CONTENTS ACKNOWLEDGMENTS 4 EXECUTIVE SUMMARY 5 INTRODUCTION 2 1 THE STATUS OF CHINESE OUTBOUND INVESTMENT 6 2 POLICIES AND PROCEDURES 19

Size: px
Start display at page:

Download "CONTENTS ACKNOWLEDGMENTS 4 EXECUTIVE SUMMARY 5 INTRODUCTION 2 1 THE STATUS OF CHINESE OUTBOUND INVESTMENT 6 2 POLICIES AND PROCEDURES 19"

Transcription

1

2 CONTENTS ACKNOWLEDGMENTS 4 EXECUTIVE SUMMARY 5 INTRODUCTION 2 1 THE STATUS OF CHINESE OUTBOUND INVESTMENT Private Companies Position Within Chinese Outbound Investment 1.2 Taking Control: a Softening Trend 1.3 The Industry Sector Perspective 1.4 The Geographical Perspective 1.5 Observed Key Drivers of Chinese Outbound Investment 1.6 Note on Greenfield Investments 2 POLICIES AND PROCEDURES The Chinese Perspective 2.2 The Foreign Perspective 2.3 The Financing Aspect 3 OUTBOUND INVESTMENT: FLAWS AND SUCCESSES A Lack of Proper Information and Concern 3.2 Integration Failures: The Cross-Cultural Issue 3.3 The Specific Environment of Chinese Outbound Investment 3.4 Learning From Certain Companies 4 FUTURE TRENDS & KEY SUCCESS FACTORS Drivers of the Continuing Increase in Private Outbound Investment from China 4.2 Industries with High Prospects in Private Outbound Investment 4.3 Geographic Aspects of Private Outbound Investment from China 4.4 Key Success Factors to Look For 4.5 Not on Time Frame: Still the Era of Big Groups CONCLUSION 37 APPENDICES 39 REFERENCES 67

3 EXECUTIVE SUMMARY In 2009, Chinese Outward Foreign Direct Investment (OFDI) amounted to US$56.5 billion. It ranked number five worldwide. This achievement is no less than exceptional in light of the fact that it accounted for less than a tenth of it just five years earlier. While such a development remains essentially the product of the powerful state-owned companies, Chinese private companies have started to contribute significantly if not yet in transaction value, in the number of deals to this trend. The contribution of Chinese private companies to Chinese outbound investment has been very little analysed so far. This report aims at providing a summarized yet complete summary of this development. From a control perspective, private companies generally reproduce the common Chinese strategy of acquiring foreign entities in their totality. However, acquiring minority stakes represents today a third of all their transactions. Most industry sectors are concerned by this new trend, and generally invest in a similar sector to their own. This shows a clear corporate strategy, rather than a simple financial incentive. Furthermore, these companies have several interests: apart from those within the national strategic sectors of energy and raw materials that try to secure access to reserves and get strong incentives from the government itself, Chinese private companies generally invest overseas to acquire either technology, reputation or a distribution network. An additional motivation is the pursuit of low-cost business models by investing in other low-cost areas. Finally, it must be noted that private outbound investment is difficult to quantify. Its Greenfield component is not always taken into account, either because of the level of investment involved or because it does not follow the standard procedure channel. Policies and procedures have evolved over the last few years, yet they remain very bureaucratic. Today, three organisations matter for any Chinese company looking to invest abroad. The National Development and Reform Commission (NDRC) is responsible for approving the project related to the outbound investment. The Ministry of Commerce of China (MOFCOM) is in charge of approving the outbound investment agreement. The State Administration of Foreign Exchange (SAFE) regulates the inflow and outflow of foreign exchange. Depending on the nature of the investment and its amount, local or national branches, as well as the State Council, may have to get involved. But while domestic policies may slow down or jeopardize the investment deal, foreign policies may have a similar impact: some countries remain cautious of Chinese investment and may make a protectionist move, depending on the type of investment. Finally, private companies and especially Small and Medium Enterprises (SME) may face financing issues, limiting their ability to conclude interesting deals. Chinese companies have experienced different outbound investment situations, some of which were good and some of which were bad. A stress can be made on the importance to collect and understand the

4 maximum information about the business and the social environment of the target company. Crosscultural aspects have been underestimated and have inevitably led to complications. Chinese companies must be aware of the targeted country s sensitivity towards China, as well as of any social resentment that may exist or develop as the country becomes a major powerhouse in the global economy. Finally, the talent level of the management team is a strong indicator of the readiness of Chinese private companies to invest abroad. The future of Chinese private companies is bright. The current drivers of Chinese private outbound investment are likely to remain: an aggressive national energy and raw material strategy, the need for topedge technology, the attraction to worldwide brands, the access to a distribution network or simply the necessity to keep a low-cost business model. More and more industry sectors are likely to play a part in Chinese outbound investment, although they will probably remain within sectors that are mature enough to make an overseas move. ASEAN is likely to profit the most from Chinese outbound investment, but other regions will increasingly benefit over the coming years. Finally, while private companies outbound investment starts to grow, it is likely to remain essentially a strategy of the larger groups in terms of transaction values at least in the short-term. SMEs will make less exposed, less striking deals, as the issues they have to overcome are more important.

5 INTRODUCTION Key Points: There was a record number of cross-border acquisitions by Chinese companies in Chinese outbound investment is still mainly the product of stateowned companies in national strategic sectors, such as natural resources. Private companies outbound investment represents an increasing part of Chinese outbound investment. While foreign direct investments to China have been widely discussed over the last ten to twenty years, the reverse process Chinese companies outbound investment is a more recent topic. Much has been written about Lenovo buying the Personal Computer (PC) division of IBM in 2005 or about Geely acquiring Volvo in August 2010, but such large acquisitions have brought an entirely new dimension to the phenomenon. In 2009, Chinese companies made a record number of cross-border acquisitions, no less than 298 of them(1). However, we are only still observing the onset of a trend, which remains to this day essentially driven by the state-owned companies need for energy, oil and raw materials. Firstly, it is important to understand what is meant by outbound investment: the concept has been defined in so many ways that it can be difficult to compare information from different sources. In this study, we will refer to outbound investment as overseas investments made for the purpose of increasing shareholders wealth and based on corporate strategy rather than on pure financial return on investment reasons. It must be noted that not all financial institutions overseas investments outside of Mergers & Acquisitions (M&A) have been analysed. In China, the difference between private and state-owned companies remains vague. Previous studies have shown that no more than 12.8% of Chinese-listed companies could be considered as private.

6 Moreover, the purpose of this report being to understand private companies outbound investment, we have deliberately screened out state-owned companies M&As in the sectors of raw materials and energy. However, anybody familiar with the Chinese business environment knows that the difference between private and state-owned companies remains vague, to say the least. Previous studies have shown that no more than 12.8% of Chinese-listed companies could be considered as privately owned, while 61.4% were under local government control, 15.3% under central government control and the remaining percentage by some association of different levels of government(2). Therefore, even though the present study focuses on outbound investments made by private companies, certain examples or arguments may be based on cases involving the central, provincial or local governments. In the first part of this report, we will draw a broad picture of Chinese outbound investment, in order to introduce the topic and understand the present situation. In the second part, we will develop the current aspects of Chinese procedures and regulations and develop the process followed by Chinese companies who invest overseas. In a third part, we will discuss the difficulties encountered by Chinese companies inherent to outbound investment everywhere yet that could be decisive in the Chinese cultural environment. Finally, the fourth part provides a short-term vision of Chinese private outbound investment in the future, as well as a list of its key success factors.

7 EXTRAITS PART 1 THE STATUS OF CHINESE OUTBOUND INVESTMENT In 2009, while the world was struggling to recover from the financial crisis, Chinese companies invested overseas more than ever before. The Ministry of Commerce (MOFCOM) recorded an unprecedented US$56.5 billion of OFDI, a +1.1% year-on-year increase (3), representing more than ten times the amount of OFDI realised just five years earlier (see appendix 1). Even more astonishing was the growth of nonfinancial OFDI that reached over the same period, despite the globally fragile economic environment, US$47.8 billion (3), a +14.2% year-on-year increase. But regardless of the different classifications, there is no doubt that Chinese outbound investment is rising and that the present accomplishments are simply a beginning to further success stories. Indeed, while China reached the top fifth position in the 2009 worldwide outbound direct investment ranking (3) as calculated by UNCTAD behind the United States of America, France, Japan and Germany (see appendix 2) a closer look at statistics show room for future growth. Indeed, China ranked only number thirteen of the G20 countries with a mere US$36.29 OFDI per capita, almost half of Mexico s at number twelve, and sixty three times less than France s at the top of the list (see appendix 6). Second, Chinese OFDI was just 2.56% of the Gross Fixed Capital Formation (GFCF) 1, while the average for the remaining G7 countries was over 19% (see appendix 7). The following work consists of a statistical analysis of data extracted from the Thomson s SDC Platinum M&A database. For the purpose of this study, a time frame between 1 January 2004 and 31 August 2010 was chosen. Furthermore, the analysis is solely based on Chinese companies moves towards non- Chinese targets. It must be noted that this database provides only a subset of all Chinese outbound investment over the selected period. However, this subset is representative enough for the conclusions to provide a comprehensive idea of the general trends and developments in Chinese outbound investment. To avoid discrepancies with other data, the analysis essentially focuses on deals identified as completed (the others being either intended or pending ). In 2009, China OFDI was just 2.56% of the Gross Fixed Capital Formation (GFCF), while the average for the remaining G7 countries was over 19%. 1 Gross Fixed Capital Formation: a macroeconomic concept, component of the expenditure on GDP, and reflecting how much of the new value added in the economy is invested rather than consumed (wikipedia)

8 1.1 Private Companies Position Within Chinese Outbound Investment While it is obvious that Chinese OFDI has not yet reached its peak, it is interesting to observe that until very recently most Chinese OFDI figures were related to the activity of state-owned companies. A thorough analysis of data extracted from the Thomson s SDC Platinum M&A database over the last six years (see appendix 8) shows that out of the 635 completed deals, 171 were identified as made by stateowned companies. Out of those 171 deals, there were 104 recorded transaction values with an average US$672 million each. Of the remaining 464 deals (not identified as made by state-owned companies, thus considered as private), there were 289 recorded transaction values with an average US$69 million each. Therefore a deal made by a state-owned company contributes to Chinese outbound investment over ten times more than a deal made by a private one. While private outbound investment is rising, it is important not to generalise: SMEs have not contributed to this new trend as much as big companies have. While the latter have already developed activities overseas, making them both more inclined to consider and more prepared for outbound investments, SMEs have not yet acquired basic experience and are still focused on the wide range of opportunities offered by the Chinese domestic market. Indeed, investing overseas answers specific needs such as the need for new technology, for an international reputation, or for a distribution network which not all companies have. Most private companies have not reached that point where outbound investment is a necessity. However, the success of a few companies will entice others who were not yet concerned by outbound investment to develop their activities overseas. State-owned companies outbound investments have a transaction value that is on average ten times larger than that of private companies. 1.2 Taking Control: a Softening Trend Investing overseas requires the acquiring company to make certain critical decisions, the most important of which is the sought level of control. In this respect, Chinese companies and in particular private ones have a tendency to seek total control. Indeed, observations based on the analysis of the recorded completed deals in the Thomson Reuters Platinum Database from 1 January 2004 until 31 August 2010 show that Chinese private companies clearly prefer acquiring 100% of the target company (see appendix 9), as it is the case of 53% of the 464

9 private deals recorded over that period. Chinese private companies sought minority stakes (that is a 10 to 49% stake) in only 30% of the remaining cases, a majority stake (that is a 50 to 99% stake) in only 12% of them and a joint venture (that is a 50% stake) in only 2%. Therefore the middle way a majority stake with other minor investors is not favoured by Chinese companies. Finally, it can be noted that the average transaction value of minority stake deals over the considered period is close to the average transaction value of full acquisition deals (US$62.6 million vs. US$69.9 million see appendix 9). Therefore one of the reasons why private companies invest only a minority stake (as opposed to total acquisition) could be that the target company is larger but as the share of minority stakes increase, so does the interest and investment of Chinese private companies into bigger foreign ones. By not fully acquiring foreign entities, private companies are exercising caution, but they are also learning and becoming more confident. Over the last six years, the share of total acquisitions has dropped, while the share of minority stakes has increased. Differences exist between a company s initial interests in a deal and the deal s final conditions (see appendix 9). For example, the proportion of companies considering acquiring full control is slightly different from the proportion of companies that finally acquire such control. While more than 50% of deals were intended as full acquisitions, only 47% of them turned out to be so. Comparisons made between control-sought and control-taken data shows that Chinese companies generally achieve a lower control than that which was sought, with small investments (that is under a 10% stake) increasing from 4% of the intended deals to 15% of the completed ones. Moreover, certain tendencies have been observed over the last six years. While intended total acquisitions have reduced in proportion accounting for 48% of the deals in 2009 and 49% in the first eight months of 2010 intended minority stakes (that is a 10 to 49% stake) have increased from 30% in 2009 to 36% in the first eight months of 2010, and since 2008 are the preferred form of investment in over 30% of the annual completed deals (see appendix 9). On the one hand, this could be a consequence of the global financial crisis: Chinese private companies are more cautious today when considering outbound investments, and are more concerned about the worth of their target. They prefer to take a minority stake before investing further. On the other hand, it could be an aspect of the outbound investment learning curve : the more deals are sealed, the more

10 companies are aware of the issues and difficulties they may face in the future. As they are increasingly aware of the problems their predecessors have had, Chinese private companies approach outbound investment differently. 1.3 The Industry Secto r Perspective Among the deals completed between 1 January 2004 and 31 August 2010, 25% of them were made by investment and commodity firms. The business service, metal, electronic, oil, gas, petroleum refining and mining sectors also generated outbound investment, accounting each for 5 to 8% of all completed deals (see appendix 3). While the gap between the investment and commodity firms sector and other sectors is significant in the number of deals they made (158 deals vs. 50 on average), it is much smaller in terms of each sector s share of the total transaction value: over the last six years, the investment and commodity firms sector generated approximately 28% of the total transaction value of all completed deals, followed closely by the oil, gas and petroleum refining sector (26% of the total transaction value) and, to a lesser extent, by the commercial banks and bank holding companies sector (19% of the total transaction value). Therefore deals in the sectors of investment and commodity firms, as well as natural resources have on average a much higher transaction value than that of other sectors. The main sectors investing overseas In number of deals Investment and commodity firms, business services, metal and metal products, electronic and electrical equipment, oil, gas and petroleum refining and mining In % of total transaction value Investment and commodity firms, oil, gas and petroleum refining and commercial banks and bank holding companies When removing the identified state-owned companies from the data, the picture is slightly different (see appendix 3). Firstly, only approximately 22% of the total transaction value of all completed deals (public and private) can be attributed to private companies. Second, the investment and commodity firms still account for a fourth of all private company deals, yet their contribution to the total transaction value is of only 15%. In terms of the percentage of total transaction value, commercial banks and bank holding companies take the lead, originating over 23% of the total transaction value of all deals (which is due in large part to the acquisition of Hong Kong Wing Lung Bank by the China Merchants Bank in 2008), while the insurance sector comes in third, with one deal amounting to 13%. Finally, the transportation and metal

11 and metal product sectors come in respectively fourth and fifth, with 9 and over 6% of total transaction value. Only approximately 22% of the total transaction value of all completed deals between 2004 and 2010 can be attributed to private companies. It is also interesting to observe the type of industry sectors Chinese companies invest in. For example, in 55% of all completed deals, Chinese companies acquired a target company from a different industry sector. Half of these deals were made by companies from the investment and commodity firms sector, the business services sector, and the metal and metal products sector (see appendix 3). Indeed, the investment and commodity firms sector is different from other sectors as it both invests in companies from all different sectors and is invested in by companies from various backgrounds. Yet apart from it, the majority of remaining sectors invests in their own sector. Moreover, Chinese outbound investments are essentially made in the natural resources industry: between 2004 and 2010, the combined oil, gas, petroleum refining and mining sectors represented the targeted industry in 22% of cases and accounted for 47% of the total transaction value (see appendix 4). Yet in terms of private investment, they represent only 10% of all deals and account for only 18% of the total transaction value reflecting the weight of the government s resource strategy on outbound investment. The primary sector invested in by Chinese private companies in terms of transaction value is the banking industry with 37% of total transaction value. The other, more traditional industries invested in are wholesale trade and durable goods (8% of total transaction value/ 3% of the number of deals), electronic and electrical equipment (7% of total transaction value/8% of the number of deals) and machinery (4% of total transaction value/3% of the number of deals). Apart from the investment sector, Chinese private outbound investment remains within the acquirer s industry. In conclusion, companies have a tendency to invest overseas in the same sector as their own. This is generally true of all sectors, with the notable exception of the investment industry, which invests in all sectors. Observations made with regards to the target companies are similar: they are generally acquired by companies from a similar sector, with the notable exception of the investment sector, which is invested in by companies of various backgrounds.

Approval and regulatory requirements for Chinese foreign direct investment

Approval and regulatory requirements for Chinese foreign direct investment Corporate May 2014 Update Approval and regulatory requirements for Chinese foreign direct investment 1. Introduction The Chinese Government has been providing incentives for Chinese enterprises to invest

More information

China s Overseas Direct Investment (ODI): Current situation and future outlook

China s Overseas Direct Investment (ODI): Current situation and future outlook China s Overseas Direct Investment (ODI): Current situation and future outlook New York Stock Exchange (NYSE) Dr. Qin Xiao Chairman, the Boyuan Foundation January 7, 2015 Agenda A. China s ODI: High Growth

More information

Doing Business in China. Tuesday, May 3, :00 PM - 5:15 PM

Doing Business in China. Tuesday, May 3, :00 PM - 5:15 PM Doing Business in China Tuesday, May 3, 2011 4:00 PM - 5:15 PM The world s second-largest economy China at a glance, 2010 GDP Nominal PPP Growth rate Per capita US$5.745 US$9.872 Value 10.3% US$7,400 trillion

More information

China-Europe-Spain: The awakening of investment by Chinese companies in Spain and Europe

China-Europe-Spain: The awakening of investment by Chinese companies in Spain and Europe The awakening of investment by Chinese companies in Spain and Europe Adrian Blanco Estevez and Ivana Casaburi Abstract Chinese companies have shown a growing interest in Europe, which has led to a significant

More information

EU-China FDI Monitor

EU-China FDI Monitor EU-China FDI Monitor 2Q 215 Update: Public Version This report was produced for the European Commission under the China Observatory project. See final page for full disclaimer. 1 East 4 th Street, Suite

More information

Vietnam. HSBC Global Connections Report. October 2013

Vietnam. HSBC Global Connections Report. October 2013 HSBC Global Connections Report October 2013 Vietnam The pick-up in GDP growth will be modest this year, with weak domestic demand and exports still dampening industrial confidence. A stronger recovery

More information

Newsletter No. 137 (EN) Setting up an Asian Hub: Why and Where

Newsletter No. 137 (EN) Setting up an Asian Hub: Why and Where Setting up an Asian Hub: Why and Where April 2015 All rights reserved Lorenz & Partners 2015 Although Lorenz & Partners always pays great attention on updating information provided in newsletters and brochures

More information

1. Record levels of American outward foreign direct investment from 2000 to 2009,

1. Record levels of American outward foreign direct investment from 2000 to 2009, Chapter 02 International Trade and Foreign Direct Investment True / False Questions 1. Record levels of American outward foreign direct investment from 2000 to 2009, totaling more than $2 trillion, caused

More information

IDENTIFYING AND ADDRESSING OBSTACLES TO OUTBOUND INVESTMENT IN PRACTICE

IDENTIFYING AND ADDRESSING OBSTACLES TO OUTBOUND INVESTMENT IN PRACTICE PRC Law Newsflash 21 April 2011 - TransAsia Lawyers Page 1 of 7 PRC Law Newsflash 21 April 2011 I. Introduction IDENTIFYING AND ADDRESSING OBSTACLES TO OUTBOUND INVESTMENT IN PRACTICE In the last 3 years,

More information

EU-China FDI Monitor

EU-China FDI Monitor EU-China FDI Monitor 3Q4Q 214 Update: Public Version This report was produced for the European Commission under the China Observatory project. See final page for full disclaimer. 1 East 4 th Street, Suite

More information

CRS Report for Congress

CRS Report for Congress CRS Report for Congress Received through the CRS Web Order Code RS21118 Updated April 26, 2006 U.S. Direct Investment Abroad: Trends and Current Issues Summary James K. Jackson Specialist in International

More information

Challenges and opportunities for Chinese companies to navigate global markets

Challenges and opportunities for Chinese companies to navigate global markets Insights Challenges and opportunities for Chinese companies to navigate global markets 102008 40%2013 156 5,090 901.716.8% 2014522-23 201312 44 2009 45 46 47 1020 35 CNS Global Consulting Francisco Sánchez

More information

Recent Trends in Japan's Balance of Payments

Recent Trends in Japan's Balance of Payments Bank of Japan Review 1-E- Recent Trends in Japan's Balance of Payments --Findings from the New Balance of Payments Statistics-- International Department Noritaka Fukuma, Kentaro Morishita,* Takeshi Nakamura

More information

TALKING Points. FDI in China s Middle Enterprise Sector. Lim Lee Meng RSM Chio Lim

TALKING Points. FDI in China s Middle Enterprise Sector. Lim Lee Meng RSM Chio Lim TALKING Points FDI in China s Middle Enterprise Sector Lim Lee Meng RSM Chio Lim July 2008 July 2008 TALKING Points Inbound foreign direct investment in China, a sphere long dominated by large multinationals,

More information

Monitor of Chinese OFDI in Latin America and the Caribbean

Monitor of Chinese OFDI in Latin America and the Caribbean 1 Monitor of Chinese OFDI in Latin America and the Caribbean 2018 1 March 21st, 2018 Enrique Dussel Peters Below are some of the main results of the updated statistical information presented by the Academic

More information

GLOBAL FDI OUTFLOWS CONTINUED TO RISE IN 2011 DESPITE ECONOMIC UNCERTAINTIES; HOWEVER PROSPECTS REMAIN GUARDED HIGHLIGHTS

GLOBAL FDI OUTFLOWS CONTINUED TO RISE IN 2011 DESPITE ECONOMIC UNCERTAINTIES; HOWEVER PROSPECTS REMAIN GUARDED HIGHLIGHTS GLOBAL FDI OUTFLOWS CONTINUED TO RISE IN 211 DESPITE ECONOMIC UNCERTAINTIES; HOWEVER PROSPECTS REMAIN GUARDED No. 9 12 April 212 ADVANCE UNEDITED COPY HIGHLIGHTS Global foreign direct investment (FDI)

More information

CEOs Less Optimistic about Global Economy for 2015

CEOs Less Optimistic about Global Economy for 2015 Press Release Date 22 January 2014 Contact Vu Thi Thu Nguyet Tel: (04) 3946 2246, Ext. 4690; Mobile: 0947 093 998 E-mail: vu.thi.thu.nguyet@vn.pwc.com Pages 6 CEOs Less Optimistic about Global Economy

More information

2016 Outward Foreign Direct Investment of Thai Listed Firms

2016 Outward Foreign Direct Investment of Thai Listed Firms Research Paper 1/2017 2016 Outward Foreign Direct Investment of Thai Listed Firms Research Department The Stock Exchange of Thailand May 2017 www.set.or.th/setresearch Contents Page Executive Summary 1

More information

Tim Payne Senior Partner, Head of Asia Brunswick Group. Striking Patterns and Trends Impacting Global M&A

Tim Payne Senior Partner, Head of Asia Brunswick Group. Striking Patterns and Trends Impacting Global M&A Tim Payne Senior Partner, Head of Asia Brunswick Group Striking Patterns and Trends Impacting Global M&A Financial 1 The convergence of business, society & politics has created a more complex environment

More information

Quarterly Flash Note, May Data and website updated with information up to March 31 st 2012 Next database update in September 2012.

Quarterly Flash Note, May Data and website updated with information up to March 31 st 2012 Next database update in September 2012. Quarterly Flash Note, May 2012 Data and website updated with information up to March 31 st 2012 Next database update in September 2012 Key Changes In 2012Q1, China registered the lowest number of operations

More information

Perhaps the most striking aspect of the current

Perhaps the most striking aspect of the current COMPARATIVE ADVANTAGE, CROSS-BORDER MERGERS AND MERGER WAVES:INTER- NATIONAL ECONOMICS MEETS INDUSTRIAL ORGANIZATION STEVEN BRAKMAN* HARRY GARRETSEN** AND CHARLES VAN MARREWIJK*** Perhaps the most striking

More information

Following the Money Chinese OFDI in the United States and Europe

Following the Money Chinese OFDI in the United States and Europe Following the Money Chinese OFDI in the United States and Europe Thilo Hanemann Research Director thanemann@rhg.com Tsinghua University Beijing September 23, 213 1 East 4 th Street, Suite 361, New York,

More information

Prospects for Foreign Direct Investment and the Strategies of Transnational Corporations, CHAPTER 3

Prospects for Foreign Direct Investment and the Strategies of Transnational Corporations, CHAPTER 3 Prospects for Foreign Direct Investment and the Strategies of Transnational Corporations, 2005-2008 CHAPTER 3 UNITED NATIONS New York and Geneva, 2005 III. Global FDI prospects and TNC strategies A. Global

More information

GLOBAL ENTERPRISE SURVEY REPORT 2009 PROVIDING A UNIQUE PICTURE OF THE OPPORTUNITIES AND CHALLENGES FACING BUSINESSES ACROSS THE GLOBE

GLOBAL ENTERPRISE SURVEY REPORT 2009 PROVIDING A UNIQUE PICTURE OF THE OPPORTUNITIES AND CHALLENGES FACING BUSINESSES ACROSS THE GLOBE GLOBAL ENTERPRISE SURVEY REPORT 2009 PROVIDING A UNIQUE PICTURE OF THE OPPORTUNITIES AND CHALLENGES FACING BUSINESSES ACROSS THE GLOBE WELCOME TO THE 2009 GLOBAL ENTERPRISE SURVEY REPORT The ICAEW annual

More information

One of the most recent phenomena in

One of the most recent phenomena in The first objective is the acquisition of material and immaterial resources which are not available in the domestic markets. The second is gaining access to stable supplies of natural resources and raw

More information

Taxation Systems on Taiwan Outward Investment in China

Taxation Systems on Taiwan Outward Investment in China Taxation Systems on Taiwan Outward Investment in China Der-cherng Lo Department of Public Finance National Chengchi University January 2008 Contents of presentation I. Introduction II. Current regulations

More information

Empirical Trade Analysis 1-1

Empirical Trade Analysis 1-1 Empirical Trade Analysis?? 1-1 Dierk Herzer?? 1-2 Introduction This course examines empirical research methods on topics related to international trade and investment. We review the empirics of international

More information

Changing Patterns of Chinese Outward FDI Drivers and Implications

Changing Patterns of Chinese Outward FDI Drivers and Implications Changing Patterns of Chinese Outward FDI Drivers and Implications Thilo Hanemann Research Director thanemann@rhgroup.net Stanford Center for International Development Stanford University December 6, 2011

More information

Drivers of Chinese Outward Foreign Direct Investment and the Location Choice Ling-fang WU

Drivers of Chinese Outward Foreign Direct Investment and the Location Choice Ling-fang WU 2017 4th International Conference on Economics and Management (ICEM 2017) ISBN: 978-1-60595-467-7 Drivers of Chinese Outward Foreign Direct Investment and the Location Choice Ling-fang WU School of Economic

More information

IMF-BAFT Trade Finance Survey

IMF-BAFT Trade Finance Survey IMF-BAFT Trade Finance Survey A Survey Among Banks Assessing the Current Trade Finance Environment Study Overview & Methodology There is general agreement that the ongoing global financial crisis has produced

More information

How the emerging markets slowdown will impact listed Spanish companies

How the emerging markets slowdown will impact listed Spanish companies How the emerging markets slowdown will impact listed Spanish companies Nereida González, Pablo Guijarro and Diego Mendoza 1 Despite the favourable impact of recent international expansion by Spanish companies,

More information

World Payments Stresses in

World Payments Stresses in World Payments Stresses in 1956-57 INTERNATIONAL TRANSACTIONS in the year ending June 1957 resulted in net transfers of gold and dollars from foreign countries to the United States. In the four preceding

More information

Mapping the Journey of CDO Firms in Asia and Beyond. A paper by: Deanna Horton and Jonathan Tavone Munk School of Global Affairs

Mapping the Journey of CDO Firms in Asia and Beyond. A paper by: Deanna Horton and Jonathan Tavone Munk School of Global Affairs 0 Mapping the Journey of CDO Firms in Asia and Beyond A paper by: Deanna Horton and Jonathan Tavone Munk School of Global Affairs March 31, 2016 1 Introduction The original research for this project was

More information

CAPTIVE INSURANCE IN ASIA

CAPTIVE INSURANCE IN ASIA ATTITUDES TOWARDS CAPTIVE INSURANCE IN ASIA Survey conducted by Captive Review in partnership with Labuan International Business and Financial Centre 1 SURVEY ASIA WHITE PAPER Richard Cutcher Editor, Captive

More information

Management Discussion and Analysis Risk Management

Management Discussion and Analysis Risk Management Dedicated to performing its duties as a Global Systemically Important Bank, the Bank actively adapted to the new stage of high-quality development of economy and continued to improve its risk management

More information

/EXPERT INSIGHT INTO THE WORLD OF OFFSHORE TRANSACTIONS/

/EXPERT INSIGHT INTO THE WORLD OF OFFSHORE TRANSACTIONS/ FOURTH QUARTER 2014 /EXPERT INSIGHT INTO THE WORLD OF OFFSHORE TRANSACTIONS/ CONTENTS/ INTRODUCTION [2] EXECUTIVE SUMMARY [4] 2 INTRODUCTION Welcome to this final edition of Offshore-i for 2014, in which

More information

The New Geography of Capital Flows

The New Geography of Capital Flows 1 The New Geography of Capital Flows SIEMS Issue Report SKOLKOVO Institute for Emerging Market Studies Author: Nicolás M. Depetris Chauvin, Ph.D. (Visiting Senior Research Fellow at SIEMS & Dubai School

More information

The external balance sheet of the United Kingdom: recent developments

The external balance sheet of the United Kingdom: recent developments The external balance sheet of the United Kingdom: recent developments By William Amos of the Bank s Monetary and Financial Statistics Division. This article examines changes to the net external asset position

More information

What questions would you like answered?

What questions would you like answered? What questions would you like answered? Define the following: Globalisation an expansion of world trade leading to increased international interdependence GDP The value of goods and services produced in

More information

Mergers and Acquisitions in China

Mergers and Acquisitions in China Mergers and Acquisitions in China In the past 20 years, since the adoption of the Open Door policy, most foreign investments have been Greenfield projects in the form of WFOE s or JV s. Whilst the structure

More information

Appendix 1. Outline of BOP-Related Statistics and Release Schedule. The following is an overview of major BOP-related statistics.

Appendix 1. Outline of BOP-Related Statistics and Release Schedule. The following is an overview of major BOP-related statistics. Appendix 1. Outline of BOP-Related Statistics and Release Schedule Outline of BOP-related statistics BOP-related statistics can be broadly divided into (1) flow data on various transactions and the associated

More information

ACE European Risk Briefing 2012

ACE European Risk Briefing 2012 #4 ACE European Risk Briefing 2012 Business travel risk respondent profiles The research was carried out between 13 April and 3 May 2012. The sample comprised 606 European risk managers, CROs, CFOs, COOs

More information

Introduction to FDI databases

Introduction to FDI databases Introduction to FDI databases Third Asia-Pacific Trade and Investment Week Training on Evidence-based Policymaking in Trade and Investment Wednesday 20 November 2013, UNCC, Bangkok Outline International

More information

STATISTICS ON PERFORMANCE 9

STATISTICS ON PERFORMANCE 9 002-48.fh 27-03-2003 19:48 Pagina 31 STATISTICS ON PERFORMANCE 9 INTRODUCTION Since 1996, KPMG Corporate Finance, in co-operation with A.I.F.I., is carrying out, on yearly basis, the analysis of the Italian

More information

About Pan-China Group

About Pan-China Group Pan-China Group About Pan-China Group Pan-China Group is a large scale accounting network focusing its practices in accounting, tax and advisory in Greater China. The headquarter is located in Hanzhou

More information

Japan's Balance of Payments Statistics and International Investment Position for 2016

Japan's Balance of Payments Statistics and International Investment Position for 2016 Japan's Balance of Payments Statistics and International Investment Position for 16 July 17 International Department Bank of Japan Japan's balance of payments statistics for 16 -- the annually revised

More information

FLASH NOTE CHINA: SHIFTING BALANCE OF PAYMENT CONSISTENT CURRENT ACCOUNT SURPLUS IS BEHIND US SUMMARY

FLASH NOTE CHINA: SHIFTING BALANCE OF PAYMENT CONSISTENT CURRENT ACCOUNT SURPLUS IS BEHIND US SUMMARY CONSISTENT CURRENT ACCOUNT SURPLUS IS BEHIND US Author DONG CHEN dochen@pictet.com SUMMARY In the first three quarters of the year, China ran a current account deficit of USD12.8 billion. It looks likely

More information

Foreign Direct Investment and Ease of Doing Business: Before, During and After the Global Crisis

Foreign Direct Investment and Ease of Doing Business: Before, During and After the Global Crisis Foreign Direct Investment and Ease of Doing Business: Before, During and After the Global Crisis Nihal Bayraktar Pennsylvania State University Harrisburg June 27, 2011 Introduction FDI has been seen as

More information

INDUSTRY OVERVIEW SOURCE OF INFORMATION

INDUSTRY OVERVIEW SOURCE OF INFORMATION 3rd Sch3 The information presented in this section is, including certain facts, statistics and data, derived from the CIC Report, which was commissioned by us and from various official government publications

More information

Sovereign Development Funds and the Shifting Wealth of Nations

Sovereign Development Funds and the Shifting Wealth of Nations Sovereign Development Funds and the Shifting Wealth of Nations Salzburg Global Seminar Javier Santiso Director and Chief Economist 27 September Salzburg, Austria A fundamental shift Emerging economies

More information

GRANT THORNTON INTERNATIONAL BUSINESS REPORT Cross-border mergers and acquisitions: building momentum

GRANT THORNTON INTERNATIONAL BUSINESS REPORT Cross-border mergers and acquisitions: building momentum GRANT THORNTON INTERNATIONAL BUSINESS REPORT 2012 Cross-border mergers and acquisitions: building momentum Foreword MIKE HUGHES GLOBAL SERVICE LINE LEADER MERGERS & ACQUISITIONS GRANT THORNTON INTERNATIONAL

More information

Korean Economic Trend and Economic Partnership between Korea and China

Korean Economic Trend and Economic Partnership between Korea and China March 16, 2012 Korean Economic Trend and Economic Partnership between Korea and China Byung-Jun Song President, KIET Good evening ladies and gentlemen. It is a great honor to be a part of this interesting

More information

SUMMARY OF THE 2015 NEW ZEALAND BUSINESS OPERATIONS SURVEY: INTERNATIONAL ENGAGEMENT

SUMMARY OF THE 2015 NEW ZEALAND BUSINESS OPERATIONS SURVEY: INTERNATIONAL ENGAGEMENT SUMMARY OF THE 2015 NEW ZEALAND BUSINESS OPERATIONS SURVEY: INTERNATIONAL ENGAGEMENT REPORT PREPARED BY: RESEARCH AND ANALYSIS UNIT ECONOMIC DIVISION MINISTRY OF FOREIGN AFFAIRS AND TRADE FEBRUARY 2016

More information

Manpower Employment Outlook Survey

Manpower Employment Outlook Survey Manpower Employment Outlook Survey Global 4 215 Global Employment Outlook Nearly 59, employers across 42 countries and territories have been interviewed to measure anticipated labor market activity between

More information

Japan's International Investment Position at Year-End 2009

Japan's International Investment Position at Year-End 2009 Japan's at Year-End 2009 September 2010 International Department Bank of Japan This is an English translation of the Japanese original released on May 25, 2010 Japan's international investment position

More information

A world in transition: PwC s 2017 APEC CEO Survey, November APEC CEO Survey. Australia s findings.

A world in transition: PwC s 2017 APEC CEO Survey, November APEC CEO Survey. Australia s findings. A world in transition: PwC s 2017 APEC CEO Survey, November 2017 2017 APEC CEO Survey Australia s findings www.pwc.com/apec Key themes Making of the workforce of the future An operating model for a fluid

More information

Swiss Balance of Payments and International Investment Position 2016

Swiss Balance of Payments and International Investment Position 2016 Swiss Balance of Payments and International Investment Position 216 Swiss Balance of Payments and International Investment Position 216 Volume 3 Contents Page 1 Overview 4 Introductory remarks 4 Changes

More information

The compilation and analysis of Chinese government balance sheet 1

The compilation and analysis of Chinese government balance sheet 1 Eighth IFC Conference on Statistical implications of the new financial landscape Basel, 8 9 September 2016 The compilation and analysis of Chinese government balance sheet 1 Guihuan Zheng and Yue Dan,

More information

Saving, financing and investment in the euro area

Saving, financing and investment in the euro area Saving, financing and investment in the euro area Saving, financing and (real and financial) investment in the euro area from 1995 to 21 are analysed in this article in the framework of annual financial

More information

EAST ASIAN OASIS OF STABILITY: GEOGRAPHICAL RE-BALANCING OF TRADE. DJISMAN SIMANDJUNTAK CSIS and PRASETIYA MULYA BUSINESS SCHOOL

EAST ASIAN OASIS OF STABILITY: GEOGRAPHICAL RE-BALANCING OF TRADE. DJISMAN SIMANDJUNTAK CSIS and PRASETIYA MULYA BUSINESS SCHOOL EAST ASIAN OASIS OF STABILITY: GEOGRAPHICAL RE-BALANCING OF TRADE DJISMAN SIMANDJUNTAK CSIS and PRASETIYA MULYA BUSINESS SCHOOL 1 FACTORS AFFECTING SEVERITY OF A CRISIS RATIO OF FINANCIAL WEALTH TO TOTAL

More information

EU-China FDI in the 21 st century: Who is ready for a win-win strategy?

EU-China FDI in the 21 st century: Who is ready for a win-win strategy? Conference on EU and the Emerging Powers EU-China FDI in the 21 st century: Who is ready for a win-win strategy? Thierry Apoteker 1 Sylvain Barthélémy CEO, TAC Executive Director, TAC Sandrine Lunven Quantitative

More information

Russian manufacturing industry overview. May 2016

Russian manufacturing industry overview. May 2016 Russian manufacturing industry overview May 2016 Introduction Srbuhi Hakobyan Partner Deloitte CIS Deloitte CIS thanks all those who participated in the survey that we conducted in February 2016 as part

More information

Japan's Balance of Payments Statistics and International Investment Position for 2017

Japan's Balance of Payments Statistics and International Investment Position for 2017 Japan's Balance of Payments Statistics and International Investment Position for 217 July 218 International Department Bank of Japan Japan's balance of payments statistics for 217 -- the annually revised

More information

Foreign Direct Investment in the United States: An Economic Analysis

Foreign Direct Investment in the United States: An Economic Analysis Cornell University ILR School DigitalCommons@ILR Federal Publications Key Workplace Documents 12-11-2013 Foreign Direct Investment in the United States: An Economic Analysis James K. Jackson Congressional

More information

April An Analysis of Saskatchewan s Productivity, : Capital Intensity Growth Drives Strong Labour Productivity Performance CENTRE FOR

April An Analysis of Saskatchewan s Productivity, : Capital Intensity Growth Drives Strong Labour Productivity Performance CENTRE FOR April 2011 111 Sparks Street, Suite 500 Ottawa, Ontario K1P 5B5 613-233-8891, Fax 613-233-8250 csls@csls.ca CENTRE FOR THE STUDY OF LIVING STANDARDS An Analysis of Saskatchewan s Productivity, 1997-2007:

More information

Management Discussion and Analysis Risk Management

Management Discussion and Analysis Risk Management Based on its status as a Global Systemically Important Bank, the Bank actively responded to the new normal of economic development and continued to meet external regulatory requirements. Adhering to the

More information

International Business Global Edition

International Business Global Edition International Business Global Edition By Charles W.L. Hill (adapted for LIUC2012 by R.Helg) Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 8 Foreign Direct Investment Introduction

More information

An Overview of World Goods and Services Trade

An Overview of World Goods and Services Trade Appendix IV An Overview of World Goods and Services Trade An overview of the size and composition of U.S. and world trade is useful to provide perspective for the large U.S. trade and current account deficits

More information

Measuring the off-balance-sheet wealth management business of commercial banks

Measuring the off-balance-sheet wealth management business of commercial banks Measuring the off-balance-sheet wealth management business of commercial banks The case in China Qizheng Mao 1 1. Introduction This paper narrates the methodology adopted by the People Bank of China in

More information

TRADE FINANCE NEWSLETTER

TRADE FINANCE NEWSLETTER JUNE 2013 TRADE FINANCE NEWSLETTER Dear Customer, Welcome to the first edition of our Trade Finance Newsletter. When we talk to our customers we understand that there is a need for a regular update on

More information

Hong Kong BUSINESS MOMENTUM 2014

Hong Kong BUSINESS MOMENTUM 2014 Hong Kong BUSINESS MOMENTUM 2014 OCTOBER 2014 TABLE OF CONTENTS OVERVIEW.3 Companies Aspire To Growth; Taking Caution Of The Uncertain Business Environment ECONOMIC OUTLOOK..4 Expected To Be Largely Stable

More information

Hunting growth: Japanese outbound M&A on the rise

Hunting growth: Japanese outbound M&A on the rise August 2012 Capital Agenda Insights Boardroom issues Are you considering a divestment in the short to medium term? Do you have Japanese suppliers or customers where a sale to them could make strategic

More information

U.S. Direct Investment Abroad: Trends and Current Issues

U.S. Direct Investment Abroad: Trends and Current Issues U.S. Direct Investment Abroad: Trends and Current Issues James K. Jackson Specialist in International Trade and Finance July 28, 2010 Congressional Research Service CRS Report for Congress Prepared for

More information

### For more information: Brian Leong, Vice President & Corporate Communications Manager (DL)

### For more information: Brian Leong, Vice President & Corporate Communications Manager (DL) Bank of America (Asia) Announces Strong Earnings for 2004 Core operating profit before provisions up by 10.3% Compares highly favorably with the industry HONG KONG, April 29, 2005 Bank of America (Asia)

More information

HSBC PRIVATE BANK 2017 INVESTMENT OUTLOOK: GO WEST OR EAST. Bond Yield to Come Down, Focus on Growth Opportunities in the US & Asia

HSBC PRIVATE BANK 2017 INVESTMENT OUTLOOK: GO WEST OR EAST. Bond Yield to Come Down, Focus on Growth Opportunities in the US & Asia News Release HSBC PRIVATE BANK 2017 INVESTMENT OUTLOOK: GO WEST OR EAST Bond Yield to Come Down, Focus on Growth Opportunities in the US & Asia Following a surprising and turbulent 2016, global financial

More information

EU-China FDI Monitor

EU-China FDI Monitor EU-China FDI Monitor 4Q 215 Update: Public Version January 216 This report was produced for the European Commission under the China Observatory project. See final page for full disclaimer. 1 East 4 th

More information

HSBC Trade Connections: Trade Forecast Quarterly Update October 2011

HSBC Trade Connections: Trade Forecast Quarterly Update October 2011 HSBC Trade Connections: Trade Forecast Quarterly Update October 2011 New quarterly forecast exploring the future of world trade and the opportunities for international businesses World trade will grow

More information

PRC STATE COUNCIL ISSUES GUIDELINES ON OVERSEAS INVESTMENTS

PRC STATE COUNCIL ISSUES GUIDELINES ON OVERSEAS INVESTMENTS ON OVERSEAS INVESTMENTS On 18 August 2017, 's State Council, together with other regulatory bodies, issued guidelines on regulating overseas investments. The guidelines form part of a much tightened regulatory

More information

SOEs and competition policy in China

SOEs and competition policy in China CPI Asia Column edited by Vanessa Yanhua Zhang (Global Economics Group) presents: SOEs and competition policy in China Prof. Wei Tan Hanqing Advanced Institute of Economics and Finance (Renmin University

More information

International Business 8e

International Business 8e International Business 8e By Charles W.L. Hill (adapted for LIUC 2010 by R.Helg) Chapter 7 Foreign Direct Investment McGraw-Hill/Irwin Copyright 2011 by the McGraw-Hill Companies, Inc. All rights reserved.

More information

Frequently Asked Questions Transparency International 2008 Bribe Payers Index

Frequently Asked Questions Transparency International 2008 Bribe Payers Index Frequently Asked Questions Transparency International 1. What is the Transparency International (BPI)? 2. Which countries are included in the 2008 BPI? 3. How is the 2008 BPI calculated? 4. Whose views

More information

Quarterly Flash Note, December 2013

Quarterly Flash Note, December 2013 Quarterly Flash Note, December 2013 Document completed on December 02, 2013 Transactions up to September 30, 2013 Next database update and Quarterly Flash Note in February 2014 Key Messages FDI into and

More information

13th China-EU Round Table

13th China-EU Round Table European Economic and Social Committee 13th China-EU Round Table China-EU Investment Relations Rapporteur: Chen Xin November 18-19, 2013 Chengdu, China 1 I. General Trends Firstly, neither party considers

More information

Germany The Future of HNWIs to 2016: Wealth in the Powerhouse of Europe

Germany The Future of HNWIs to 2016: Wealth in the Powerhouse of Europe Germany The Future of HNWIs to 2016: Wealth in the Powerhouse of Europe China The Future of HNWIs to 2015: Opportunities for Wealth Managers and Private Banks Publication date: May, 2012. WealthInsight.

More information

New Standards For Consolidation And Joint Ventures (IFRS 10, IFRS 11, Revised IAS 27 and IAS 28)

New Standards For Consolidation And Joint Ventures (IFRS 10, IFRS 11, Revised IAS 27 and IAS 28) New Standards For Consolidation And Joint Ventures (IFRS 10, IFRS 11, Revised IAS 27 and IAS 28) Impacts on SAP BusinessObjects TM Solutions for Consolidation New standards for consolidation and joint

More information

No October 2013

No October 2013 DEVELOPING AND TRANSITION ECONOMIES ABSORBED MORE THAN 60 PER CENT OF GLOBAL FDI INFLOWS A RECORD SHARE IN THE FIRST HALF OF 2013 EMBARGO The content of this Monitor must not be quoted or summarized in

More information

Chinese Outward Investment: Acceleration Features the U.S.

Chinese Outward Investment: Acceleration Features the U.S. ISSUE BRIEF No. 3656 Chinese Outward Investment: Acceleration Features the U.S. Derek Scissors, PhD Chinese investment could be a global economic force for decades to come. The potential was underlined

More information

IN A TOUGH MARKET, INVESTORS SEEK NEW WAYS TO CREATE VALUE

IN A TOUGH MARKET, INVESTORS SEEK NEW WAYS TO CREATE VALUE IN A TOUGH MARKET, INVESTORS SEEK NEW WAYS TO CREATE VALUE By Julien Ghesquieres, Jeffrey Kotzen, Tim Nolan, and Hady Farag This article is the second in the 6 BCG Value Creators series. In May 6, we released

More information

Trends in foreign investments

Trends in foreign investments Trends in foreign investments 4 Trends in foreign investments 4.1 4.2 4.3 4.4 4.5 Introduction Dutch Foreign Direct Investments Definitions and methodology FDI Development of Dutch FDI flows and stocks

More information

FINANCIER. TalkingPoint: M&A IN LATIN AMERICA SEPTEMBER 2011 R E P R I N T F I N A N C I E R W O R L D W I D E. C O M

FINANCIER. TalkingPoint: M&A IN LATIN AMERICA SEPTEMBER 2011 R E P R I N T F I N A N C I E R W O R L D W I D E. C O M R E P R I N T F I N A N C I E R W O R L D W I D E. C O M.COM FINANCIER WORLDWIDE corporatefinanceintelligence REPRINTED FROM EXCLUSIVE ONLINE CONTENT PUBLISHED IN: SEPTEMBER 2011 2011 Financier Worldwide

More information

China Law Update February 2007

China Law Update February 2007 China Law Update February 2007 table of contents In this issue of China Law Update, we summarize three important new laws that were enacted in late 2006 and took effect on January 1, 2007. Together, the

More information

151 Slater Street, Suite 710 Ottawa, Ontario K1P 5H , Fax September, 2012

151 Slater Street, Suite 710 Ottawa, Ontario K1P 5H , Fax September, 2012 August 2012 151 Slater Street, Suite 710 Ottawa, Ontario K1P 5H3 613-233-8891, Fax 613-233-8250 csls@csls.ca CENTRE FOR THE STUDY OF LIVING STANDARDS THE ALBERTA PRODUCTIVITY STORY, 1997-2010 September,

More information

2015 Outlook for Industrial R&D Investment

2015 Outlook for Industrial R&D Investment 2015 Outlook for Industrial Investment Iee Hwan Kim, Executive Deputy Chairman Korea Industrial Technology Association Preface The world economy is projected to continue its overall slow-growth trend in

More information

Global Expansion Meets Domestic and International Challenges

Global Expansion Meets Domestic and International Challenges Global Expansion Meets Domestic and International Challenges Global Expansion Meets Domestic and International Challenges To understand the relative confidence around international expansion among U.S.

More information

This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research

This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Business Cycles, Inflation, and Forecasting, 2nd edition Volume Author/Editor: Geoffrey H.

More information

+2.7% THE SWISS AND WORLD WATCHMAKING INDUSTRIES IN billion francs SWISS WATCH INDUSTRY SWISS WATCH EXPORTS MAIN MARKETS

+2.7% THE SWISS AND WORLD WATCHMAKING INDUSTRIES IN billion francs SWISS WATCH INDUSTRY SWISS WATCH EXPORTS MAIN MARKETS THE SWISS AND WORLD WATCHMAKING INDUSTRIES IN 2017 SWISS WATCH INDUSTRY SWISS WATCH EXPORTS 19.9 billion francs +2.7% The situation of Swiss watch industry exports improved steadily in the course of 2017.

More information

Cayman Islands. A. Definitions and sources of data

Cayman Islands. A. Definitions and sources of data Cayman Islands A. Definitions and sources of data Similar to other Caribbean Island states, the Cayman Islands is renowned for its financial industry and tourism. Although it has been tightening up its

More information

II. ESTONIAN BALANCE OF PAYMENTS FOR 2001

II. ESTONIAN BALANCE OF PAYMENTS FOR 2001 18 II ESTONIAN BALANCE OF PAYMENTS FOR 2001 In 2001 a rapid slowdown of economic growth was registered with all Estonia s major export partners The negative import growth of the euro area Finland and Sweden

More information

PwC M&A 2012 Review and 2013 Outlook 30 January 2013

PwC M&A 2012 Review and 2013 Outlook 30 January 2013 M&A 212 Review and 213 Outlook 3 January 213 China Beijing Advisory Leader: Nelson Lou Northern China Transaction Services Leader : Leon Qian Foreword explanation of data shown in this presentation (1

More information

China s Growth Miracle: Past, Present, and Future

China s Growth Miracle: Past, Present, and Future China s Growth Miracle: Past, Present, and Future Li Yang 1 Over the past 35 years, China has achieved extraordinary economic performance thanks to the market-oriented reforms and opening-up. By the end

More information