1、 中文 3660 汉字， 2520 单词 外文翻译 原文 Outward investment by china gathering stream under the go global strategy Material Source: The Bank of Tokyo-Mitsubishi UFJ, Ltd. Economic Research Office Author: Yoko Hagiwara Although China is one of the nations accepting much direct investment, in recent years it is o
2、bviously expanding its presence in outward direct investment under the governments go global strategy. In 2005, in addition to the increasing pace of the investing amount, which was US$12.3 billion for a single year that was 2.2 times of that of the previous year, and which reached US$57.2 billion i
3、n accumulating totals, projects drawing worldwide attention, such as large-scale resource purchases and M&A of large corporations in developed countries, are increasing. In what follows, I will present the actual conditions of booming Chinas outward investment, and will try to evaluate them. 1. Deve
4、lopment of the go global strategy （ 1） Background of the go global strategy While the Chinese government had promoted accepting investment from abroad, due to a capital shortage, it had strictly controlled outward investment. However, in 1999 it announced the go global strategy and turned its policy
5、 to the direction, rather promoting outward investment positively. After that, the policy to promote outward investment and to establish a supporting system was included in the 10th five-year plan (2001-2005). The first aim of the strategy is the development of resources insufficient within the coun
6、try, and it seems because, along with high economic growth, there was surging recognition that the shortage of resources will become a medium-to-long-term restraining factor for the growth. As the second aim, the international development of Chinese companies as multinational corporations is raised,
7、 and the background would be that the government strongly recognized the influence by giant companies in the international economy, and felt the need to promote the multinationalization of Chinese companies. Moreover, in recent years the factors to enhance the expansion of outward investment increas
8、ed, by growth acceleration led by exports and investment. The vast amount of money inflow accompanied with the current surplus and the expansion of inward direct investment causes negative effects, such as the pressure for yuan appreciation and the domestic excess liquidity. Therefore, the expansion
9、 of outward investment is seen importantly as one of the ways to alleviate them. Also, the necessity to shift the production bases abroad as a response to the trade friction becoming serious along with rapid export growth was heightened. （ 2） Strengthened the go global strategy Firstly, the policies
10、 based on the go global strategy include the deregulation of outward investment. An outward investment needs an authorization of the project itself by the Ministry of Commerce, and an authorization in the foreign currency administration by the State Administration of Foreign Exchange (SAFE). In the
11、foreign currency administration, 6 provinces and municipalities of Guangdong, Shanghai, etc., were designated as the trial regions, and the authorization power for the project of US$1 million or below was delegated from the central to the local SAFE, within the total investment quota of US$200 milli
12、on in 2002. After that, the trial regions were expanded, and all provinces, autonomous regions, and municipalities became the subjects in May 2005. At the same time, the total investment quota was enlarged to an annual US$5 billion, and the limit of a project amount the local SAFE can authorize was
13、raised to US$10 million per project. The investment quota was eliminated finally in June 2006. Meanwhile, also the authorization power of investment by the Ministry of Commerce was delegated to the local commercial administrations from October 2004, except that to the large state-owned enterprises.
14、Secondly, mainly in the Ministry of Commerce, the support system of outward investment is being expanded. The Ministry of Commerce opened an internet site for outward investment support in April 2003, and began to provide a wide range of information of the central government policy, the investment e
15、nvironment in each country, the concrete overseas investment projects, and the organizations promoting outward investment, etc. Following that, the Ministry of Commerce, with the Ministry of Foreign Affairs, announced “the guidance list of industries for outward investment by countries” in July 2004
16、, listed the recommended industries in 5 areas of 1) agriculture, cattle breeding, and fishery, 2) the mining industry, 3) the manufacturing industry, 4) the service industry, and 5) others in 67 countries, and started to give the investing companies many kinds of preferential treatments in funds, t
17、ax, trading, foreign exchange, etc. Meanwhile, in November 2004 the National Development and Reform Commission and the Export-Import Bank of China also created a support system of the loans for outward investment, and started lending at preferred interest rates to the projects the government recomme
18、nded to invest in overseas. 2 .Present situation of outward investment Along with the go global strategy, the statistics were developed in line with the international standards, and since 2003 the flow of outward investment and the outstanding amount have become released at the actual base (Table 1)
19、. Table 1: Outward Direct Investment by Area and by Sector 2003 2004 2005 Accumulated net overseas direct investment at the end of 2005 Billion dollars Billion dollars Share(%) Total 2.86 5.50 12.26 57.21 100.0 By area Hong Kong 1.15 2.63 3.42 36.51 63.8 Caymen Islands Virgin Islands Korea USA 0.8 0
20、.21 0.15 0.07 1.29 0.39 0.04 0.12 5.16 1.23 0.59 0.23 8.94 1.98 0.88 0.82 15.6 3.5 1.5 1.4 Refer to Table 1 (continued) Macau Australia Russia Sudan Bermuda Islands Singapore Germany Kazahstan Vietnam Thailand 0.03 0.03 0.03 n.a. n.a. 0.00 0.03 0.00 0.01 0.06 0.03 0.13 0.08 0.15 0.19 0.05 0.03 0.00
21、0.02 0.02 0.01 0.19 0.20 0.09 0.34 0.02 0.13 0.10 0.02 0.01 0.60 0.59 0.47 0.35 0.34 0.33 0.27 0.25 0.23 0.22 1.0 1.0 0.8 0.6 0.6 0.6 0.5 0.4 0.4 0.4 By sector Business services Wholesale and retail Mining Transportation Manufacturing 0.28 0.36 1.38 0.09 0.62 0.75 0.80 1.80 0.83 0.76 4.94 2.26 1.68
22、0.58 2.28 16.55 11.42 8.65 7.08 5.77 28.9 20.0 15.1 12.4 10.1 Note:Total include investment to other area and sectors. Source: Compiled by the Research Office, Bank of Tokyo-Mitsubishi from Ministry of Commerce, Statistical Bulletin of Chinas Outward Foreign Direct Investment. The major subjects of
23、investment are divided in three. The first group includes the tax havens, such as Hong Kong, Macau, Singapore, the Cayman Islands, the Virgin Islands, and the Bermuda Islands, and the investment to other areas are conducted through the investing companies established in those areas. These investment
24、s include not a little roundtrip investments to China, in order to use Chinas preferential treatments on outward investment, and then it is possible that the direct investments both into and out of China are considerably inflated. Seen by industry, it corresponds to the fact that there are many inve
25、stments on the business services industry mainly for investing companies. The second group includes the resource-rich countries, such as Australia, Russia, Sudan, Kazakhstan, etc. It corresponds to the steady movement of the investment on the mining industry. And there is an estimate that not a little number of investments through the tax havens finally flows into the resource-rich countries, too. The third group includes the countries related to the overseas business by manufacturers,
