Chinese company -- Shuanghui International Holdings -- got the greenlight to buy Smithfield, the world's largest pork producer, from its American shareholders in a deal worth US$4.7 billion.

Experts predict that China will become a net global investor by 2017 -- with outbound investment reaching US$172 billion -- becoming the world's second largest foreign investor after the US.

Besides basic necessities, Chinese firms with deep pockets are also looking to park their money in brands and sectors that can benefit from China's fast-growing middle-class consumer market.

Fosun Group chairman Guo Guangchang said: "A driver of China's development is the upgrading of the consumer, industries and cities. So China needs better products in tourism, aging, education and environmental protection.

“This is the direction which Fosun is investing in. Europe, for example, has a rich history of traditional food. They're not only filling, but they're full of culture and history -- like wine, olives and ham."

In seven years, China's ranking as a global investor has jumped from 16 to what it is now -- the third biggest global investor behind the US and Japan -- with its outbound investment growing at an average of 35 per cent between 2005 and 2012.
 

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