The first-ever guide to overseas investment produced by the Chinese government looks at the
UK market
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| The guide, which will be distributed across China, was written under the aegis of the National Development and Reform Commission (NDRC), which broadly sets the course for the Chinese economy and for overseas investment. |
The guide suggests that Chinese companies might want to look at the UK's manufacturing sector, infrastructure, biosciences, digital sector and professional services as they hunt for targets.
Britain will become the focus of the first-ever Chinese government guide to investing overseas.
Inside, it outlines the basics of investing in the UK and highlights 20 successful case studies.
It suggests that Chinese companies might want to look at the UK's manufacturing sector, infrastructure, biosciences, digital sector and professional services as they hunt for targets.
In the past few years, Chinese companies have poured billions in the UK. Dalian Wanda has bought Sunseeker yachts and pledged to build twin skyscrapers in the heart of London, Bright Foods bought Weetabix and the entrepreneur Xu Weiping has pledged to redevelop St Albert's Docks in East London.
However, British officials believe the investments are only the thin end of the wedge as China tries to diversify some of its USD4 trillion (£2.4 trillion) of foreign exchange reserves.
Oliver Letwin, the Cabinet Office minister, helping to launch the guide in Beijing, said the UK is determined to be the most attractive destination in Europe for Chinese money.
"I am confident that this guide will provide practical support to the growing number of Chinese companies that want to enter the British and European markets," he said.
The guide is the result of almost two years of collaboration between the Chinese government and the British embassy in Beijing, including a week-long trip for Chinese officials to London, Birmingham, Cambridge and Oxford.
In July 2012, China laid out its five-year plan for overseas investment, saying that it wanted to emphasise "quality over quantity".
At the time, Professor Zhang Jianping, the NDRC researcher who oversaw the guide, voiced concerns that foreign governments might be intimidated by China's state-controlled behemoths if they started spending huge sums abroad.
He suggested that private Chinese companies, especially small and medium-sized enterprises, should lead the way overseas, and called for the government to help them tackle the hurdles.
Henry Bell, a first secretary in the Economics department at the British Embassy in Beijing, contacted Prof Zhang to ask him how the UK could help.
"He mentioned that they wanted to have guides for specific countries but had not worked out how they could do it," said Mr Bell. The embassy in Beijing, having been ordered to focus on commerce by William Hague, had the resources to help Prof Zhang with the project.
"In the UK, a company does not necessarily look to the government for help but it is fair to say that in China, companies do look to the government for advice," said Mr Bell.
The embassy has also worked on improving the flow of visas, issuing nearly 380,000 to Chinese visitors last year, a 31pc rise.
"I am extremely confident that Chinese investment will continue to increase rapidly in the years ahead," said Prof Zhang. "The UK is particularly welcoming to Chinese companies," he added.
The Telegraph
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