安永-2023年中国海外投资概览：非金融类对外直接投资增长较快海外并购金额同比实现增长且大额交易较上年明显增多

investmentof20232023年中国海外投资概览2024年2月5日第2页第2页取得十周年阶段性成果并发布了引领未来十年发展的八项行动2023年中国海外投资概览本期摘要对外直接投资本期摘要对外直接投资海外并购对外承包工程对外直接投资1中国全行业对外直接投资1,478.5亿美元，同比增长0.9%；非金融类对外直接投资1,301.3亿美元，海外并购2中企宣布的海外并购总额为398.3亿美元，同比增长20.3%，并已连续三季度环比实现增长。尽管宣布的并购数量同比下降16.3%至457宗，但交易金额超过5亿美元的大额海外并购较上年明显增对外承包工程1对外承包工程新签合同额达2,645.1亿美元，创近五年新高，同比增长4.5%；完成营业额1,609.1资料来源：1.中国商务部，安永分析；2.Refinitiv、Mergermarket，包括香港、澳门和台湾的对外并购交第3页2023年中国海外投资概览1,1711,171 本期摘要对外直接投资海外并购对外承包工程►根据国家外汇管理局公布的数据，20231,4521,4651,4791,3291,5001,329397380345343397380345343381322301296310301296310264386349405358458396318396318292257020192020202120222023资料来源：1.中国国家外汇管理局，安永分析；2023年人民币与美元的平均汇率为7.0467，2022年为6.72611,5001,00050001,3411,3411,1695523293372743082733151,1062962722862523103162732691,3013412692912481,13624220192020202120222023第4页2023年中国海外投资概览6004002000 本期摘要对外直接投资海外并购对外承包工程6004002000海外并购金额连续三季度环比实现增长，大额交易较上年2023年：►中企宣布的海外并购总额为398.3亿美元，同比增长20.3%，已连续三个季度实现环比增长。8006004002000782579579139398285197111791647341616090931261211044876169947847331252201920202021202220238006485345344571401051181101531235461411401381275341351381221391801711561419914320192020202120222023第5页2023年中国海外投资概览2023年：本期摘要本期摘要对外直接投资海外并购对外承包工程187.7276.4345.5444.8543.81129267355448540第6页2024年1月8日下载；安永分析2023年中国海外投资概览2023年中企海外并购目标行业依然有较明显的区域分洲，并且过去五年（2019-2023该行业近六成►石油与天然气行业在2023年录得过去五年首个超过15亿美元的大型交易，为中企收购巴基斯坦某炼油本期摘要本期摘要对外直接投资海外并购对外承包工程第7页2023年中国海外投资概览104.7亿美元138宗北美洲99.2亿美元86104.7亿美元138宗北美洲99.2亿美元86宗7.3亿美元34.8亿美元大洲金额宗数本期摘要对外直接投资海外并购对外承包工程117亿美元167宗35.3亿美元37宗第8页2023年中国海外投资概览104.7亿美元同比下降6.7%138104.7亿美元同比下降6.7%138宗药企业达成协议以获得某肿瘤治疗药物的海缓和就业市场好转，欧洲市场较强的购买力仍是许多中国企业2024年欧盟的经济增长率为1.2%。欧本期摘要对外直接投资海外并购对外承包工程117亿美元167宗►新加坡、哈萨克斯坦、韩国和印度尼西亚上榜2023年中企前十大18个国家确立了关系新定位，其中8个为亚洲国家，分别为新加第9页2023年中国海外投资概览34.8亿美元同比增长82.2%34.8亿美元同比增长82.2%委内瑞拉、哥伦比亚、乌拉圭和尼加拉瓜四国的关系2024年拉美地区整体经济增长为1.9%1。35.3亿美元▲同比增长115.2%37宗2024年澳大利亚7.3亿美元10宗同比下降30.1%同比下降28.6%本期摘要对外直接投资海外并购对外承包工程99.299.2亿美元86宗著增长主要由于2022年较低的基数。►据预测，美国2024年经济增速为资料来源：1.《世界经济展望报告》，国际货币基金组织（IMF202第10页第10页246882023年2022年246882023年2022年1737858453372932435274024447288581意大利9本期摘要对外直接投资海外并购对外承包工程2023年2022年57.50.841.741.739.314.535.316.032.0-/6624.758.123.11.319.95.0917.412.116.77.9第11页2023年中国海外投资概览 本期摘要对外直接投资海外并购对外承包工程►新签合同额2,645.1亿美元，同比增长4.5%。►完成营业额1,609.1亿美元，同比增长3.8%。3,0002,0001,00002,6452,64512394595154322,5311,0604355624742,60311364085535062,5859894925695352,5551052430518554201920202021202220232,0001,5001,00050001,5601,5491,5501,6093721,5601,5491,5501,60937241639170864731830751838347539548036437837830129031732628033120192020202120222023第12页2023年中国海外投资概览►加拿大►►加拿大►加勒比地区►玻利维亚►厄瓜多尔►委内瑞拉►澳大利亚►印度尼西亚►马来西亚►斯里兰卡1,700+3,500+38,000+80,000+执行的中企海外服务*以上为过去三年的数据国际化背景和本土化专业人才国际化背景和本土化专业人才多种语言的无缝专业服务丰富的跨国服务经验和全面的服务领域►哈萨克斯坦►吉尔吉斯斯坦►罗马尼亚►乌兹别克斯坦►沙特阿拉伯►阿尔及利亚►刚果民主共和国►埃塞俄比亚►莫桑比克►尼日利亚►津巴布韦第13页2023年中国海外投资概览+861058154057+861058153891+862122283388eric.chia@+85226293133loletta.chow@+861058153230andrew.choy@+862122282963+862122282798+861058152805julie.hao@+862122282816+862122282205+862122288789+861058152086►美洲区+16173753792►欧洲、中东、印度及非洲（EMEIA）区+33146934363qinghua.xu-pionchon@+56226761334janice.stein@+49211935220153+551196252084fernanda.chang@+442079517952►亚太区+61292485008john.li@+6563096564第14页2023年中国海外投资概览安永是指Ernst&YoungGlobalLimited的全球组织，加盟该全球组YoungGlobalLimited是注册于英国的一家保证（责任）有限公司，不对外提供任何服务，不拥有其成员机构的任何股权或控制权，亦不担任任何成员机构的总部。请登录/privacy，了解安永如何收集及使用个人信息，以及在个人信息法规保护下个人所拥有权利的描述。安永成员机从事当地法律禁止的法律业务。如欲进一步了解安永，请浏览。©2024安永，中国。APACno.03019431本材料是为提供一般信息的用途编制，并非旨在成为可依赖的会计、税务、法律或其他专业意见。请向您的顾问获取具体意见。/china20232023年中国海外投资概览OverviewofChinaoutboundinvestmentof2023Non-financialODIexperiencedrapidgrowth,withnotableincreaseinlargetransactions5Feb2024In2023,despitethecomplexglobalpoliticalandeconomiclandscape,China’sGrossDomesticProduct(GDP)grewby5.2%year-on-year(YOY)1,meetingitssettargets.Throughouttheyear,China’seconomicexternalcirculationdevelopedsteadilyandthecommitmenttomultilateralismcontinued.ThesuccessfulhostingofthefirstChina-CentralAsiaSummitandthedecademilestoneoftheBeltandRoadInitiative(BRI),includingtheunveilingofeightActionPlansforfuturedevelopment,holdprofoundsignificance.TheexpansionoftheShanghaiCooperationOrganizationandBRICSfurtherpropelledwin-wincooperationbetweenChinaanddevelopingcountries.Atpresent,Chineseenterpriseshaveenteredanewphaseofglobalexpansion,withChina’stechnologyandbrandsacceleratingexpandingtheirpresenceoverseasanddelvingintofreshgrowthopportunities.Simultaneously,China'sindustrialtransformationalignswithglobaltrendssuchasthedigitalization,greeneconomyandreshapingofindustrialvaluechain.Lookingaheadto2024,astheworldentersa“superelectionyear”,theglobalgeopoliticallandscapewillfacemorechallenges.However,Chinaremainscommittedtoitshigh-levelpolicyofopening-up.Fueledbythestrongdrivefordevelopmentamongenterprises,itisanticipatedthat“goingglobal”willcontinuetobeakeygrowthstrategyformanyChinesecompanies.Source:1.NationalBureauofStatisticsofChinaOverviewofChinaoutboundinvestmentof2023SummaryDatarevealsthatin2023:China'soveralloutwarddirectinvestment(ODI)reachedUS$147.9billion,markinga0.9%YOYincrease.Non-financialUS$31.8billion,up22.6%.2US$39.8billion,markingthreeconsecutivequartersofquarter-over-quarter(QOQ)growth.Despiteadecreaseinnumberofdealsto457(down16.3%YOY),thepresenceoflargetransactionsexceedingUS$500millionnotablyrose.M&AactivityinB&Rpartnercountriessurgedby32.4%YOY,outpacingtheoverallgrowthrate.►Sector-wisebydealvalue,TMpower&utilitiessectorwasuniqueinwitnessinggrowthinbothdealvalueandvolume.►Regionally,AsiaremainedthetopM&AdestinationforChineseenterprisesforfiveconsecutiveyears.NorthAmerica,OceaniaandLatinAmericaexperiencedsignificantgrowthindealvalue.However,allcontinentssawvaryingdegreesofdeclineindealvolume.Newly-signedChinaoverseasengineering,procurementandconstruction(EPC)projectstotaledUS$264.5billion,makingafive-yearhigh,up4.5%YOY.ThecompletedturnoverreachewithB&Rpartnercountriescontributingover80%,andsurpassedtheoverallgrowthrate.*TheTMTsectorreferstotechnology,media&entertainmentandtelecommunicationsSources:1.ChinaMOFCOM,EYanalysis.2.Refinitiv,Mergermarket,includingdatafromHongKong,MacauandTaiwan,anddealsthathavebeenannouncedbutnotyetcompleted,datawasdownloadedon8January2024;EYPage3OverviewofChinaoutboundinvestmentof2023132.9117.1132.9117.1In2023:fornearlyaquarterofthetotal.►AccordingtoStateAdministrationofForeignExchangeofChina,RMBhasdepreciatedby4.55%in2023comparedtoleadingtoarelativelylowergrowthrateofODIdenominatedinUSdollars.150145.2146.5147.915039.738.034.534.339.738.034.534.338.135.839.631.832.230.129.630.129.631.026.410045.85034.95040.529.240.525.7020192020202120222023Sources:1.StateAdministrationofForeignExchangeofChina,EYanalysis;in2023and2022,theaverageexchangeratebetweenRMBandUSDwas7.0467and6.7261,respectively.150100500130.1110.629.627.2130.1110.629.6113.632.926.9116.931.031.634.133.730.830.829.131.527.326.928.625.227.324.224.820192020202120222023Note:Theround-upstatisticsinthisarticlemaynotaddtotheactualtotals.Source:MonthlyStatisticsinBrief,ChinaMOFCOMOverviewofChinaoutboundinvestmentof9.47.84.79.37.310.44.816.916.49.47.84.79.37.310.44.816.916.4In2023:growthforthreequarters.Specifically,therewere21dealsexceedingUS$500million,anincreaseof13dealscomparedto2022.►China’sM&AvalueinB&Rpartnercodealvolumedecreased2.6%YOYto185,itwassignificantlysmallerthantheoveralldecline.Moreover,theproportionofM&AvalueinB&Rpartnercountriesincreasedbyfourpercentagepointscomparedtothesameper80604020013.928.519.711.17.941.616.09.039.812.67.66004002000648180180171156141534140118153123534135138122139546141140138127457105110991432019202020212022202320192020202120222023Q1Q2Q3Q4Note:Theround-upstatisticsinthisarticlemaynotaddtotheactualtotals.Sources:Refinitiv,Mergermarket,includingdatafromHongKong,MacauandTaiwan,anddealsthathavebeenannouncedbutnotyetcompleted,datawasdownloadedon8January2024;EYanalysisPage5OverviewofChinaoutboundinvestmentof2023OthersIn2023:►Intermsofdealvalue►ThetopthreesectorswereTMT,advancedmanufacturing&mobilityandhealthcare&lifesciences,collectivelyrepresenting53%ofthetotalM&Avalue.►Exceptforthefinancialservicessector,othersectorsexperiencedvaryingdegreesofgrowthindealvalue,withnotableincreasesobservedintheoil&gasandconsumerproductssectors.►Regardingdealvolume,►thetopthreesectorswereTMT,advancedmanufacturing&mobilityandfinancialservices,contributingto55%ofthetotal.►Onlythefinancialservicesandthepower&utilitiessectorsawanincreaseindealvolume.►Thepower&utilitiessectorwasthesolesectorachievinggrowthinbothdealvalueandvolume.►InB&Rpartnercountries,ChineseM&Aactivitiespredominantlycenteredinadvancedmanufacturing&mobility,pTMTsectors,collectivelyrepresenting62%ofthetotalM&AvalueinB&Rpartnercountries.SummarySummary18.827.634.544.554.41129267355448540**AM&Mreferstoadvancedmanufacturing&mobility;HCLSreferstohealthcare&lifesciences;RHCreferstorealestate,hospitality&construction;M&Mreferstomining&metals;P&Ureferstopower&utilities;CPreferstoconsumerproducts;FSreferstofinancialservices.Sources:Refinitiv,Mergermarket,includingdatafromHonannouncedbutnotyetcompleted,datawasdownloadedon8January2024;EYanalysisOverviewofChinaoutboundinvestmentof2023In2023,ChinaoverseasM&Atargetsdisplayedclearregionaldistributionpatternsacrosssectors.►TMTandhealth&lifesciencesectorsdominatedinNorthAmericaandEurope.►Thepower&utilitiessectorsaw84%ofitsdealvalueconcentratedinLatinAmerica,withnearly60%ofitsoverseasM&Asoccurringintheregionoverthepastfiveyears(2019-2023).►Theoil&gassectorrecordeditsfirstlarge-scaletransactionexceedingUS$1.5billioninthepastfiveyears,whichwasaChineseacquisitionofanoilrefinerycompanyinPakistan.NorthAmericaLatinAmericaAfricaSources:Refinitiv,Mergermarket,includingdatafromHongKong,Macau,andTaiwan,anddealsthathavebeenannouncedbutnotyetcompleted,datawasdownloadedon8January2024;EYanalysisOverviewofChinaoutboundinvestmentof2023US$10.5b138NorthAmericaUS$9.9b86US$10.5b138NorthAmericaUS$9.9b86AfricaUS$0.7b10US$11.7b167LatinAmericaLatinAmericaUS$3.5b19US$3.5b37Sources:Refinitiv,Mergermarket,includingdatafromHongKong,MacauandTaiwan,anddealsthathavebeenannouncedbutnotyetcompleted,datawasdownloadedon8January2024;EYanalysisOverviewofChinaoutboundinvestmentof2023mobilityandhealthcare&lifesciences.Poland,andtheNetherlands,accountingfor83%ofthetotaldealvalue.enterprisesecuringexclusiveoverseasdevelopmentandcommercializationrightsforaspecificcancertreatmentdrugfromarenownedBritishpharmaceuticalcompany.►Lookingaheadto2024,Europeaneconomicgrowthfacesmultiplepressures;however,factorslikeslowinginflationandimprovingjobmarketsmaycontributetotheregion'srobustpurchasingpower,whichisanessentialconsiderationforChineseenterprisesexpandinginternationally.►PredictionssuggestaEuropexpectedtooutpacethisaverage,whileothercountriessuchasbelowtheaveragegrowthrateoftheEU3.Additionally,theresultsoftheEuropeanParliamentelectionsinJunewillplayacrucialroleinshapingthefuturecooperationbetweenChinaandEurope.►Bydealvalue,Asiamaintaineditspositionasthemostdestinationforthefifthconsecutiveyear.thetoptendestinationsforChinaoverseasM&Asin2023.►Sectorssuchasoil&gas,advancedmanuconsumerproductsexperiencedsubstantialYOYgrowthinAsia.TMTsectorleadingintermsofvolume,constitutingnearlyone-thirdofthetotal.►AsiaremainsafocalpointforChina'sforeigninvestmentandcooperation.In2023,Chinaforgednewrelationshipswith18countries,includingeightAsiancountriessuchasSingapore,Vietnam,EastTimor,Kyrgyzstan,Turkmenistan,Palestine,GeorgiaandSyria1.Additionally,startingin2024,SaudiArabia,IranandtheUAEofficiallyjoinedtheBRICScooperationmechanism,furtherfosteringbilateralandmultilateralcooperationbetweenChinaandotheremergingAsiancountries.Lookingaheadto2024,Asiaisanticipatedtosustainitspositionasaglobalgrowthleader.►EconomicgrowthrateofemerginganddevelopingAsiawasestimatedat5.2%,significantlysurpassingtheglobalaverageof3.1%.IndiaandtheASEAN-52areprojectedtoachievegrespectively.Sources:1.XinhuaNewsAgency;2.Note:ASEAN-5includesMalaysia,Indonesia,Thailand,thePhilippinesandSingapore;3.WorldEconomicOutlook,IMF,Jan2024;somecountries’economicgrowthratewasforecastedvalueofOct2023.Page9OverviewofChinaoutboundinvestmentof2023US$3.5bUS$3.5btowardsAustralia'sconsumerproductsandmining&metalssectors,eachaccountingforaboutone-thirdofthetotal.►ThewarmingrelationsbetweChinaandAustraliain2023areanticipatedtofosterenhancedcooperationinareassucclimatechange,newgreeninfrastructure.►In2024,theeconomiesof1.0%,respectively,continuingtotrailbehindtheglobalaverage1.►MainlyinvestedtoPeru'spower&utilitysector.►In2023,China-LatinAmericarelationsexperiencedsteadydevelopment,withChinaimprovingtieswithVenezuela,Colombia,UruguayandNicaragua.Bytheendof2023,Chinasuccessfullyattracted22LatinAmericancountriestojointheBRI3.►Lookingahead,cooperationbetweenChinaandLatinAmecooperationispoisedtoexpandfurtherinareassuchasinfrastructure,energyandsocialwelfare.ThepredictedoveralleconomicgrowthforLatinAmericanin2024is1.9%1.►EgyptwasthemostpopularM&Adestination.►Forecastsindicatethatin2024,economicgrowthinmajorAfricancountries,suchasCôted'IvoireinWestAfrica,Ethiopiagrowth1.US$9.9b►Thesignificantgrowthwasprimarilyinfluencedbyalowerbasein2022.►Bydealvalue,themainlydirectedtowardstheTMTsector►Asthe2024UnitedStates(US)presidentialelectionintroducesuncertaintiesineconomicandforeignpolicies,Chineseenterprisesadvisedtomaintainacautiousapproachintheirinvestmentandoperationalstrategies.economicgrowthrateof2.1%in20241,lowerthanits2.5%growthratein20232.Sources:1.WorldEconomicOutlook,IMF,Jan2024;somecountries’economicgrowthratewasforecastedvalueofOct2023;2.U.S.BureauofEconomicAnalysis(BEA);3.BeltandRoadPortal()OverviewofChinaoutboundinvestmentof(Bydealvolume,numberofdeals)202320221737825845337294Australia32435Japan27406244472888因Vietnam588Italy92023202215.70.1224.24.233.91.444Australia3.51.653.2-/662.55.872.30.1882.00.591.71.21.70.8Sources:Refinitiv,Mergermarket,includingdatafromHongKong,MacauandTaiwan,anddealsthathavebeenannouncedbutnotyetcompleted,datawasdownloadedon8January2024;EYanalysisOverviewofChinaoutboundinvestmentof2023156.0154.9156.0154.9155.0In2023:►NewcontractsinB&RpartnercountriestotaledUS$227.2b,up5.7%YOY,comprising86%ofthetotal.►ThecompletedturnoverinB&RpartnercountriesreachedUS$132.1b,up4.8%YOY,comprising82%ofthetotal.(US$billion)3002001000124.045.9105.2113.6106.049.243.043.540.898.9124.045.9105.2113.6106.049.243.043.540.898.956.956.951.553.551.855.455.350.656.247.443.220192020202120222023(US$billion)2001000172.9160.951.948.036.451.948.036.441.629.047.539.537.830.164.731.831.832.628.031.720192020202120222023Note:Theround-upstatisticsinthisarticlemaynotaddtotheactualtotals.Source:MonthlyStatisticsinBrief,ChinaMOFCOMOverviewofChinaoutboundinvestmentof2023areas,andprovidesChineseclientswithone-stopservices,coveringallstagesofoverseasinvestment,fromplanningtoexecutionandpost-dealintegration.CountriesCountriesandregionsalong►Austria►Austria►Kyrgyzstan►Luxembourg►Netherlands►Portugal►Switzerland►Turkey►UnitedArabEmirates►Algeria►SouthAfricaStates►Argentinanetwork1,700+1,700+B&Rpartnerscountries►Australia►Vietnam38,000+Service38,000+ServiceprojectsassistedinB&Rpartnerscountriesprojects*Datafromthelast3yearsOverviewofChina