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
China's investment in the United States and Europe is growing rapidly
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- 3.3.2 The industrial distribution shows that there are new driving forces and advantages of the host country
3.3.1 China's investment in the United States and Europe is growing rapidlyChina's investment in developed economies has just started, and it is likely to invest a large amount of capital in the United States and the European Union. RhG data shows that from 2013 to 2016, China made 547 investments in the United States, with a total value of US $16.4 billion, and 573 investments in Europe, with a total value of US $21 billion. before 2021, with some exceptions, China's annual investment in the United States and Europe was usually less than $1 billion. Since 2021, China's investment in the United States and Europe has accelerated. In 2014, China's direct investment in the United States increased to slightly less than US $2 billion, reached US $5.8 billion in 2015, and slightly decreased to US $4.5 billion in 2016. However, this decline seems to be temporary, as the number of new investments reached a record $6 billion in the first three quarters of 2017. In 2014 and 2015, China's annual direct investment in the EU reached US $3 billion, and in 2016, it reached US $10 billion - three times the number of the previous two years. Although the growth rate of these data is very impressive, we need to look at this issue from a higher level. Some large-scale transactions and some sensational reports give people the impression that China is "The closing value is still small. Even if the official total FDI inflow is used as the denominator, China's share in the total FDI inflow of the United States and the European Union in 2016 is still less than 5%. Compared with other types of investment in China, China's direct investment in the United States and Europe is still small. For example, from 2013 to 2016, the average annual increase of China's holdings of US Treasury bonds was more than US $90 billion. 3.3.2 The industrial distribution shows that there are new driving forces and advantages of the host countryBy analyzing the industrial distribution of China's foreign direct investment, we can see that there are new driving factors in China's OFDI. At the same time, the economies of Europe and the United States also have advantages in what returns they can provide to investors. The industries involved in China's direct investment in the United States and the European Union are increasing, and the amount of investment in many industries has also begun to increase. Unlike historical experience, China's foreign direct investment driven by "natural resource seeking" and "trade facilitation" does not occupy a dominant position, but is more concentrated in multiple industries. From 2013 to 2016, China's trade volume with 13 industries in the United States and 18 industries in the European Union exceeded 200 million US dollars, mainly in the service industry and advanced manufacturing industry (see Table 1 on the next page). These trends reflect the ongoing and intensifying structural adjustment process in China. In the past, China's economic growth mainly relied on intensive fixed asset investment and overcapacity caused by consumption of investment through export. This foundation has gradually disappeared. China's economic growth should be realized more through domestic consumption and the development of high value-added manufacturing and service industries. However, such a change has forced enterprises in various industries in China to fundamentally change their business models. The new business models need to add more international factors and reposition their global business strategies. High quality goods made in China need to be closer to foreign consumers and competitive in the domestic market. Through direct investment in the United States and Europe, Chinese enterprises can obtain technology and innovation, thereby obtaining the core assets and technologies required for operation in the international market, and at the same time enhancing their competitiveness in the rapidly developing domestic market. At present, the service industry has begun to play an increasingly important role in the rebalancing Chinese economy. It can be predicted that China's service industry will become increasingly prosperous, Investment in mature markets will also help Chinese enterprises prepare for the development of domestic service industry. Chinese enterprises and individuals expect that there may be twists and turns on the road of China's economic development. Direct investment in European and American assets is also an option for Chinese individuals, enterprises and institutional investors to diversify their global portfolio and hedge the downside risks of China's economic growth. The Chinese have shown great interest in residential real estate, commercial real estate and industries that can provide long-term stable returns, such as public utilities. Table 8: Chinese Investment in the US and the EU in 2013-2016 (By industry, $1 million, services and their number of transactions indicated in italics)
Source: Rhodium Group, the update and method information can be referred to http: / / rhgroup.net/topics/ cross-border-investment At the same time, there are some significant differences between China's investment patterns in Europe and the United States, which can be explained by the different resource endowments, local industrial agglomeration and policy environment of the two regions. The United States has attracted more investment than Europe in traditional competitive industries, such as software industry, information industry, electronics industry, leisure and entertainment industry, and some consumer goods industries, such as furniture industry, aviation industry, semiconductor industry, medical equipment, renewable energy, etc. A special trend needs to be noted, that is, China's investment in the U.S. energy industry has grown strongly. Although natural resource deals are often politically sensitive, the oil and gas sector has always been one of the hottest industries in China's investment in the United States. The failure of CNOOC's acquisition of Unocal in 2018 reduced China's enthusiasm for natural resources investment in the United States. However, unconventional oil and natural gas exploration has aroused China's interest in acquiring in North America. Since 2015, several large-scale oil and natural gas acquisitions have occurred. China has also invested in European oil, gas and mining enterprises, but most of the assets of these European enterprises are not in Europe. In the chemical industry, consumer electronics industry, transportation service industry, transportation equipment industry and food industry, China's investment in Europe is greater than that of the United States. In some industries, political dynamics can partly explain the growth of direct investment. One example is electronic communication equipment. When Huawei and ZTE provide products to European network operators, they encounter much less resistance than in the United States. This has prompted Huawei and ZTE to expand their investment in R & D and sales in Europe. Chinese companies have invested US $1.36 billion in this industry in Europe, almost three times as much as in the United States. However, US government officials and legislators continue to block the acquisition, affecting the business prospects of these enterprises in local operations. China's investment in port infrastructure and agricultural land has also suffered much less political controversy in Europe than in the United States. Download 0.51 Mb. Do'stlaringiz bilan baham: 
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