Ministry of Commerce has just released "Overseas Investment Management" in the investment of more than $ 10 million, $ 100 million less foreign investment and energy, minerals like foreign investment approval authority to the provincial authorities with a simplified corporate overseas investment approval process. The good news in the chemical industry positive response, the past few days, reporters learned that the industry has the strength of the business, there are varying degrees to choose the overseas investment or acquisition intentions.
Under the new "measures", the Ministry of Commerce to retain only a small number of significant, sensitive foreign investment approval authority, including $ 100 million of foreign investment, given the country's foreign investment. Expected to "approach" on May 1 after the official implementation, there will be about 85% of foreign investment approved by the provincial department responsible for the matter.
New "approach" to encourage domestic enterprises to foreign investment intentions clear. This year, Premier Wen Jiabao's "Government Work Report" has been proposed to promote the use of foreign capital and foreign investment and coordinated development, support various types of qualified enterprises to invest and carry out cross-border mergers and acquisitions. Ministry of Commerce also made it clear that foreign investment and cooperation for the stability of foreign demand, has played an active role in expanding domestic demand, not only increase the international competitiveness of domestic enterprises, but also help promote balance of payments.
In recent years, rapid development of China's foreign investment. In 2008, the country's foreign direct investment reached $ 52.15 billion, an increase of 96.7%, related to the petrochemical, energy, metallurgy and other fields. Ability in the investment, while investment is also to various forms of expansion.
China National Chemical Corporation, as the domestic chemical industry leader in overseas investment, overseas mergers and acquisitions over the past two years, brilliant record, and established a joint venture with the Blackstone Group, the relationship, the investment behavior has been the concern outside the industry. Citibank managing director told reporters that the money was king, very much appreciate the Chinese investment in overseas mergers and acquisitions in the chemical industry a bold, pragmatic style. Currently, the general manager of China National Chemical Corporation, Ren Jianxin, has made it clear, will continue to adhere to the "to buy, Guan Dele, well done, take to get there, come back" principle, choose the appropriate time to invest overseas acquisitions.
Sinopec official told reporters at 19, said as a strategic investment, Sinopec will continue to insist that foreign investment and mergers and acquisitions business practices, but will depend on their own ability to develop and market conditions and other factors specific investment plans.
Correspondent in an interview that the current domestic chemical companies, especially the scarcity of resources-based enterprises in both conditions have the ability to resource projects overseas investment intentions. A fertilizer company CEOs admitted that, due to severe shortage of domestic potash resources, will use every opportunity to invest in foreign potash project.