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2017-09-04
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HK should follow up mainland China's overseas investment curb

¡iĶ¤å¡jIn its recent efforts to restrict overseas investment, the State Council has released guidelines to curb acquisitions of foreign properties, hotels, film industries, entertainment firms and sports clubs. Chinese enterprises' expansion around the globe has proven to be vital to both the country's economic transition and the promotion of its Belt and Road Initiative. Yet, a gradual and orderly approach should be adopted in expanding outwards. Blindly investing abroad might be counterproductive, even leading to financial turmoil in China due to severe capital outflow. Hong Kong's respective sectors should closely observe the new trend that follows.

In recent years, Chinese firms have apparently accelerated their overseas investments, as more and more multinational corporations, hotels and sports clubs overseas are devoured. According to some statistics, China's nonfinancial outbound direct investment (ODI) in 2016 has surged 44 per cent to a staggering US$170.1 billion.

Prevents unregulated asset transfer

However, the hefty growth in overseas investments also has a negative impacts on the Chinese economy. For instance, domestic investments have been weakened as capital shifts abroad, and the country's foreign exchange reserves also continue to fall. Rumours regarding capital outflow echoes around the market as a result.

Unhealthy elements can be found in the overseas acquisition spree, as enterprises, with already dangerously high debt levels, embark on foreign investments with loans obtained from domestic banks or other financial institutions. Any miscalculations in this credit and leverage-fuelled financing strategy would significantly push up bad debt ratios of Chinese banks, and therefore introduce risks into the domestic market.

Meanwhile, some enterprises cover up capital flight by setting up investment shells overseas in the name of foreign investments. These shadow companies have no real operations, and are nothing but disguises for unregulated asset transfer.

Helps strengthen the Go Out tactic

In face of all these irrational and unhealthy phenomena, it has become necessary for the authorities to step up their efforts in the supervision of overseas investment behaviours. Certainly the new guidelines released by the State Council are by no means indicating a change in the Go Out policy. It is simply a reminder that organisation and rationality are the keys to Chinese enterprises' solid, profitable and sustainable overseas expansion.

Hong Kong has always been supporting Chinese enterprises' global ventures. Therefore, the respective industries should study the new guidelines closely and prepare to function better as the super connector between China and the world.¡½Jeffrey Tse [ywc_jeffrey@hotmail.com]

Exercise

1. °ê¥ø

2. ¨ÖÁÊ

3. ¨È§ë¦æ

4. °Ê¤O

5. ºî¦X¥ø·~

Answers

1. state-owned enterprises (SOE)

2. mergers & acquisitions (M&A)

3. Asian Infrastructure Investment Bank (AIIB)

4. momentum

5. conglomerates

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