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      China overseas expansion grows despite challenges

      2013-02-15 18:33 CNTV     Web Editor: Mo Hong'e comment

      Now for China's biggest foreign takeover ever. It's the CNOOC-NEXEN deal which cleared the final hurdle earlier this week by gaining approval from US regulators. Past experience has shown the US is traditionally cautious of Chinese investment. Experts say the CNOOC-NEXEN deal is a positive sign for Chinese investors in global markets.

      Back in 2005, US regulators blocked CNOOC's attempt to buy oil company Unocal for 18.5 billion US dollars. The deal was scrapped over concerns the takeover would give China access to key US assets.

      Li Daokui, a former advisor to China's central bank says the situation have changed a lot since the 2005 failure, and now Chinese companies have better opportunities.

      Proffessor Li Daokui, Tsinghua University, said, "First the market is very different. In 2005 the international crude oil price was increasing. And people in the world were anxious. In that year, it's very difficult to talk about any international acquisition of crude oil business. Today the crude oil market is stabilised. In fact, in the US, people are talking about energy self-sufficiency, so the Canadian oil companies are worried about losing markets. So China is becoming the biggest hope for international oil companies for the next big market. "

      But despite these developments, many Chinese investors are facing resistance towards their foreign acquisition deals. Professor Li Daokui says Chinese companies need to work harder to boost their public relations and image when expanding in foreign markets.

      Proffessor Li Daokui, said, "First they will do better negotiations with target corporation, in promising the employees, and the community of operation of the enterprise, much more and explicit concessions. And second they will be doing even better job communicating and explaining to the host country of the corporation they in which they are trying to buy shares."

      China's overseas investment shifted into fast gear in 2012, surging nearly 30 percent year on year to 77 billion US dollars. Analysts say as China's economy grows, the potential for Chinese companies to grow overseas will move in tandem.

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