Comparison of China's direct investment in Asia, Europe and America 中国在亚洲、欧洲和美洲的经济和直接投资比较

3.3.3 Investors and ownership structure

RhG's database allows us to analyze in detail the ownership structure of Chinese investors in the United States and the European Union. Many analysts mistakenly believe that all Chinese enterprises investing abroad are owned by the government. In fact, the ownership of Chinese enterprises is very decentralized, and so is the ownership distribution of Chinese foreign direct investment enterprises. Investors in the United States and the European Union include: China's sovereign wealth funds (China Investment Corporation), state-owned enterprises (such as Sinopec), mixed ownership enterprises (such as Lenovo) and fully private enterprises (such as Wanxiang).
In the past, the investment of state-owned enterprises accounted for 70% to 80% of China's global OFDI, which reflects that the proportion of state-owned enterprises in the transnational investment in the acquisition industry is much larger than that of private enterprises. E in the United States and the European Union, state-owned enterprises still account for the majority of the transaction amount, but in terms of the number of transactions invested by the two places, the proportion of Chinese non-state enterprises is higher. The data in Table 2 shows that from 2013 to 2016, the number of Chinese investment transactions in the United States was 547, of which 406 (74%) were completed by private enterprises with 80% or more ownership held by non-governmental organizations. In the European Union, the proportion is 62% (357 of 573 investments), which is smaller than that in the United States. However, private enterprises still account for the majority of OFDI transactions. As far as the total transaction amount is concerned, the situation is just the opposite: the investment of state-owned enterprises accounts for 61% of the total amount of investment in the United States and 67% of the total amount of investment in Europe, which shows that the average scale of China's state-owned enterprises' foreign direct investment is increasing.
It is clear that China's sovereign wealth fund managers are trying to make direct investments in the United States and Europe. In the past, these institutions usually adhered to the portfolio investment strategy, but their interest in direct investment has obviously increased. For example, since 2014, CIC has made one investment in the United States and two investments in Europe. These investments have reached the threshold of direct investment, with a total value of more than US $5 billion. Several other notable government controlled entities in China, such as the State Administration of foreign exchange and the national social security fund, have portfolio investment positions in the United States and the European Union, but have not made OFDI investments, mainly due to capacity constraints.
Table 9: Number of Chinese direct investment enterprise transactions and total investment investments in the US and the EU in 2013-2016
(By ownership, in $1 million)

Transaction quantity

green area

percentage

Merge

percentage

All transactions

percentage

America

EU

America

EU

America

EU

America

EU

America

EU

America

EU

All government