【英文】德国墨卡托中国研究所报告：中国在欧洲的外国直接投资（19页）

英文研究报告 2022年05月17日 06:56 管理员

2021 saw a strong global recovery in foreign direct investment fows from exceptionally low levels in 2020. According to the United Nations Conference on Trade and Development (UNCTAD), global direct investment fows rebounded by 77 percent to exceed pre-pandemic levels. Chinese global investment was an exception to this trend and stalled in 2021. According to ofcial Chinese statistics, China’s outbound non-fnancial investment increased by 3 percent only in 2021 to USD 114 billion (EUR 96 billion). China’s global outbound M&A activity slipped to a 14-year low in 2021, with completed mergers and acquisitions totaling just EUR 25 billion, down 9 percent from 2020 and 45 percent from 2019. That China’s global outward foreign direct investment (OFDI) did not recover was due to several factors: China’s overseas investment activity had been declining since 2016, due to domestic constraints on outbound capital fows and tightening scrutiny of Chinese investments abroad.

The lack of a recovery is also likely linked to China’s adherence to a zero-Covid strategy, which hindered cross-border travel and thus deal-making activities. What’s more, sharp competition for global assets in a booming M&A context likely put Chinese buyers at a disadvantage due to their limited international experience and emerging regulatory concerns.While China’s global outbound investment did not recover in 2021, Chinese FDI in Europe rebounded, increasing 33 percent from a Covid-induced low point of EUR 7.9 billion in 2020 to EUR 10.6 billion in 2021 (see exhibit 2). The rebound occurred despite continued outbound capital controls in China, pandemic-related travel restrictions, and a now fully operational EU FDI screening regime. However, Chinese investment in Europe remains at very low levels compared to the 2016 high of EUR 47 billion.