《2021年上半年度中國(guó)海外投資概覽》

1、2021年上半年中國(guó)海外投資概覽中國(guó)經(jīng)濟(jì)持續(xù)復(fù)蘇助力外循環(huán)發(fā)展，但海外并購(gòu)出現(xiàn)減速跡象 HYPERLINK l _bookmark1 瀏覽報(bào)告周昭媚中國(guó)海外投資業(yè)務(wù)部全球主管“2021年上半年，中國(guó)經(jīng)濟(jì)仍然保持了持續(xù)的恢復(fù)性增長(zhǎng)，GDP同 比增長(zhǎng)12.7 1，貨物進(jìn)出口總額創(chuàng)下歷史同期最好水平，較2019年增長(zhǎng)22.82；中企對(duì)外直接投資及并購(gòu)均錄得增長(zhǎng)，經(jīng)濟(jì)外循環(huán)發(fā)展態(tài)勢(shì)良好。隨著全球疫苗接 種率逐步提高，各國(guó)經(jīng)濟(jì)正逐步恢復(fù)，日前，中國(guó)商務(wù)部發(fā)布的十四五商務(wù) 發(fā)展規(guī)劃明確表示中國(guó)將進(jìn)一步支持中企參與全球產(chǎn)業(yè)鏈、供應(yīng)鏈重塑，促進(jìn)國(guó) 內(nèi)外產(chǎn)業(yè)協(xié)同，推動(dòng)中國(guó)產(chǎn)品、服務(wù)、技術(shù)、品牌和標(biāo)準(zhǔn)等走出去。安

2、永認(rèn)為，一方面中企應(yīng)審慎應(yīng)對(duì)復(fù)雜多變的地緣政治和國(guó)際環(huán)境，另一方面應(yīng)務(wù)實(shí)提高跨國(guó) 經(jīng)營(yíng)能力和水平，做強(qiáng)中國(guó)品牌，努力實(shí)現(xiàn)內(nèi)外雙贏，提升中國(guó)資本在全球的 認(rèn)可度，才能為中企的國(guó)際化發(fā)展創(chuàng)造更有利的環(huán)境?！敝袊?guó)全行業(yè)對(duì)外直接投資713.5億美元，同比增長(zhǎng)12.3，非金融類(lèi)對(duì)外直接投資539億美元，同比增加4.7；對(duì)“一帶一路”沿線國(guó)家非金融類(lèi)直接投資同比增長(zhǎng)18，達(dá)95.8億美元，占非金融類(lèi)對(duì)外直接投資總額的17.8。對(duì)外直接投資上半年中企宣布海外并購(gòu)總額253.3億美元，同比增長(zhǎng)51；但第二季度海外并購(gòu)未能延續(xù)一季度大幅增長(zhǎng)態(tài)勢(shì)，同比下降17，環(huán)比下降55，部分原因是第二季度亞洲多國(guó)疫情惡化，導(dǎo)

3、致中企在亞洲的并購(gòu)活動(dòng)放緩。另外中歐全面投資協(xié)定受阻，導(dǎo)致區(qū)域地緣政治風(fēng)險(xiǎn)增加；長(zhǎng)期來(lái)看，中歐經(jīng)濟(jì)互補(bǔ)性強(qiáng)，中企仍將繼續(xù)保持對(duì)歐洲投資的興趣，但目前持謹(jǐn)慎觀望態(tài)度。按交易金額計(jì)，前三大行業(yè)為T(mén)MT*、消費(fèi)品以及先進(jìn)制造與運(yùn)輸業(yè)，共占總交易金額的67；TMT、醫(yī)療與生命科學(xué)以及電力與公用事業(yè)同比錄得一倍以上增長(zhǎng)；按交易數(shù)量計(jì)，前三大行業(yè)為 TMT、醫(yī)療與生命科學(xué)及先進(jìn)制造與運(yùn)輸業(yè)，共占總量的62。醫(yī)療與生命科學(xué)錄得大幅增長(zhǎng)，交易數(shù)量同比增加150中企在歐洲宣布的海外并購(gòu)金額為104.1億美元，同比增長(zhǎng)210，為最受歡迎的投資目的地；除大洋洲外的所有大洲均錄得增長(zhǎng)海外并購(gòu)交易對(duì)外承包工程繼續(xù)穩(wěn)步發(fā)

4、展，新簽合同額1,104.7億美元，同比增長(zhǎng)3.1；完成營(yíng)業(yè)額679.5億美元，同比增長(zhǎng)12.2。對(duì)外承包工程*注：TMT行業(yè)包括科技、媒體和通信，其中媒體部分包含媒體和娛樂(lè)行業(yè)資料來(lái)源：1. 中國(guó)國(guó)家統(tǒng)計(jì)局；2. 中國(guó)海關(guān)總署第2頁(yè)2021年上半年中國(guó)海外投資概覽 全球政策法規(guī)追蹤重建經(jīng)濟(jì)的過(guò)程里，有些國(guó)家出臺(tái)了對(duì)海外直接投資的利好政策，同時(shí)也有不少?lài)?guó)家意識(shí)到需要更加關(guān)注本國(guó)的重點(diǎn)戰(zhàn)略 領(lǐng)域，對(duì)外商投資的審查趨向謹(jǐn)慎。與此同時(shí)，數(shù)字與綠色經(jīng)濟(jì)正受到更多關(guān)注，有意到海外發(fā)展的企業(yè)不僅需要在融資、營(yíng)運(yùn)、人才和風(fēng)控等領(lǐng)域制定更為嚴(yán)謹(jǐn)?shù)挠?jì)劃，還需要重點(diǎn)關(guān)注創(chuàng)新與轉(zhuǎn)型的機(jī)遇，以及數(shù)字和綠色經(jīng)濟(jì)相關(guān)的最

5、新政策 和監(jiān)管合規(guī)要求。 亞洲中國(guó)：2021年7月16日，商務(wù)部、生態(tài)環(huán)境部印發(fā)的對(duì)外投資合作綠色發(fā)展工作指引提出，要在對(duì)外投資合作過(guò)程中，推動(dòng)綠色生產(chǎn)和運(yùn)營(yíng)，建設(shè)綠色基礎(chǔ)設(shè)施，打造綠色境外經(jīng)貿(mào)合作區(qū)，推進(jìn)綠色技術(shù)創(chuàng)新，推動(dòng)企業(yè)主體綠色轉(zhuǎn)型，遵循綠色國(guó)際規(guī)則，鼓勵(lì)和引導(dǎo)走出去企業(yè)提高綠色發(fā)展意識(shí)，嚴(yán)格保護(hù)生態(tài)環(huán)境。重點(diǎn)工作包括：支持太陽(yáng)能、風(fēng)能、核能、生物質(zhì)能等清潔能源領(lǐng)域?qū)ν馔顿Y。中國(guó)：2021年7月21日，商務(wù)部、中央網(wǎng)絡(luò)安全和信息化委員會(huì)辦公室、工業(yè)和信息化部聯(lián)合印發(fā)數(shù)字經(jīng)濟(jì)對(duì)外投資合作工作指引。該工作指引鼓勵(lì)數(shù)字經(jīng)濟(jì)企業(yè)加快布局海外研發(fā)和產(chǎn)品設(shè)計(jì)中心，加強(qiáng)與境外科技企業(yè)在數(shù)字技術(shù)領(lǐng)域開(kāi)

6、展合作，聯(lián)合研發(fā)前沿技術(shù)；鼓勵(lì)企業(yè)抓住海外數(shù)字基礎(chǔ)設(shè)施市場(chǎng)機(jī)遇提供相關(guān)數(shù)字服務(wù)；鼓勵(lì)數(shù)字經(jīng)濟(jì)企業(yè)完善內(nèi)部合規(guī)制度，遵守中國(guó)和東道國(guó)有關(guān)法律法規(guī)及國(guó)際通行規(guī)則。該工作指引也提到強(qiáng)化數(shù)字經(jīng)濟(jì)走出去的指導(dǎo)監(jiān)管，提高相關(guān)公共服務(wù)水平，積極參與國(guó)際數(shù)字規(guī)則標(biāo)準(zhǔn)制定，做好風(fēng)險(xiǎn)防范，營(yíng)造數(shù)字經(jīng)濟(jì)國(guó)際合作良好環(huán)境。印度：2021年3月22日，印度批準(zhǔn)將保險(xiǎn)公司的外國(guó)直接投資上限從目前的49 提高到74 。在此之前，保險(xiǎn)中介機(jī)構(gòu)的外國(guó)直接投資限額已自2019年9月起提高到100 。日本：2021年5月12日，日本通過(guò)了數(shù)字化改革相關(guān)法案，將于今年9月1日正式設(shè)立數(shù)字廳。此次通過(guò)的數(shù)字化改革相關(guān)法案將帶來(lái)一些變動(dòng)

7、，其中將重點(diǎn)修改日本的個(gè)人信息保護(hù)制度。日本將統(tǒng)一日本各地方自治體、民間機(jī)構(gòu)等各不相同的個(gè)人信息保護(hù)法則，并導(dǎo)入全國(guó)統(tǒng)一的個(gè)人信息保護(hù)制度，推進(jìn)日本行政手續(xù)線上化改革等數(shù)字化改革。印度尼西亞：2021年7月1日，印度尼西亞銀行（印度尼西亞中央銀行）去年發(fā)布的與支付服務(wù)行業(yè)相關(guān)的第 22/23/PBI/2020號(hào)條例正式生效。該條例要求印度尼西亞投資者在非銀行支付服務(wù)提供商中，持有最少15 股份，以及51 的投票權(quán)。被列為非銀行支付服務(wù)基礎(chǔ)設(shè)施提供商的新企業(yè)，包括清算和結(jié)算服務(wù)提供商，印度尼西亞投資者需至少持有80 的股份，以及80 的投票權(quán)。英國(guó)：2021年4月27日，英國(guó)成立新的投資委員會(huì)，

8、由投資部長(zhǎng)擔(dān)任主席，加強(qiáng)吸引外來(lái)投資，并為全球投資者提供了解英國(guó)的獨(dú)立貿(mào)易政策信息的論壇，以及向政府提供咨詢(xún)意見(jiàn)。德國(guó)：2021年5月1日，對(duì)外貿(mào)易和支付條例第17修正案生效。外國(guó)直接投資審查機(jī)制涵蓋的清單中，新增了約16個(gè)細(xì)分行業(yè)。同時(shí)修訂了觸發(fā)不同類(lèi)型收購(gòu)的投資審查門(mén)檻。外國(guó)收購(gòu)國(guó)防、加密技術(shù)和關(guān)鍵基礎(chǔ)設(shè)施公司10 投票權(quán)需要作出通知。高新技術(shù)產(chǎn)業(yè)和農(nóng)業(yè)的審查門(mén)檻降低到20 。這16個(gè)細(xì)分行業(yè)包括高質(zhì)量的地球遙感系統(tǒng)、人工智能、自動(dòng)駕駛或飛行、工業(yè)機(jī)器人、某些半導(dǎo)體、用于網(wǎng)絡(luò)安全的IT產(chǎn)品或組件、航空公司、核技術(shù)、量子技術(shù)、添加制造（3D打?。┮约熬W(wǎng)絡(luò)技術(shù)。歐洲歐盟：2021年5月5日，歐

9、盟委員會(huì)（歐委會(huì)）發(fā)布了條例草案，應(yīng)對(duì)在歐盟內(nèi)部市場(chǎng)的外國(guó)補(bǔ)貼造成的扭曲。根據(jù)條例草案，歐委會(huì)可以調(diào)查非歐盟當(dāng)局向在歐盟活動(dòng)的公司提供的任何外國(guó)補(bǔ)貼的財(cái)政資助。根據(jù)歐盟國(guó)家援助規(guī)則，外國(guó)補(bǔ)貼的定義類(lèi)似于國(guó)家援助。該條例建議采用三種工具，即兩種基于通知的程序和一般市場(chǎng)調(diào)查權(quán)。2021年7月，歐委會(huì)接納了一項(xiàng)立法提案，尋求有效應(yīng)對(duì)造成扭曲和損害歐盟市場(chǎng)公平環(huán)境的外國(guó)補(bǔ)貼。 大洋洲新西蘭：2021年5月26日，新西蘭宣布從2021年6月7日起撤銷(xiāo)2005年海外投資法中的臨時(shí)緊急通知制度，國(guó)家安全和公共秩序（NSPO）通知制度將取代緊急通知制度，適用于不需要同意但可能違反國(guó)家安全和公共秩序的某些交易。

10、NSPO制度賦予海外投資辦公室和部長(zhǎng)權(quán)力，可以要求審查具有重要戰(zhàn)略意義的業(yè)務(wù)列表中的外國(guó)投資。 非洲納米比亞：從2021年4月1日起，納米比亞國(guó)民可以申請(qǐng)向外國(guó)公司或個(gè)人轉(zhuǎn)讓、暫停和分配礦物許可證，只要該公司15 的權(quán)益被保留在當(dāng)?shù)厮小Ｔ搰?guó)礦業(yè)和能源部還宣布，從2021年3月2日起，撤除對(duì)新燃料零售和批發(fā)許可證申請(qǐng)的暫停。資料來(lái)源：中國(guó)商務(wù)部、新華社、UNCTAD Investment Policy Monitor、新西蘭海外投資辦公室、歐盟委員會(huì) 對(duì)外直接投資（ODI）信息技術(shù)、科研服務(wù)和交通運(yùn)輸?shù)阮I(lǐng)域的投資增長(zhǎng)較快，同比增速分別達(dá)26.8、74.2、98.7。對(duì)“一帶一路”沿線國(guó)家和地區(qū)

11、非金融類(lèi)直接投資占比達(dá)17.8。同比增長(zhǎng)18在“一帶一路”沿線新增95.8 億美元同比增加4.7非金融類(lèi)對(duì)外直接投資539 億美元同比增長(zhǎng)12.3全行業(yè)對(duì)外直接投資額713.5 億美元圖表1：中國(guó)非金融類(lèi)對(duì)外直接投資額（億美元）4213852963132982772052483172722552862522742732422912481,5001,000500020172018201920202021一季度二季度三季度四季度 對(duì)外承包工程（EPC）對(duì)外承包工程業(yè)務(wù)穩(wěn)步推進(jìn)，新簽合同額5,000萬(wàn)美元以上的項(xiàng)目數(shù)404個(gè)，增長(zhǎng)6；重點(diǎn)大項(xiàng)目包括伊拉克納西里耶(Nasiriyah)國(guó)際機(jī)場(chǎng)項(xiàng)目及巴

12、基斯坦巴拉科特 (Balakot)水電站項(xiàng)目等。同比增長(zhǎng)10.6在“一帶一路”沿線完成393.5 億美元同比增長(zhǎng)12.2完成營(yíng)業(yè)額679.5 億美元同比下降1.7在“一帶一路”沿線新增592.9 億美元同比增長(zhǎng)3.1中國(guó)對(duì)外承包工程新簽合同額1,104.7 億美元圖表2：中國(guó)對(duì)外承包工程新簽合同額（億美元）9718731,1361,0524448084304786224464085535064305185545695363,0002,5002,0001,5001,000500020172018201920202021一季度二季度三季度四季度資料來(lái)源：中國(guó)商務(wù)部 海外并購(gòu)交易（M&A）2021年

13、上半年宣布的海外并購(gòu)總額同比增長(zhǎng)51，第二季度單季宣布的并購(gòu)金額僅為78.3億美元， 未能延續(xù)一季度大幅增長(zhǎng)態(tài)勢(shì)，同比下降17，環(huán)比下降55。第二季度亞洲多國(guó)疫情惡化，導(dǎo)致中企在亞洲的并購(gòu)活動(dòng)放緩。另外中歐全面投資協(xié)定受阻，導(dǎo)致區(qū)域地緣政治風(fēng)險(xiǎn)增加；長(zhǎng)期來(lái)看，中歐經(jīng)濟(jì)互補(bǔ)性強(qiáng)，中企仍將繼續(xù)保持對(duì)歐洲投資的興趣，但目前持謹(jǐn)慎觀望態(tài)度。同比下降10宣布的海外并購(gòu)數(shù)量251宗同比增長(zhǎng)51宣布的海外并購(gòu)總額253.3 億美元圖表3：中企宣布的海外并購(gòu)情況（億美元）29050023631025935528528527823981169957378175932221,5001,00050002017201

14、8201920202021一季度二季度三季度四季度 行業(yè)分析圖表4：2021年上半年中企宣布的海外并購(gòu)前五大行業(yè)89.9+11050.1+3131.0+2527.2+22218.6+357按交易金額（單位：億美元， 為同比增長(zhǎng)率）TMT消費(fèi)品先進(jìn)制造與運(yùn)輸醫(yī)療與生命科學(xué)電力與公用事業(yè)按交易宗數(shù)（單位：宗，為同比增長(zhǎng)率）68-450+15037-1428-3318-51TMT醫(yī)療與生命科學(xué)先進(jìn)制造與運(yùn)輸金融服務(wù)消費(fèi)品按交易金額計(jì)，前三大行業(yè)為T(mén)MT、消費(fèi)品以及先進(jìn)制造與運(yùn)輸，共占總交易金額的67。電力與公用事業(yè)錄得357的增長(zhǎng)，成為上半年增長(zhǎng)最多的行業(yè)，增長(zhǎng)主要來(lái)源于中企在秘魯、西班牙和阿聯(lián)酋的

15、電力或可再生能源領(lǐng)域的布局，此趨勢(shì)也符合中國(guó)致力于推動(dòng)全球綠色、低碳、可持續(xù)發(fā)展的方向。按交易數(shù)量計(jì)，前三大行業(yè)TMT、醫(yī)療與生命科學(xué)及先進(jìn)制造與運(yùn)輸業(yè)，共占總量的62。其中，醫(yī)療與生命科學(xué)行業(yè)交易數(shù)量同比大幅增長(zhǎng)150。資料來(lái)源：ThomsonOne、Mergermarket，包括香港、澳門(mén)和臺(tái)灣的對(duì)外并購(gòu)交易，數(shù)據(jù)包括已宣布但尚未完成的交易，下載于2021年7月5日；安永分析 區(qū)域分析 歐洲 104.1億美元同比增長(zhǎng)210圖表5：2021年上半年中企海外并購(gòu)各大洲金額及宗數(shù)北美洲41.4億66宗歐洲104.1億92宗亞洲93.0億68宗拉丁美洲5.9億7宗非洲4.8億9宗大洋洲4.0億9宗

16、金額（美元）宗數(shù)大洲主要投向消費(fèi)品、TMT及醫(yī)療與生命科學(xué)行業(yè)對(duì)荷蘭、英國(guó)、芬蘭和西班牙等國(guó)的投資有大幅增長(zhǎng)；而對(duì)傳統(tǒng)的熱門(mén)投資目的地德國(guó)和法國(guó)的并購(gòu)創(chuàng)近五年來(lái)同期最低值第二季度最大的一筆交易來(lái)自某醫(yī)療與生命科學(xué)行業(yè)中企在芬蘭的收購(gòu)，被收購(gòu)企業(yè)是全球著名體外診斷上游原料供應(yīng)商，是該中企的主要供應(yīng)商之一。隨著產(chǎn)業(yè)鏈全球化整合需求的進(jìn)一步提高，中企整合海外資源、優(yōu)化上下游產(chǎn)業(yè)布局將成為下一階段的重要趨勢(shì)目前，歐洲整體對(duì)外商投資政策仍呈收緊趨勢(shì)，合規(guī)要求趨嚴(yán)，中企仍應(yīng)保持審慎并防控政策風(fēng)險(xiǎn) 北美洲 41.4億美元同比增長(zhǎng)31圖表6：2021年上半年中企海外并購(gòu)前十大目的地（億美元）目的地2021上半

17、年2020上半年同比增長(zhǎng)1 荷蘭57.010.44472美國(guó)40.227.8453 印度尼西亞24.55.63404 韓國(guó)23.010.51205日本14.43.33386 英國(guó)12.40.34,3087新加坡7.918.5-578芬蘭6.6-9 西班牙6.4-10越南6.21.2426主要投向TMT、醫(yī)療與生命科學(xué)行業(yè)；中企對(duì)北美洲的投資中97投向美國(guó)盡管面臨趨嚴(yán)的投資審查要求，但是美國(guó)的TMT行業(yè)仍具有較大的投資吸引力，2021年上半年中企在北美洲TMT行業(yè)的投資主要集中于較低敏感度的硬件制造、軟件開(kāi)發(fā)及IT服務(wù)等領(lǐng)域近日發(fā)布2021年在美中資企業(yè)年度商業(yè)調(diào)查報(bào)告*顯示，盡管存在諸多不確定

18、性，受訪企業(yè)對(duì)美國(guó)整體商業(yè)環(huán)境持謹(jǐn)慎樂(lè)觀態(tài)度，長(zhǎng)期來(lái)看，在美中資企業(yè)仍將致力于美國(guó)市場(chǎng)的發(fā)展，并支持將在美獲得的利潤(rùn)重新投入其美國(guó)業(yè)務(wù)；同時(shí)中企也將加強(qiáng)合規(guī)制度和程序作為優(yōu)先事項(xiàng)，以應(yīng)對(duì)日趨復(fù)雜的法律和監(jiān)管環(huán)境 亞洲 93.0億美元同比增長(zhǎng)4主要投向TMT、先進(jìn)制造與運(yùn)輸以及金融服務(wù)業(yè)；其中在TMT行業(yè)宣布的并購(gòu)額占中企在亞洲并購(gòu) 總金額的49，創(chuàng)近五年的新高主要投向韓國(guó)和日本，細(xì)分領(lǐng)域包括了半導(dǎo)體產(chǎn)品的設(shè)計(jì)生產(chǎn)，以及軟件服務(wù)業(yè)等中企宣布的海外并購(gòu)前十大目的地中，有五個(gè)亞洲國(guó)家，依次為印度尼西亞、韓國(guó)、日本、新加 拉丁美洲 5.9億美元主要投向電力與公用事業(yè)主要投向秘魯和墨西哥 非洲4.8億美

19、元同比增長(zhǎng)802同比增長(zhǎng)94坡和越南，其中越南是五年來(lái)首次進(jìn)入前十名*注：2021年在美中資企業(yè)年度商業(yè)調(diào)查報(bào)告中文版由美國(guó)中國(guó)主要投向金屬與采礦以及先進(jìn)制造與運(yùn)輸業(yè)主要投向贊比亞、剛果（金）和馬里總商會(huì)（CGCC）與美國(guó)中國(guó)總商會(huì)基金會(huì)（CGCC Foundation）于 2021年7月發(fā)布，該報(bào)告由CGCC與安永在美國(guó)的成員機(jī)構(gòu)（Ernst & 大洋洲4.0億美元同比下降59Young LLP）合作完成資料來(lái)源：ThomsonOne、Mergermarket，包括香港、澳門(mén)和臺(tái)灣的對(duì)外并購(gòu)交易，數(shù)據(jù)包括已宣布但尚未完成的交易，下載于2021年7月5日；安永分析主要交易為某中企收購(gòu)澳大利亞一

20、家室內(nèi)設(shè)計(jì)服務(wù)企業(yè) HYPERLINK l _bookmark0 點(diǎn)擊瀏覽中文版Overview of China outbound investment of H1 2021Chinas continued economic recovery helps develop external circulation but overseas M&As show signs of deceleration HYPERLINK l _bookmark7 EnterLoletta ChowGlobal Leader of EY China Overseas Investment Network“Chi

21、nas economy experienced a continued stable recovery in the first half year of 2021, recording a GDP growth of 12.7 YOY1. The total imports and exports of goods recorded an all- time high, up 22.8 from 20192. Chinas ODI and overseas M&As both recorded growths and the development of the external econo

22、mic circulation has been positive. The global economy made its way to reset and recover as vaccination rates increased. The 14th Five-Year Plan (2021-2025) for the development of commerce issued by the MOFCOM firmly stated that the country will further support Chinese enterprises in the participatio

23、n of the reshaping of global industrial and supply chains by promoting the synergy between domestic and foreign industries and by promoting the going abroad of Chinese products, services, technologies, brands and standards. Chinese enterprises need to carefully navigate geopolitics and international

24、 dynamics. Moreover, Chinese multinational enterprises should improve cross-border operations, strengthen Chinese brands domestically and internationally and strive to achieve a win-win situation. This could be conducive to improving the recognition of Chinese capital globally, creating a more favor

25、able environment for the internationalization of Chinese enterprises in the longer run.”O(jiān)DIChinas overall ODI reached US$71.4 billion in H1 2021, up 12.3 year-on-year (YOY), and non-financial outward direct investment (ODI) reached US$53.9 billion, up 4.7 YOY. Belt and Road (B&R) non-financial ODI r

26、eached US$9.6 billion, up 18YOY, representing 17.8 of the total non-financial ODIOverseas M&AsIn H1 2021, the announced value of China overseas mergers and acquisitions (M&As) reached US$25.3 billion, up 51 compared to H1 2020; however, the growth of M&A value was not sustained in Q2 2021 and record

27、ed a YOY decrease of 17 and a quarter-on-quarter (QOQ) decrease of 55 . The deterioration of the pandemic in several Asian countries in the second quarter partly explained the slowdown in Chinese M&A activities in Asia. In addition, the impeded China-EU Comprehensive Investment Agreement also led to

28、 an increase in regional geopolitical risks; economic complementarity between the EU and China in the longer run can still attract Chinese investment while Chinese investors may be inclined to be more prudent at the momentBy deal value, the top three sectors were TMT*, consumer products and advanced

29、 manufacturing & mobility, accounting for 67 of the total. The M&A value of TMT, health care & life sciences and power & utilities more than doubled YOY respectively. By deal volume, the top three sectors were TMT, health care & life sciences and advanced manufacturing & mobility, accounting for 62

30、of the total; the health care & life sciences M&As were more active with a 150 growth in the M&A volume YOYChinese companies announced US$10.4 billion in overseas M&As in Europe, up210 YOY, which was the top investment destination in H1 2021. Increases in China overseas M&A value were recorded in al

31、l major continents except OceaniaChina overseas engineering, procurement and construction (EPC) projects developed steadily. The total value of newly-signed EPC contracts reached US$110.5 billion, up3.1 YOY. The EPC turnover was US$68 billion, up 12.2 YOYOverseas EPCPage 2*Note: TMT sector refers to

32、 technology, media & entertainment and telecommunications Sources: 1. National Bureau of Statistics of China; 2. General Administration of Customs of China第10頁(yè)2021年上半年中國(guó)海外投資概覽Overview of China outbound investment of H1 2021 Global policy & regulation trackerTo reset the economy, some countries and r

33、egions have adopted favorable foreign direct investment (FDI) policies while some also become vigilant of their strategically important sectors and cautious about foreign investors. At the same time, digital and green economies are receiving more attention and companies looking to develop overseas n

34、eed to be mindful of financing, operations, talent and risk control, look out for innovation and transformation opportunities, as well as watch for the latest policies and regulatory compliance requirements related to the digital and green economies. AsiaChina: On 16 July 2021, the Guidelines for Gr

35、een Development of Foreign Investment Cooperation jointly issued by the Ministries of Commerce and Ecological Environment aims to promote green development in production and operations, infrastructure, overseas economic and trade cooperation zones, technological innovation, transformation of enterpr

36、ises, as well as to comply with environmentally conscious international rules and act in a greener way when they thrive in the overseas markets. Support to enterprises for their overseas investment in the clean energy sector (e.g. solar, wind, nuclear and biomass energy) is prioritized.China: On 21

37、July 2021, the Ministry of Commerce, Office of the Central Cyberspace Affairs Commission, and Ministry of Industry and Information Technology jointly issued the Guideline for Cooperation in Foreign Investment in the Digital Economy. The guideline encouraged digital economy enterprises to accelerate

38、the establishment of overseas research and development and product design facilities, strengthen cooperation with overseas technology enterprises in digital technologies to work on frontier technologies. Enterprises were encouraged to capture the overseas digital infrastructure market opportunities

39、and provide relevant digital services. Digital economy enterprises were encouraged to improve the internal compliance framework, comply with relevant laws and regulations of China and the host countries in addition to applicable international rules. The Guideline also mentioned to strengthen the gui

40、dance and supervision of the going out activities in relation to digital economy, improve the relevant public services, actively participate in the formulation of the international digital rules and standards, conduct appropriate risk management and work toward a positive environment for internation

41、al cooperation in the digital economy.India: On 22 March 2021, India approved to increase FDI ceiling in insurance companies from the existing cap of 49 to 74 . The move followed the raise in FDI limits to 100 in insurance intermediaries which has been effective since September 2019.Japan: On 12 May

42、 2021, Japan passed a digital reform bill and will officially establish the Digital Office commencing 1 September 2021. Among other changes, the country seeks to unify various rules in relation to personal information protection in its local self- government bodies and non-governmental organizations

43、 and introduce a unified national personal information protection regime. It will also digitalize Japan governments administrative procedures and make them available online.Indonesia: On 1 July 2021, the regulation No.22/23/PBI/2020 relevant to the payment services industry issued last year by Indon

44、esias central bank, Bank Indonesia became effective. The regulation requires a minimum 15 Indonesian shareholding, with51 of the voting rights to be held by Indonesian investors in a non-bank payment services provider. A new business categorized as a non-bank payment services infrastructure provider

45、, including a provider of clearing and settlement services, must have a minimum of 80 Indonesian shareholding, with 80 of the voting rights to be held by Indonesian investors.EuropeUK: On 27 April 2021, the UK Investment Council, chaired by the Minister for Investment, was established to enhance UK

46、inward investment and inform the UKs independent trade policy by providing a forum for global investors and to advise the government.Germany: On 1 May 2021, the 17th amendment to the Foreign Trade and Payments Ordinance entered into force. About 16 activities are newly added in the list covered by t

47、he FDI review mechanism. The thresholds triggering investment screening for different types of acquisitions have been amended. Foreign acquisitions of 10 of voting rights in companies in defence, encryption and critical infrastructure require notification. The thresholds for high technologies indust

48、ries and agriculture was lowered to 20 . The 16 activities include high-quality earth remote sensing systems; AI; automated driving or flying; industrial robots; certain semiconductors; IT products or components for cybersecurity; aeronautical companies; nuclear technology; quantum technology; addit

49、ive manufacturing (3D printing); and network technologies.European Union (EU): On 5 May 2021, the European Commission (EC) issued the proposal for new regulation to address distortions caused by foreign subsidies in the single market. Under the proposed regulation, the EC can investigate any financi

50、al contribution as foreign subsidy granted by non-EU authorities to companies active in the EU. The definition of foreign subsidy is similar to that of state aid under the EU state aid rules. The regulation proposes the introduction of three tools, which are two notification-based procedures and a g

51、eneral market investigation power. In July 2021, the EC adopted a legislative proposal and sought to tackle foreign subsidies that cause distortions and undermine the level playing field in the EU market. OceaniaNew Zealand: On 26 May 2021, New Zealand announced to revoke the temporary emergency not

52、ification regime in the Overseas Investment Act 2005, from 7 June 2021, and the National Security and Public Order (NSPO) notification regime will replace the Emergency Notification Regime and apply to certain transactions that do not need consent but might be contrary to national security and publi

53、c order. The NSPO regime gives the Overseas Investment Office and Ministers the power to call-in for review foreign investments in a list of strategically important businesses. AfricaNamibia: From 1 April 2021, all applications by Namibian nationals for the transfer, cessation and assignment of mine

54、ral licences to foreign companies or persons may be granted provided 15 interest in the company is retained locally. The countrys Ministry of Mines and Energy also announced that the temporary suspension of application for new fuel retail and wholesale licenses has been lifted, effective 2 March 202

55、1.Sources: Ministry of Commerce of China (China MOFCOM); Xinhua; UNCTAD Investment Policy Monitor; Overseas Investment Office of New Zealand; and European Commission ODIInvestments in the information technology (IT), scientific research services and transportation industries grew relatively quickly

56、at 26.8 , 74.2 and 98.7 YOY respectively. The B&R non-financial ODI accounted for17.8 of the total.Up18 YOYB&R new non-financial ODIUS$9.6 billionUp4.7YOYNew non-financial ODIUS$53.9 billionUp12.3YOYChinas overall ODIUS$71.4 billionFigure 1: Chinas non-financial ODI (US$ billion)42.129.827.720.538.5

57、24.831.725.529.627.228.625.231.327.427.324.229.124.815010050020172018201920202021Q1Q2Q3Q4 Overseas EPCChina overseas EPC contracts made steady progress. The number of new projects each value exceeding US$50 million increased by 6 YOY to 404 and major projects included the Nasiriyah International Air

58、port project in Iraq and the Balakot hydroelectric power station project in Pakistan.Down1.7YOYUp3.1YOYThe total value of newly-signed China overseas EPC contracts US$110.5 billionIn B&R countries and regionsUS$59.3 billionFigure 2: Value of newly-signed China overseas EPC contracts (US$ billion)The

59、 total overseas EPC turnoverUS$68 billionIn B&R countries and regionsUS$39.4 billionUp12.2YOYUp10.6YOY30025020015010050097.187.3113.6105.244.480.843.047.862.244.640.843.055.351.856.950.655.453.620172018201920202021Q1Q2Q3Q4Sources: China MOFCOM M&AIn H1 2021, the announced value of China overseas was

60、 M&As up 51 YOY. The Q2 2021 announced M&A value was only US$7.8 billion, the growth seen in Q1 2021 was not sustained and recorded a YOY decrease of 17 and a QOQ decrease of 55 .The deterioration of the pandemic in several Asian countries in the second quarter explained the slowdown in Chinese M&A