Since the China (Shanghai) Pilot Free Trade Zone( FTZ ) adopted a filing-based system instead of an approval-based system for the registration of domestic companies that invest overseas, a total of US$500 million has been invested abroad by these companies.

 

The FTZ obtained a permission from the Ministry of Commerce to scrap the US$100 million cap on outbound investment by Chinese companies. Soon after, Fosun International, a private-owned Chinese conglomerate, acquired an 80 percent stake in Caixa Seguros e Saude (CSS), the largest insurance company in Portugal, and China Media Capital purchased a 47 percent stake in Star TV. Chinese companies also completed five more large-scale overseas acquisitions.

 

SAIC, Baosteel, Shanghai Greenland Group and Bailian Group already joined Fortune Global 500 companies last year.

 

Shanghai is  trying to internationalize local companies engaged in investment consulting, accounting, law, human resources, banking, insurance and rescue services.

 

It aims to increase outbound investment to about 10 percent of the national total in three to five years from 4.8 percent last year.

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