2023年一季度中國(guó)海外投資概覽報(bào)告：中國(guó)對(duì)外直接投資開局良好海外并購(gòu)活動(dòng)持續(xù)低迷-安永

ClickClickforEnglishOverviewofChinaoutboundinvestmentofQ1202322023年一季度中國(guó)海外投資概覽永中國(guó)海外投資業(yè)務(wù)部2023年5月8日第第2頁(yè)第2頁(yè)球主管2023年一季度國(guó)際金融市場(chǎng)持續(xù)動(dòng)蕩，今年全球經(jīng)濟(jì)增長(zhǎng)預(yù)期繼續(xù)被調(diào)低至2.8%1，盡管發(fā)達(dá)國(guó)家通貨膨脹率較前期高位有所回落，但普遍距各國(guó)目標(biāo)仍有較大差距，因此短期內(nèi)主要國(guó)家高利率環(huán)境預(yù)計(jì)或?qū)⒊掷m(xù)，這也將進(jìn)一步加劇全球經(jīng)濟(jì)下行壓力。加之地緣政治風(fēng)險(xiǎn)對(duì)投資和經(jīng)濟(jì)產(chǎn)出的割裂影響正在擴(kuò)大，中企“走出去”仍面臨較有挑戰(zhàn)的外部環(huán)境。另一方面，中國(guó)經(jīng)濟(jì)今年呈現(xiàn)出恢復(fù)向好的態(tài)勢(shì)，消費(fèi)增速由負(fù)轉(zhuǎn)正，外貿(mào)進(jìn)出口逐月向好，全行業(yè)對(duì)外直接投資同比錄得較大幅度增長(zhǎng)。隨著中國(guó)經(jīng)濟(jì)一季度平穩(wěn)開局，在高水平對(duì)外開放的推動(dòng)下，中企跨境投資的熱度有望進(jìn)一步提升。此外，一季度以來(lái)中國(guó)與眾多國(guó)家展開的高層互動(dòng)也將為中企的海外發(fā)展提供更多的方向和機(jī)遇。資料來(lái)源：1.《世界經(jīng)濟(jì)展望報(bào)告》，國(guó)際貨幣基金組織(IMF)，2023年4月2023年一季度中國(guó)海外投資概覽本期摘要本期摘要對(duì)外直接投資海外并購(gòu)對(duì)外承包工程安永推薦閱讀對(duì)外直接投資2中國(guó)全行業(yè)對(duì)外直接投資404.7億美元，同比大幅增長(zhǎng)18%；非金融類對(duì)外直接投資315.4億美元，同比增長(zhǎng)17.2%，其中對(duì)“一帶一路”沿線國(guó)家非金融類直接投資57.6億美元，同比增長(zhǎng)9.5%。海外并購(gòu)3季新低，同比下降26%；宣布的交易數(shù)量為金額前三大熱門行業(yè)為先進(jìn)制造與運(yùn)輸，房地產(chǎn)、酒店與建造業(yè)以及TMT*，占MT從區(qū)域來(lái)看，亞洲仍最受歡迎，交易金額與數(shù)量均位列第一，按金額計(jì)，最受中企歡迎的十大目別為越南、阿曼、日本和韓國(guó)；本期各大洲中僅有拉丁美洲交易金額錄得增長(zhǎng)(+13%)，交易數(shù)量?jī)H有亞洲錄得增長(zhǎng)(+38%)。對(duì)外承包工程2對(duì)外承包工程新簽合同額431.5億美元，同比下降9%，“一帶一路”新簽合同額占比大幅提高，較*TMT行業(yè)包括科技、媒體和娛樂以及通信業(yè)資料來(lái)源：2.中國(guó)商務(wù)部；3.Refinitiv、Mergermarket，包括香港、澳門和臺(tái)灣的對(duì)外并購(gòu)交易，數(shù)據(jù)包括已宣布但尚未完成的交易，于2023年4月3日下載；安永分析第3頁(yè)2023年一季度中國(guó)海外投資概覽1,5001,00050002001501004839531,5001,00050002001501004839535858323038524442對(duì)外承包工程外直接投資并購(gòu)摘要對(duì)外直接投資開局良好，錄得兩位數(shù)增長(zhǎng)中國(guó)全行業(yè)對(duì)外直接投資404.7億美元，同比增長(zhǎng)18%?其中非金融類對(duì)外直接投資315.4億美元，同比增長(zhǎng)17.2%?部分行業(yè)對(duì)外投資增長(zhǎng)較快，投向批發(fā)和零售業(yè)以及交通運(yùn)輸、倉(cāng)儲(chǔ)和郵政業(yè)的投資，分別同比增長(zhǎng)31.4%以及24.4%。對(duì)“一帶一路”沿線國(guó)家非金融類直接投資57.6億美元，同比增長(zhǎng)9.5%?占同期總額的18.3%。?主要投向東盟國(guó)家、塞爾維亞、阿拉伯聯(lián)合酋長(zhǎng)國(guó)和哈薩克斯坦等國(guó)家和地區(qū)。第4頁(yè)202第4頁(yè)中國(guó)全行業(yè)對(duì)外直接投資額(億美元中國(guó)全行業(yè)對(duì)外直接投資額(億美元)1,4521,4521,3293813223013584583962923181,4653973803453432963102644054051,17125720192020202120222023二季度三季度四季度對(duì)“一帶對(duì)“一帶一路”沿線國(guó)家非金融類直接投資額(億美元)20321011784853491505053565450020192020202120222023一季度二季度三季度四季度注：圖表數(shù)據(jù)統(tǒng)一保留至整數(shù)位，并由于四舍五入的緣故，其合計(jì)數(shù)未必與總計(jì)數(shù)相等資料來(lái)源：中國(guó)商務(wù)部月度簡(jiǎn)明統(tǒng)計(jì)數(shù)據(jù)6004009093167737616979999247353600400909316773761697999924735352006004002000535180140171136534140118535135138對(duì)外承包工程外直接投資并購(gòu)摘要海外并購(gòu)金額繼續(xù)走低，先進(jìn)制造與運(yùn)輸為最受歡迎的行業(yè)2023年一季度?中企宣布的海外并購(gòu)總額僅為34.9億美元，為近年單季新低，同比下降26%，宣布的交易數(shù)量為116宗，同比減少4%。7828002522524163181607958213919728502019一季度2020202120222023800648115312315614112214013812111611620192020202120222023注：圖表數(shù)據(jù)統(tǒng)一保留至整數(shù)位，并由于四舍五入的緣故，其合計(jì)數(shù)未必與總計(jì)數(shù)相等資料來(lái)源：Refinitiv、Mergermarket，包括香港、澳門和臺(tái)灣的對(duì)外并購(gòu)交易，數(shù)據(jù)包括已宣布但尚未完成的交易，于2023年4月3日下載；安永分析第5頁(yè)2023年一季度中國(guó)海外投資概覽摘要金額 1摘要金額 19.529.236.843.752.6行業(yè)分析2023年一季度?按交易金額計(jì)，前三大熱門行業(yè)為先進(jìn)制造與運(yùn)輸，房地產(chǎn)、酒店與建造業(yè)以及TMT，共占總交易額的73%。先進(jìn)制造與運(yùn)輸和房地產(chǎn)、酒店與建造行業(yè)錄得較大同比增長(zhǎng)，分別為87%和191%。本期主要交易包括：1)某中企收購(gòu)知名瑞士企業(yè)旗下位于美國(guó)的電力轉(zhuǎn)換部門，以完善自身產(chǎn)品組合，加速其在電源行業(yè)的升級(jí)和在北美洲市場(chǎng)的發(fā)展；2)某中國(guó)不動(dòng)產(chǎn)管理公司認(rèn)購(gòu)位于越南的某物流、工業(yè)新經(jīng)濟(jì)地產(chǎn)平臺(tái)；3)某中企收購(gòu)埃及某集裝箱碼頭部分股份，進(jìn)一步強(qiáng)化了其在埃及的碼頭網(wǎng)絡(luò)；4)某中企收購(gòu)德國(guó)某汽車零部件企業(yè)，促進(jìn)該中企產(chǎn)業(yè)鏈整合，夯實(shí)其在電動(dòng)車領(lǐng)域的發(fā)展優(yōu)勢(shì)。?按交易數(shù)量計(jì)，前三大熱門行業(yè)為TMT、先進(jìn)制造與運(yùn)輸以及金融服務(wù)，占總量的61%。其中，TMT行業(yè)交易數(shù)量同比增長(zhǎng)34%，但TMT行業(yè)未披露金額的交易占比與去年同期相比上升了七個(gè)百分點(diǎn)，這也是導(dǎo)致交易金額不升反降的部分原因。消費(fèi)品造與融服務(wù)對(duì)外承包工程外直接投資并購(gòu)海外并購(gòu)(M&A)(續(xù))按按交易金額學(xué)地產(chǎn)、酒店與建造進(jìn)制造與運(yùn)輸按按交易數(shù)料來(lái)源：Refinitiv、Mergermarket，包括香港、澳門和臺(tái)灣的對(duì)外并購(gòu)交易，數(shù)據(jù)包括已宣布但尚未完成的交易，于第6頁(yè)2023年4月3日下載；安永分析2023年一季度中國(guó)海外投資概覽9.5億美元32宗9億美元21宗9.5億美元32宗9億美元21宗1.3億美元5宗大洲金額宗數(shù)對(duì)外承包工程外直接投資并購(gòu)摘要海外并購(gòu)(M&A)(續(xù))區(qū)域分析10.1億美元51宗3.8億美元4宗1.2億美元3宗數(shù)據(jù)包括已宣布但尚未完成的交易，于2023年4月3日下載；安永分析資料來(lái)源：數(shù)據(jù)包括已宣布但尚未完成的交易，于2023年4月3日下載；安永分析2023年一季度中國(guó)海外投資概覽第2023年一季度中國(guó)海外投資概覽9.5億美元9.5億美元32宗同比下降39%24%?主要投向英國(guó)(房地產(chǎn)、酒店與建造業(yè))和德國(guó)(先進(jìn)制造與運(yùn)輸業(yè))，兩國(guó)的交易金額占中企在歐洲宣布的并購(gòu)總額的86%。?2023年一季度，歐洲通貨膨脹有所緩解，IMF對(duì)歐元區(qū)2023年最新經(jīng)濟(jì)增長(zhǎng)預(yù)期為0.8%1，較今年1月的預(yù)測(cè)高0.1個(gè)百分點(diǎn)。?近期中國(guó)與歐洲高級(jí)領(lǐng)導(dǎo)人也互動(dòng)頻繁，在經(jīng)貿(mào)領(lǐng)域合作有升溫趨勢(shì)，西班牙首相、歐盟委員會(huì)主席和法國(guó)總統(tǒng)先后訪華。其中，中西簽署了教育、海關(guān)、體育等多項(xiàng)雙邊合作文件；中法一致同意深化農(nóng)食、航空航天、民用核能等傳統(tǒng)合作，并培育綠色發(fā)展、科技創(chuàng)新等新合作增長(zhǎng)點(diǎn)。對(duì)外承包工程外直接投資并購(gòu)摘要海外并購(gòu)(M&A)(續(xù))區(qū)域分析10.1億美元51宗同比下降34%同比增長(zhǎng)38%?本期中企在亞洲宣布的交易金額與數(shù)量均位列第一，并且是交易數(shù)量唯一錄得增長(zhǎng)的大洲。?在最受中企青睞的前十大目的地中，有四個(gè)來(lái)自亞洲，分別為越南、阿曼、日本和韓國(guó)，四國(guó)占中企在亞洲宣布的并購(gòu)總額的87%。?一季度，中國(guó)與東盟的合作關(guān)系進(jìn)一步深化，菲律賓總統(tǒng)、柬埔寨首相、東盟秘書長(zhǎng)以及新加坡和馬來(lái)西亞兩國(guó)總理相繼訪華，各方與中國(guó)分別探討了多領(lǐng)域的合作意向，未來(lái)東盟仍將為中企國(guó)際化發(fā)展的重點(diǎn)區(qū)域，尤其在基礎(chǔ)設(shè)施、綠色和數(shù)字經(jīng)濟(jì)以及金融等方面有較好的發(fā)展前景和增長(zhǎng)機(jī)遇。第8頁(yè)2023年一季度中國(guó)海外投資概覽非洲3.8億美元非洲3.8億美元同比下降11%4宗與去年持平?主要交易為某中企收購(gòu)埃及某集裝箱碼頭部分股份的交易。 大洋洲1.2億美元同比下降28%3宗同比下降63%?主要投向澳大利亞的采礦與金屬行業(yè)。本期摘要對(duì)外直接投資海外并購(gòu)對(duì)外承包工程安永推薦閱讀海外并購(gòu)(M&A)(續(xù))區(qū)域分析北美洲9億美元同比下降6%21宗同比下降9%?中企在北美的投資主要投向TMT以及醫(yī)療與生命科學(xué)行業(yè)，兩行業(yè)并購(gòu)金額占中企在北美洲投資總額的94%。?雖然本期中國(guó)在美國(guó)的并購(gòu)金額降幅趨緩，但在中美關(guān)系遭遇困難的當(dāng)下，地緣政治因素仍對(duì)中企在北美洲的投資有較大的制約效應(yīng)。拉丁美洲1.3億美元5宗同比增長(zhǎng)13%29%?為本期唯一交易金額錄得增長(zhǎng)的大洲。?近期巴西新上任總統(tǒng)訪華，中巴雙方發(fā)表了《關(guān)于深化全面戰(zhàn)略伙伴關(guān)系的聯(lián)合聲明》，并同意將圍繞基礎(chǔ)設(shè)施、能源轉(zhuǎn)型、物流、能源、礦業(yè)、農(nóng)業(yè)、工業(yè)以及高科技等領(lǐng)域加強(qiáng)投資與經(jīng)貿(mào)合作，并簽署了一系列合作協(xié)議。?巴西作為拉丁美洲經(jīng)濟(jì)總量最大和人口最多的國(guó)家，與中國(guó)深化經(jīng)貿(mào)合作將具有示范作用，或?qū)⑼苿?dòng)中國(guó)與其他拉丁美洲國(guó)家的合作。第9頁(yè)2023年一季度中國(guó)海外投資概覽2023年一季度中企宣布的海外并購(gòu)前十大目的地(按交易數(shù)量，宗數(shù))22023年一季度中企宣布的海外并購(gòu)前十大目的地(按交易數(shù)量，宗數(shù))2023年2022年1美國(guó)792533924德國(guó)875616馬來(lái)西亞637法國(guó)538英國(guó)569印度520加拿大44-0瑞士41本期摘要對(duì)外直接投資海外并購(gòu)對(duì)外承包工程安永推薦閱讀海外并購(gòu)(M&A)(續(xù))區(qū)域分析2023年一季度中企宣布的海外并購(gòu)前十大目的地(按交易金額，億美元)2023年2022年1美國(guó)9.09.424.91.434.5-/43.80.03+13,789%53.31.261.9-/71.40.681.3-/9澳大利亞1.21.600.96.0資料來(lái)源：Refinitiv、Mergermarket，包括香港、澳門和臺(tái)灣的對(duì)外并購(gòu)交易，數(shù)據(jù)包括已宣布但尚未完成的交易，于2023年4月3日下載；安永分析第10頁(yè)2023年一季度中國(guó)海外投資概覽1,1364081,05243098941,1364081,0524309894921,060435432432569535518554553506562474372331416290378301317317326280對(duì)外承包工程外直接投資并購(gòu)摘要對(duì)外承包工程項(xiàng)目穩(wěn)步發(fā)展，助力多國(guó)經(jīng)濟(jì)發(fā)展2023年一季度，中企對(duì)外承包工程?新簽合同額431.5億美元，同比下降9%?在“一帶一路”沿線國(guó)家和地區(qū)，新簽合同額255.4億美元，同比增長(zhǎng)3.7%，占同期總額的59.2%，較去年同期提高7.2個(gè)百分點(diǎn)。?完成營(yíng)業(yè)額316.6億美元，同比增長(zhǎng)9.2%?在“一帶一路”沿線國(guó)家和地區(qū)完成營(yíng)業(yè)額170.1億美元，同比增?一季度中企在海外新簽大項(xiàng)目包括：1)烏茲別克斯坦太陽(yáng)能光伏電站合作協(xié)議(投資總額約20億美元)；2)剛果(金)城市鐵路項(xiàng)目(合同金額約9.7億美元)；3)沙特海水淡化和營(yíng)地項(xiàng)目(合同金額約6.5億美元)；4)尼日利亞水泥生產(chǎn)線項(xiàng)目(合同金額約5.8億美元)4。4.資料來(lái)源：公開信息整理第11頁(yè)202第11頁(yè)22023年一季度中國(guó)對(duì)外承包工程新簽合同額(億美元)3,0002,6032,5552,5852,5312,5002,0001,5001,000500020192020202120222023一季度二季度三季度四季度22023年一季度中國(guó)對(duì)外承包工程完成營(yíng)業(yè)額(億美元)1,7292,001,729480364307474803643074753953187086471,5001,000500020192020202120222023一季度二季度三季度四季度注：圖表數(shù)據(jù)統(tǒng)一保留至整數(shù)位，并由于四舍五入的緣故，其合計(jì)數(shù)未必與總計(jì)數(shù)相等資料來(lái)源：中國(guó)商務(wù)部月度簡(jiǎn)明統(tǒng)計(jì)數(shù)據(jù)本期摘要本期摘要對(duì)外直接投資海外并購(gòu)對(duì)外承包工程安永推薦閱讀1.1.【安永觀察】投資越南北部的機(jī)遇與挑戰(zhàn)4.【安永稅務(wù)】比利時(shí)財(cái)政部長(zhǎng)發(fā)布稅收改革提案色活力眾平臺(tái)二維碼，獲取更多推薦閱讀內(nèi)容安永中國(guó)海外投資業(yè)務(wù)部走出去微信智庫(kù)一帶一路微信智庫(kù)第12頁(yè)2023年一季度中國(guó)海外投資概覽加拿大美國(guó)加勒比地區(qū)以色列玻利維亞厄瓜多爾牙買加墨西哥秘魯委內(nèi)瑞拉阿根廷巴西智利CanadaUnitedStatesCaribbeanRegionIsraelBoliviaEcuadorJamaicaMexicoPeruVenezuelaArgentinaBrazilChileNCOINCOIN在美洲、EMEIA(歐洲、中東、印度及非洲)和亞太各大區(qū)現(xiàn)有的中國(guó)業(yè)務(wù)團(tuán)隊(duì)的基礎(chǔ)上，將全球的安永專業(yè)人員連接在一起，在海外投資的各個(gè)階段，從投資計(jì)劃到執(zhí)行和投后整合，為中國(guó)客戶提供一站式服務(wù)。豐豐富的跨國(guó)服務(wù)經(jīng)驗(yàn)和全面的服務(wù)領(lǐng)域國(guó)際化背景和本土化專業(yè)人才多種語(yǔ)言的無(wú)縫專業(yè)服務(wù)奧地利比利時(shí)捷克丹麥芬蘭法國(guó)德國(guó)希臘匈牙利意大利哈薩克斯坦吉爾吉斯斯坦盧森堡荷蘭挪威巴基斯坦波蘭葡萄牙羅馬尼亞西班牙瑞典瑞士土耳其英國(guó)烏茲別克斯坦巴林埃及科威特沙特阿拉伯阿聯(lián)酋印度阿爾及利亞安哥拉喀麥隆剛果民主共和國(guó)埃塞俄比亞利比亞莫桑比克尼日利亞南非南蘇丹烏干達(dá)贊比亞津巴布韋AustriaBelgiumCzechRepublicDenmarkFinlandFranceGermanyGreeceHungaryItalyKazakhstanKyrgyzstanLuxembourgNetherlandsNorwayPakistanPolandPortugalRomaniaSpainSwedenSwitzerlandTurkeyUnitedKingdomUzbekistanBahrainEgyptKuwaitSaudiArabiaUnitedArabEmiratesIndiaAlgeriaAngolaCameroonDemocraticRepublicofCongoEthiopiaLibyaMozambiqueNigeriaSouthAfricaSouthSudanUgandaZambiaZimbabwe澳大利亞新西蘭日本韓國(guó)文萊柬埔寨印度尼西亞老撾馬來(lái)西亞緬甸菲律賓新加坡斯里蘭卡泰國(guó)越南AustraliaNewZealandJapanSouthKoreaBruneiCambodiaIndonesiaLaosMalaysiaMyanmarPhilippinesSingaporeSriLankaThailandVietnam70+網(wǎng)絡(luò)覆蓋3,200+開展海外業(yè)務(wù)74,000+中企的海外項(xiàng)目*以上為過去三年的數(shù)據(jù)網(wǎng)絡(luò)覆蓋的“一區(qū)1,600+協(xié)助在“一帶一路”共建34,000+在“一帶一路”共建國(guó)家助中企參與的項(xiàng)目數(shù)量第13頁(yè)2023年一季度中國(guó)海外投資概覽如欲取得更多有關(guān)中國(guó)海外投資業(yè)務(wù)部的信息，請(qǐng)瀏覽我們的網(wǎng)站/zh_cn/coin或聯(lián)系：大中華區(qū)首席執(zhí)行官管理委員會(huì)成員+861058154057jack.chan@亞明華區(qū)能源資源行業(yè)聯(lián)席主管戰(zhàn)略與交易咨詢服務(wù)主管+861058153891alex.zhu@發(fā)大中華區(qū)區(qū)咨詢服務(wù)市場(chǎng)拓展主管+862122283388eric.chia@昭媚+85226293133loletta.chow@蔡偉年大中華區(qū)國(guó)際及并購(gòu)重組稅主管+861058153230andrew.choy@大中華區(qū)財(cái)務(wù)會(huì)計(jì)咨詢服務(wù)主管+862122282816lawrence.lau@全球稅務(wù)主管+862122282798jesse.lv@進(jìn)軍合主管+861058152805julie.hao@事務(wù)所+861058152086wood.zhang@大中華區(qū)戰(zhàn)略與交易咨詢服務(wù)主管+862122282205erica.su@合伙人安永(中國(guó))企業(yè)咨詢有限公司+862122288789+16173753792xiaoqing.zhang@清華+33146934363qinghua.xu-pionchon@拿大主管ric.c.xiao@拿大多倫多+49211935220153yi.sun@德國(guó)杜塞爾多夫+551196252084fernanda.chang@素雯蘭主管+442079517952slee1@大洋洲區(qū)主管+61292485008john.li@亞悉尼許潤(rùn)翔+6563096275adrian.koh@新加坡國(guó)巴黎第14頁(yè)2023年一季度中國(guó)海外投資概覽好的商業(yè)世界。我們致力幫戶、員工及社會(huì)各界創(chuàng)造長(zhǎng)期價(jià)值，同時(shí)在資在數(shù)據(jù)及科技賦能下，安永的多元化團(tuán)隊(duì)通過鑒證服務(wù)，于150多個(gè)國(guó)家及地區(qū)構(gòu)建信任，并協(xié)助企型和運(yùn)營(yíng)。在審計(jì)、咨詢、法律、戰(zhàn)略、稅務(wù)與交易的專業(yè)服團(tuán)隊(duì)對(duì)當(dāng)前最復(fù)雜迫切的挑戰(zhàn)，提出安永是指Ernst&YoungGlobalLimited的全球組織，加盟該全球組織的各成員機(jī)構(gòu)均為獨(dú)立的法律實(shí)體，各成員機(jī)構(gòu)可單獨(dú)簡(jiǎn)稱為“安永”。Ernst&YoungGlobalLimited是注冊(cè)于英國(guó)的一家保證(責(zé)任)有限公司，不對(duì)外提供任何服務(wù)，不擁有其成員機(jī)構(gòu)的任何股權(quán)或控制權(quán)，亦不擔(dān)任任何成員機(jī)構(gòu)的總部。請(qǐng)登錄/privacy，了解安永如何收集及使用個(gè)人信息，以及在個(gè)人信息法規(guī)保護(hù)下個(gè)人所擁有權(quán)利的描述。安永成員機(jī)構(gòu)不從事當(dāng)?shù)胤山沟姆蓸I(yè)務(wù)。如欲進(jìn)一步了解安永，請(qǐng)瀏覽。?2023安永，中國(guó)。版權(quán)所有。APACno.03017254EDNone.本材料是為提供一般信息的用途編制，并非旨在成為可依賴的會(huì)計(jì)、稅務(wù)、法律或其他專業(yè)意見。請(qǐng)向您的顧問獲取具體意見。業(yè)務(wù)部”微信公眾號(hào)2023年一季度中國(guó)海外投資概覽OverviewOverviewofChinaoutboundinvestmentofQ12023Chinaoutwarddirectinvestmentmadeapositivestart,whileoverseasM&Aactivitiesremainsluggish8May2023AmidthevolatileinternationalfinancialmarketinQ12023,theglobaleconomywasprojectedtoincrease2.8%1.Inflationpressureappearedtohaveeasedfrompreviousheightsamongadvancedeconomies.Yet,thegapfromthetargetlevelisstillthereand,therefore,interestratesamongkeyeconomiesmightbekeptrelativelyhigherintheneartermandtheglobaleconomicdownwardpressuremightcontinue.Inaddition,thefragmentedimpactofgeopoliticalrisksoninvestmentandeconomicoutputisexpanding,posingchallengesforChineseenterprisesgoingabroad.Ontheotherhand,China’seconomyhasshownsignsofrecoverythisyear,withconsumptiongrowthturningpositive,foreigntradeimprovingmonthbymonth,andODIrecordingasignificantYOYgrowthinQ1.WiththesteadyeconomicdevelopmentofChinainQ1andthepromotionofhigh-levelopening-up,themomentumofChinaoutboundinvestmentisexpectedtofurtherincrease.Moreover,thehigh-levelinteractionsbetweenChinaandmanycountriesintheearly2023mayalsoprovideincreaseddirectionandopportunitiesforChineseenterprisesseekingoverseasdevelopment.Source:1.WorldEconomicOutlook,IMF,January2023OverviewofChinaoutboundinvestmentofQ12023ummaryChinaoveralloutwarddirectinvestment(ODI)wasUS$40.5billioninthefirstquarterof(Q1)2023,representingasignificantyearonyearYOYincreaseofThenonfinancialODIwasUSbillionupYOY.TheBeltandcreasedYOYtoUSbillioncquisitionsMAswasonlyUSbilliondownYOYtoarecentquarterlylow.Thenumberofannounceddealsdecreasedby4%to116.?Sector-wisebydealvalue,73%ofthetotaltookplaceinthetopthreesectors,namelyadvancedmanufacturing&mobility,realestate,hospitality&construction,andTMT*.Theadvancedmanufacturing&mobilitysectorsawanunexpectedgrowthof87%,becomingthemostpopularsectorforthefirsttimeinfiveyears.Bydealvolume,61%ofthetotaltookplaceinthetopthreesectors,namelyTMT,advancedmanufacturing&mobility,andfinancialservices.?Fromaregionalperspective,Asiaremainsthemostpopular,withbothdealvalueandvolumerankingfirstamongallcontinents.Ofthetop10destinationsforChineseenterprises,fourwerefromAsia,includingVietnam,Oman,JapanandSouthKoreaNewlysignedChinaoverseasengineeringprocurementconstruction(EPC)projectsdecreased9%YOYtoUS$43.2billion.However,theproportionofnewlysignedB&REPCprojectsincreasedconsiderably,up7.2percentagepointsYOY.CompletedturnoverofChinaoverseasEPCprojectstotaledUS$31.7billion,up9.2%YOY.*TheTMTsectorreferstotechnology,media&entertainmentandtelecommunicationsSources:2.ChinaMOFCOM.3.Refinitiv;Mergermarket,includingdatafromHongKong,MacauandTaiwan,anddealsthathavebeenannouncedbutnotyetcompleted,datawasdownloadedon3April2023;EYanalysisOverviewofChinaoutboundinvestmentofQ120235004.91050ODImadeapositivestart,recordingdouble-digit5004.91050ODImadeapositivestart,recordingdouble-digitincrease34.531.034.340.540.539.631.829.225.7StatisticsshowsthatinQ12023,ChinaoverallODIreachedUS$40.5b,up18%YOY.?Chinanon-financialODIreachedUS$31.5b,up17.2%YOY.?SomeindustriessawfastergrowthinODI,withinvestmentsinwholesale&retailindustryandtransportation,warehousingandpostalservicesincreasingby31.4%and24.4%,respectively.TheB&Rnon-financialODIreachedUS$5.8b,up9.5%YOY.?Representing18.3%ofthetotal.?MainlyinvestedincountriesandregionssuchasASEAN,Serbia,theUnitedArabEmiratesandKazakhstan.146.539.7146.539.738.0150132.9117.1332.210035.845.820192020202120222023Q1Q2Q3Q420.321.020.317.85.415.04.8154.85.05.35.05.320192020202120222023Q1Q2Q3Q4Note:Duetorounding,thetotalmaynotbeequaltothesumofindividualquarters.Sources:MonthlyStatisticsinBrief,ChinaMOFCOM;ChinaMOFCOMPage4OverviewofChinaoutboundinvestmentofQ12023806040208060402007.69.07.99.916.99.3 6004002000535180140171136535135138534140118naoverseasMAscontinuedtodecreasewithadvancedmanufacturingmobilityasthemostpopularsectorInQ12023?ThevalueofannouncedChinaoverseasM&AswasonlyUS$3.5b,down26%YOYtoarecentquarterlylow.Thenumberofannounceddealsdecreasedby4%to25.228.541.616.058.213.919.731.87.920192020202120222023QQ2Q3Q4648111611615614115312312214013812120192020202120222023Q1Q2Q3Q4Note:Duetorounding,thetotalmaynotbeequaltothesumofindividualquarters.Sources:Refinitiv;Mergermarket,includingdatafromHongKong,MacauandTaiwan,anddealsthathavebeenannouncedbutnotyetcompleted,datawasdownloadedon3April2023;EYanalysisOverviewofChinaoutboundinvestmentofQ12023OthersOthersInQ12023?Bydealvalue,thetopthreesectorswereadvancedmanufacturing&mobility,realestate,hospitality&construction,andTMT,accountingfor73%ofthetotaldealvalue.Largerincreaseswererecordedinthesectorsofadvancedmanufacturing&mobility,andrealestate,hospitalityconstructionupand191%YOY,respectively.Somemajordealsduringthisperiodinclude:1)aChineseenterpriseacquiredthepowerconversiondivisionofaknownSwisscompanylocatedintheUStoimproveitsproductportfolio,accelerateitsdevelopmentinthepowerindustryandNorthAmericanmarket;2)aChineserealestatemanagemententerpriseacquiredaminoritystakeofalogisticsandindustrialneweconomicrealestateplatforminVietnam;3)aChineseenterpriseacquiredpartialsharesofacontainerterminalinEgypt,tofurtherstrengthenitsterminalportfolio;4)aChinesecompanyacquiredaGermanautomotivepartscompanytopromoteitsindustrialchainintegrationandconsolidateitsdevelopmentadvantagesinthefieldofelectricvehicles.?Bydealvolume,61%ofthetotaltookplaceinthetopthreesectors,namelyTMT,advancedmanufacturing&mobility,andfinancialservices.ThenumberofTMTdealsincreased34%YOY,buttheproportionofundisclosedtransactionsincreasedbysevenpercentagepointscomparedtothesameperiodlastyear,whichisalsopartofthereasonforthedecreaseinvalueofTMTdeals.Top5sectors**1949291836804372526014325334159 **AMMreferstoadvancedmanufacturing&mobility;RHCreferstorealestate,hospitality&construction;HCLSreferstohealthcare&lifesciences;FSreferstofinancialservices;CPreferstoconsumerproducts.Sources:Refinitiv;Mergermarket,includingdatafromHongKong,MacauandTaiwan,anddealsthathavebeenannouncedbutnotyetcompleted,datawasdownloadedon3April2023;EYanalysisOverviewofChinaoutboundinvestmentofQ12023US$952m32NorthAmericaUS$903US$952m32NorthAmericaUS$903m21LatinAmericaUS$134m5ContinentDealvalueDealvolumeUS$1,005m51AAfricaUS$375m4US$123m3Sources:Refinitiv;Mergermarket,includingdatafromHongKong,MacauandTaiwan,anddealsthathavebeenannouncedbutnotyetcompleted,datawasdownloadedon3April2023;EYanalysisOverviewofChinaoutboundinvestmentofQ12023deals?InQ12023,thedealvalueandvolumeannouncedbyChineseenterprisesinAsiabothrankedfirst.Asiaistheonlycontinenttorecordanincreaseindealvolume.?Amongthetop10destinationsfavoredbyChineseenterprises,fourwerefromAsia,namelyVietnam,Oman,JapanandSouthKorea,collectivelyaccountingfor87%ofthetotalvalueinAsia.?Inthisquarter,thecooperationbetweenChinaandASEANfurtherdeepened,withthePresidentofthePhilippines,thePrimeMinisterofCambodiatheSecretary-GeneralofASEAN,aswellasthePrimeMinistersofSingaporeandMalaysiavisitingChinarespectively.Eachpartyexploredcooperationintentionsinmultiplefields.Againstthisbackdrop,ASEANisexpectedtoremainakeyregionfortheinternationaldevelopmentofChineseenterprisesinthefuture,pointingtopositiveprospectanddevelopmentopportunitiesininfrastructure,greenanddigitaleconomies,andfinance. US$952mdown39%YOY32dealsdown24%YOY?InvestmenttotheUK(therealestate,hospitality&constructionsector)andGermany(theadvancedmanufacturing&mobilitysector)collectivelytookup86%ofthetotalvalue.?InQ12023,inflationinEuropehaseased,andtheIMFforecast1agrowthof0.8%fortheEurozonein2023,0.1percentagepointhigherthanitsforecastmadeinJanuary2023.1?RecentfrequentinteractionsofChinaandEuropebroughtpositivityintheeconomicandtradeareas.TheseincludedthevisitsmadebythePrimeMinisterofSpain,thePresidentofthedentofFrancetoChinaBilateralcooperationdocumentsweresignedbetweenChinaandSpainonareassuchaseducationcustomsandsports.aveagreedtodeepencooperationintraditionalareassuchasagri-food,aerospace,civilnuclearenergy,andcultivatenewcooperationingreen,technologyandinnovation.OverviewofChinaoutboundinvestmentofQ12023AfricaUSmAfricaUSmdown11%YOY?AmajordealwastheChineseequityacquisitionofacontainerterminalinEgypt.US$123m?Theinvestmentmainlywenttothemining&metalssectorinAustralia.rthAmericaUS$903m1deals?ChineseinvestmentinNorthAmericawasmainlyinthesectorsofTMTandhealthcare&lifesciences,collectivelyaccountingfor94%ofthetotalinthecontinent.ThoughthedecreaseoftheChinaM&AsintheUSnarrowedduringtheperiod,geopoliticsremainedarestrictiveimpactamidthecurrentSino-USrelations.US$134m?Theonlycontinentthatachievedadealvalueincreaseinthisquarter.?DuringtherecentvisitbythenewlyelectedBrazilianPresidenttoChina,thetwocountriesagreedtodeepentheircomprehensivestrategicpartnership,andstrengtheninvestmentandcooperationinareassuchasinfrastructure,energytransformation,logistics,energy,mining,agriculture,industryandhightechnologies.?BeingthelargesteconomyandmostpopulouscountryinLatinAmerica,Brazil’sdeepeningeconomicandtradecooperationwithChinaisencouragingandcanhaveademonstrativeeffectforfurthercooperationbetweenChinaandotherLatinAmericancountries.OverviewofChinaoutboundinvestmentofQ120232468024680(Bydealvolume)Q12023Q12022179gapore533Japan92Germany875SouthKorea61Malaysia637France53UK569India5244-0Switzerland41(Bydealvalue:US$million)Q12023Q120221899941224881383Vietnam452-/44Egypt3753+13,789%5Germany32712466Oman193-/7Japan1396188eru133-/9Australia1231600SouthKorea86599Sources:Refinitiv;Mergermarket,includingdatafromHongKong,MacauandTaiwan,anddealsthathavebeenannouncedbutnotyetcompleted,datawasdownloadedon3April2023;EYanalysisOverviewofChinaoutboundinvestmentofQ120232001000156.0154.9155.02001000156.0154.9155.01000113.640.8105.243.098.949.2106.043.548.036.430.747.539.531.870.864.7tsincreasedrelativelyquicklyandpercentageblyInQ12023nYOYIntheB&Rcountriesandregions,Chineseenterprisesnewly-signedEPCprojectsreachedUS$25.5b,up3.7%YOY,whichrepresented59.2%ofthetotalduringtheperiod,up7.2percentagepointsYOY.theBRcountriesandregionswasUSbupYOYaccountingfor53.7%ofthetotal.?Examplesofnewmega-scaleprojectsinthisquarterinclude:1)aninvestmentagreementsignedforsolarphotovoltaicpowerproductioninUzbekistanwithaninvestmentofaboutUS$2billion;2)anurbanrailwayprojectintheDemocraticRepublicoftheCongo(Congo-Kinshasa)worthaboutUS$970million;3)aseawaterdesalinationprojectandacampprojectinSaudiArabiawithacombinedcontractvalueofaboutUS$650million;4)acontractsignedforbuildingacementproductionlineinNigeriaworthaboutUS$580million4.4.Source:PublicdomaininformationOverviewofChinaoutboundinvestmentofQ1300260.3255.5258.5253.1443.243.256.953.551.855.455.350.656.247.420192020202120222023n200172.9441.629.030.132.628.031.731.720192020202120222023Q1Q2Q3Q4Note:Duetorounding,thetotalmaynotbeequaltothesumofindividualquarters.Source:MonthlyStatisticsinBrief,ChinaMOFCOM加拿大美國(guó)加拿大美國(guó)加勒比地區(qū)以色列玻利維亞厄瓜多爾牙買加墨西哥秘魯委內(nèi)瑞拉阿根廷巴西智利CanadaUnitedStatesCaribbeanRegionIsraelBoliviaEcuadorJamaicaMexicoPeruVenezuelaArgentinaBrazilChilelnetworkCOINlinksEYprofessionalsaroundtheglobe,buildingontheexistingChinaBusinessGroupintheAmericas,EMEIAandAsia-Pacificareas,andprovidesChineseclientswithone-stopservices,coveringallstagesofoverseasinvestment,fromplanningtoexecutionandpost-dealintegration.rtiseteams奧地利比利時(shí)捷克丹麥芬蘭法國(guó)德國(guó)希臘匈牙利意大利哈薩克斯坦吉爾吉斯斯坦盧森堡荷蘭挪威巴基斯坦波蘭葡萄牙羅馬尼亞西班牙瑞典瑞士土耳其英國(guó)烏茲別克斯坦巴林埃及科威特沙特阿拉伯阿聯(lián)酋印度阿爾及利亞安哥拉喀麥隆剛果民主共和國(guó)埃塞俄比亞利比亞莫桑比克尼日利亞南非南蘇丹烏干達(dá)贊比亞津巴布韋AustriaBelgiumCzechRepublicDenmarkFinlandFranceGermanyGreeceHungaryItalyKazakhstanKyrgyzstanLuxembourgNetherlandsNorwayPakistanPolandPortugalRomaniaSpainSwedenSwitzerlandTurkeyUnitedKingdomUzbekistanBahrainEgyptKuwaitSaudiArabiaUnitedArabEmiratesIndiaAlgeriaAngolaCameroonDemocraticRepublicofCongoEthiopiaLibyaMozambiqueNigeriaSouthAfricaSouthSudanUgandaZambiaZimbabwe澳大利亞新西蘭日本韓國(guó)文萊柬埔寨印度尼西亞老撾馬來(lái)西亞緬甸菲律賓新加坡斯里蘭卡泰國(guó)越南AustraliaNewZealandJapanSouthKoreaBruneiCambodiaIndonesiaLaosMalaysiaMyanmarPhilippinesSingaporeSriLankaThailandVietnamOverviewofChinaoutboundinvestmentofQ170+Countriesandterritoriesinthenetwork3,200+ntsassistedglobally74,000+engagements*Datafromthelast3yearsCountriesandregionsalongeBR1,600+ClientsassistedinBRcountries34,000+ProjectsassistedinBRcountriesJohnLiOceaniaCOINLeader+61292485008john.li@Sydney,JohnLiOceaniaCOINLeader+61292485008john.li@Sydney,AustraliaAdrianKohASEANCOINLeader+6563096275adrian.koh@SingaporeFormoreinformationaboutEYCOIN,pleasevisitthewebsiteat/en_cn/coinorcontact:JackChanChairman,ChinaRegionalManagingPartner,GreaterChinaMemberofTheGlobalExecutive+861058154057jack.chan@LolettaChowGlobalCOINLeader+85226293133loletta.chow@HongKongJesseLvGlobalCOINTaxLeader+862122282798jesse.lv@ShanghaiicaSuStrategyandTransactionServicesLeader,GreaterChina+862122282205erica.su@ShanghaiBeijingAlexZhuStrategyandTransactionServicesLeader,ChinaNorth+8610