China 'going out' investment strategy fruitful
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China, on top of its persistent "bringing in" investment approach, has now also taken the "going out" strategy amid the global financial crisis and has made noticeable achievements.
China's Yanzhou Coal Mining Thursday announced that it had completed all legal proceedings for the 3.2 billion-U.S.-dollar acquisition of the Australian-based coal company Felix Resources.
Martin Ferguson, minister of Resources and Energy in Australia, applauded the procurement as "a very good deal" for both sides.
This is a latest case that illustrates the feasibility and effectiveness of China's win-win "going out" strategy amid the global financial crisis.
When many countries were breaking their backs to combat the financial crisis in 2009 and reducing their investment abroad, China had done otherwise and invested more overseas.
China now has ranked the 12th on the list of countries investing abroad most, and the second among all developing countries, according to Taffere Tesfachew, chief of the office of the secretary-general of the U.N. Conference on Trade and Development (UNCTAD).
Tesfachew said the world now saw well-known Chinese companies, such as Lenovo and Huawei, invest in both developed markets and many African countries.
China's overseas investment not only boosts its own economy, but also is conducive to local economies, as the investment creates more jobs and offers advanced technology.
Meanwhile, China continues "bringing in" foreign investment to spur its own economy.
Up to now, over 480 enterprises out of the world's top 500 have invested in China, and some 1,200 foreign research centers have been established in China.
On Dec. 30, China's State Council, or cabinet, held a meeting to bring forward measures to create more attractive environment for foreign investment, and seek better use of foreign capital in technological innovation and industrial restructuring.
In this increasingly interwoven and interdependent world, China, by conducting the "going out" strategy more aggressively while sticking to the "bringing in" strategy, has presented an eye-catching economic scenery with a win-win situation for both China and other countries.
