
Accumulatednetoverseasdirectinvestmentattheendof2005
Billiondollars
Billiondollars
Share(%)
Total
2.86
5.50
12.26
57.21
100.0
Byarea
HongKong
CaymenIslands
VirginIslands
Korea
USA
1.15
0.8
0.21
0.15
0.07
2.63
1.29
0.39
0.04
0.12
3.42
5.16
1.23
0.59
0.23
36.51
8.94
1.98
0.88
0.82
63.8
15.6
3.5
1.5
1.4
RefertoTable1(continued)
Macau
Australia
Russia
Sudan
BermudaIslands
Singapore
Germany
Kazahstan
Vietnam
Thailand
0.03
0.03
0.03
n.a.
n.a.
0.00
0.03
0.00
0.01
0.06
0.03
0.13
0.08
0.15
0.19
0.05
0.03
0.00
0.02
0.02
0.01
0.19
0.20
0.09
0.34
0.02
0.13
0.10
0.02
0.01
0.60
0.59
0.47
0.35
0.34
0.33
0.27
0.25
0.23
0.22
1.0
1.0
0.8
0.6
0.6
0.6
0.5
0.4
0.4
0.4
Bysector
Businessservices
Wholesaleandretail
Mining
Transportation
Manufacturing
0.28
0.36
1.38
0.09
0.62
0.75
0.80
1.80
0.83
0.76
4.94
2.26
1.68
0.58
2.28
16.55
11.42
8.65
7.08
5.77
28.9
20.0
15.1
12.4
10.1
Note:
Totalincludeinvestmenttootherareaandsectors.
Source:
CompiledbytheResearchOffice,BankofTokyo-MitsubishifromMinistryofCommerce,StatisticalBulletinofChina'sOutwardForeignDirectInvestment.
Themajorsubjectsofinvestmentaredividedinthree.Thefirstgroupincludesthetaxhavens,suchasHongKong,Macau,Singapore,theCaymanIslands,theVirginIslands,andtheBermudaIslands,andtheinvestmenttootherareasareconductedthroughtheinvestingcompaniesestablishedinthoseareas.TheseinvestmentsincludenotalittleroundtripinvestmentstoChina,inordertouseChina'spreferentialtreatmentsonoutwardinvestment,andthenitispossiblethatthedirectinvestmentsbothintoandoutofChinaareconsiderablyinflated.Seenbyindustry,itcorrespondstothefactthattherearemanyinvestmentsonthebusinessservicesindustrymainlyforinvestingcompanies.
Thesecondgroupincludestheresource-richcountries,suchasAustralia,Russia,Sudan,Kazakhstan,etc.Itcorrespondstothesteadymovementoftheinvestmentontheminingindustry.Andthereisanestimatethatnotalittlenumberofinvestmentsthroughthetaxhavensfinallyflowsintotheresource-richcountries,too.
Thethirdgroupincludesthecountriesrelatedtotheoverseasbusinessbymanufacturers,suchasKorea,theUSA,Germany,Vietnam,Thailand,etc.Seenbyindustry,notonlyinvestmentstothemanufacturingindustry,butalsothosetowholesaleandretailindustriesareincreasingrapidly,anditseemstoberelatedtothetradingorsalesnetworkdevelopmentbythemanufacturingindustry.Itisconsideredthatlarge-scaleprojectsfortheacquisitionoftechnologiesandbrandsindevelopedcountriespushupthewholeofinvestments,inadditiontothoseforsecuringmarketsandavoidingtradefriction.
3.Chineselarge-scaleinvestmentattractingattention
AlthoughChineseoutwardinvestmentisrapidlyincreasing,itslevelwasaslowasthe16thoftheworldin2005,andalsoasstatedabove,itwouldbeinflatedwithroundtripinvestmenttoChina.Still,whyChineseoutwardinvestmenthasbeenattractingattentionfromtheworldinrecentyearsisthatlarge-scaleprojectswhichdevelopingcountriesareunlikelyundertakeintermsofresourcesandcorporateacquisitionhavebeenincreasing.
(1)Resourceacquisition
TheChineseactiveresourceprocurementsstandout,andtheespeciallyoutstandingonesaretheoutwardinvestmentbythebigthreestate-ownedoilcompanies,theChinaNationalPetroleumCorporation(CNPC),theChinaNationalOffshoreOilCorporation(CNOOC),andtheChinaPetroleum&ChemicalCorporation(SINOPEC).Chineseoilcompaniesmainlyconductednewindependentdevelopmentswithhighriskandhighreturnduringthe1990s.Butinrecentyears,theyturnedtheirdirectiontotheacquisitionofexistingoilfieldsfromwhichtheycanestimateassuredrevenue,andareinvestingavastamountofmoneyintothoseprojects,becausetheyexpandedtheircapitalstrengthbytherevenueexpansionduetorisingtheoilpriceandbythelarge-scalefundraisingbylistinginoverseasstockexchanges.
(2)Large-scalecorporateacquisitioninthemanufacturingindustry
Anothertrendoflarge-scaleinvestmentbyChinesecompaniesistheM&Aofbigcorporationsindevelopedcountriesinthemanufacturingindustry,andthemainpurposeissaidtobetheacquire
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