



Source: US Census, US Treasury, Bureau of Economic Analysis. 

157%

184%

408%

181%

52% 30%

75%

44%

11%

665%

0%

100%

200%

300%

400%

500%

600%

700%

Chinese Exports to

the US

US Exports to China Chinese Holdings of

Treasury Securities

US FDI Stock in China Chinese FDI Stock in

the US

% Growth 2002-2007

% Growth 2008-2013


Source: “Balance of Payments and Direct Investment Position Data”, Bureau of Economic Analysis. 

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

-1,000

0

1,000

2,000

3,000

4,000

5,000

6,000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Chinese Direct Investment Position in the US (BEA) (Right Axis)

Chinese Financial Flows in the US (BEA) (Left Axis)
Source: “Balance of Payments and Direct Investment Position Data”, Bureau of Economic Analysis. 

Source: “Balance of Payments and Direct Investment Position Data”, Bureau of Economic Analysis. 

Europe

69.01%

Asia and Pacific 

(excl. China)

17.29%

China

0.47%

Hong Kong

0.24%

Canada

8.58%

Latin America and 

Other Western 

Hemisphere

3.79%

Middle East

0.59%

Africa

0.02%

-2000

-1000

0

1000

2000

3000

4000

5000

6000

2010 2011 2012 2013 2014 2015
Source: “Balance of Payments and Direct Investment Position Data”, Bureau of Economic Analysis. 

0

5,000

10,000

15,000

20,000

25,000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

China FDI Stock in the US by Country of UBO (BEA)
Source: “Balance of Payments and Direct Investment Position Data”, Bureau of Economic Analysis. 

Europe

62.72%

Asia and Pacific (excl. 

China)

18.62%

China

0.68%

Canada

11.18%

Latin America and 

Other Western 

Hemisphere

4.49%

Middle East

2.24%

Africa

0.07%
Source: “Balance of Payments and Direct Investment Position Data”, Bureau of Economic Analysis. 

Primary and 

Fabricated Metals

8% Transportation 

Equipment

3%

Other Manufacturing

4%

Wholesale Trade

4%

Depository 

Institutions

15%

Real Estate 

27%

Professional, 

Scientific, and 

Technical Services

1%

Undisclosed

38%
Source: “Data on New Foreign Direct Investment in the United States”, Bureau of Economic Analysis. 

$176,480 

$84,938 

$47,000 

$26,923 $19,796 $12,744 $7,038 $6,515 $3,975 

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000
Source: “Data on Activities of Multinational Enterprises”, Bureau of Economic Analysis. Years with no values are undisclosed by BEA. 

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

2007 2008 2009 2010 2011 2012 2013 2014

Minority-Owned Affiliates

Majority-Owned Affiliates
Dataset World Total Japan China China Share of World 

Total Assets (USD trillion) $14.7 $1.6* $0.15 1.02%

Total Employees (number of jobs) 6,649,000 902,100 38,300 0.58%

Compensation of Employees (USD billion) $547.4 $83.9 $1.98 0.36%

US Exports of Goods (USD billion) $434.2 $79.9 $3.4 0.78%

US Imports of Goods (USD billion) $735.0 $190.8 All years withheld N/A

Net income (USD billion) $143.6 $15.2 $1.2 0.83%

R&D Expenditures (USD billion) $61.4 $8.0 $0.50 0.81%

Gross property, plant, and equipment (USD billion) $2,291 $354.8 $19.5 0.85%

Expenditures for property, plant, and equipment (USD billion) $248.3 $57.4 $4.5 1.81%

Total sales (USD billion) $4,377 $781.1 $11.4 ** 0.27%

Source: “Data on Activities of Multinational Enterprises”, Bureau of Economic Analysis. Values from most recent year available: *2010, **2011. 

中国国际收支平衡表

中国国际投资头寸表
 

Source: “China’s Outward Direct Foreign Investment”, Ministry of Commerce. 

年度中国对外直接投资统计公报

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Chinese FDI Stock in the US (MOFCOM) (Left Axis)

Chinese FDI Flow in the US (MOFCOM) (Right Axis)
 

Source: “China’s Outward Direct Foreign Investment”, Ministry of Commerce. *Others includes industries specified by MOFCOM that have small 

shares of total stock. 

Manufacturing

26%

Finance

Leasing and Business 25%

Services

9%

Wholesale and Retail 

Trade

9%

Real Estate

8%

Mining

7%

Scientific Research 

and Technical 

Services

5%

Others

11%

Source: China Global Investment Tracker, American Enterprise Institute and Heritage Foundation. 

0

20,000

40,000

60,000

80,000

100,000

120,000

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

China Global Investment Tracker Cumulative Transactions (Right Axis)

China Global Investment Tracker Annual Transactions (Left Axis)
Source: China Global Investment Tracker, American Enterprise Institute and Heritage Foundation. 

Finance

23%

Real estate

18%

Energy

16%

Technology

13%

Agriculture

8%

Entertainment

6%

Other

5%

Transport

4%

Tourism

3%

Chemicals

2%

Metals

2%
 

Source: Rhodium Group. 

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

China Investment Monitor Cumulative Value of Transactions (Right Axis)

China Investment Monitor Annual Value of Transactions (Left Axis)
Sources: “Balance of Payments and Direct Investment Position Data”, Bureau of Economic Analysis, “China’s Outward Foreign Direct Investment”, 

Ministry of Commerce, American Enterprise Institute, Rhodium Group. 

Sources: “Balance of Payments and Direct Investment Position Data” and “Data on Activities of Multinational Enterprises”, Bureau of Economic 

Analysis, “China’s Outward Foreign Direct Investment”, China Ministry of Commerce, American Enterprise Institute, Rhodium Group. 

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Chinese FDI Flows to the US (BEA)

New Chinese Foreign Direct Investment in the US (BEA)

Chinese Outward FDI to the US (MOFCOM)

Value of Chinese FDI Transactions in the US (RHG)

Value of Chinese Investment Transactions in the US (AEI)

14.8 20.8

40.8

63.8

95.4

153.5

0

20

40

60

80

100

120

140

160

180

Chinese Direct

Investment

Position in the

US, 2015 (BEA)

China Direct

Investment

Position in the US

by Country of

UBO, 2015 (BEA)

Chinese Outward

FDI Stock in the

US, 2015

(MOFCOM)

Cumulative

Chinese FDI

Transactions in

the US, 2000-

2015 (RHG)

China Investment

Tracker

Cumulative

Transactions,

2005-2015 (AEI)

Assets of

Chinese-owned

Affiliates in the

US, 2014 (BEA)

Source: Rhodium Group. 

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

20002001200220032004200520062007200820092010201120122013201420152016

Q1

Q2

Q3

Q4
Sources: Thomson, Rhodium Group. *Canada, EU-28, and US from Rhodium Group data. EU-28 refers to all current EU members including years 

prior to EU accession. Australia and Japan data from Thomson M&A transactions only, do not include greenfield FDI transactions. 

0

5,000

10,000

15,000

20,000

25,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Australia

Canada

EU-28

Japan

US
Source: Rhodium Group. Grey reflect preliminary data in H1 2016 for the value of greenfield and M&A transactions, respectively. 

Chinese Company US Subsidiary Projected Total Investment Announced Date 

Tranlin Paper Paper plant in Virginia 2,000 6/18/2014

Shandong Yuhuang Methanol plant in Louisiana 1,850 7/18/2014

Zarsion Holdings Brooklyn Basin development in Oakland, California 1,500 4/19/2013

Shandong Sun Paper Paper plant in Arkansas 1,360 11/23/2015

Greenland Pacific Park development in Brooklyn, New York 1,300 8/5/2013

Greenland Metropolis development in Los Angeles, California 1,300 10/11/2013

Tianjin Pipe Steel pipe factory in Texas 1,100 1/26/2009

Volvo (owned by Geely) Factory in South Carolina 500 5/11/2015

 Source: Rhodium Group. 

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

0

20

40

60

80

100

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1H

2016

Value of M&A Transactions (Right Axis)

Value of Greenfield Transactions (Right Axis)

Number of M&A Transactions (Left Axis)

Number of Greenfield Transactions (Left Axis)
Source: Rhodium Group. Alaska received $7 million worth of investment and Hawaii $500 million over that period. *Values assigned to each state 

are based on the location of greenfield projects and headquarters location of acquired companies. 
Ranking State Value of FDI 

Transactions 

Top Industry Significant Investments 

1 California $9.1 Real Estate and Hospitality Legendary Entertainment, OmniVision 

Technologies, Integrated Silicon Solutions, 

Robinsons-May site development 

2 New York $9.2 Real Estate and Hospitality Waldorf Astoria, Ironshore, 1 Chase Manhattan 

Plaza

3 Virginia $8.9 Agriculture and Food Smithfield

4 Texas $7.0 Energy Nexen Gulf of Mexico assets, Eagle Ford shale 

stake

5 Kentucky $5.7 Consumer Products GE Appliances 

6 North Carolina $4.7 ICT IBM x86 division, IBM PC division 

7 Michigan $4.0 Automotive Henniges Automotive, Nexteer Automotive, Key 

Safety Systems, Meadowbrook Insurance

8 Illinois $3.9 ICT Motorola, 311 South Wacker Drive

9 Oklahoma $3.7 Energy Devon energy assets, Mississippi Lime joint 

venture

10 Kansas $2.7 Entertainment, Media, and Publishing AMC 

Source: Rhodium Group. 
Source: Rhodium Group. *This charts displays the location of individual operations by Chinese-owned entities in the US. Each operation is 

recorded at the date of ground-breaking or closing date of the acquisition of the parent company. 

 2000-2007

 2008-2012

 2013-2015

 2000-2007

 2008-2012

 2000-2007


Source: Rhodium Group. 

Agriculture 

and Food

9%

Automotive

5%

Aviation

1%

Basic Materials

1%

Consumer Products 

and Services

8% Electronics

1%

Energy

13%

Entertainment

9%

Financial and 

Business Services

5%

Health and Biotech

4%

ICT

17%

Industrial Machinery 

and Equipment

1%

Metals and Minerals

2% Real Estate and 

Hospitality

20%

Transport and 

Infrastructure

4%
Source: Rhodium Group. 
Source: Rhodium Group. 

0

50

100

150

200

250

300

350

2000200120022003200420052006200720082009201020112012201320142015

Sales and Distribution

Office and Headquarters

Real Estate and Other

Resource Extraction

Retail and Other Services

Manufacturing and Processing

R&D, Design, and Testing

Source: Rhodium Group. 

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Source: Rhodium Group. 

Source: Rhodium Group. 

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1H

2016

Cumulative State-owned Investment

Cumulative Private Investment

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

2009 2010 2011 2012 2013 2014 2015

Share of Private Investors in the US

Share of Private Investors in Canada

Share of Private Investors in the EU-28
State Owned Private 

Strategic 

Investments 

Financial 

Investments 

Source: Rhodium Group. Strategic investment refers to investments made in related sectors to the core business activities of the investor. 

Financial investment refers to investments made in unrelated sectors solely for financial purposes. 

0

2,500

5,000

7,500

10,000

12,500

15,000

20002002200420062008201020122014

1H 2016

State-Owned Strategic

0

2,500

5,000

7,500

10,000

12,500

15,000

20002002200420062008201020122014

1H 2016

Private Strategic

0

2,000

4,000

6,000

8,000

20002002200420062008201020122014

1H 2016

State-Owned Financial

0

2,000

4,000

6,000

8,000

20002002200420062008201020122014

1H 2016

Private Financial

Rank Investor Ownership Total Investment 

1 Wanda Private $7.4

2 Shuanghui / WH Group Private $7.1

3 Lenovo Private $7.0

4 Haier Private $5.7

5 Fosun Private $4.0

6 Sinopec State-Owned $3.6

7 China National Offshore Oil Corporation (CNOOC) State-Owned $3.3

8 Anbang Private $2.4

9 China Investment Corporation (CIC) State-Owned $2.3

10 Aviation Industry Corporation of China (AVIC) State-Owned $2.2

11 Hua Capital consortium State-Owned $1.9

12 Yantai Xinchao Private $1.3

13 Zhang Xin family Private $1.3

14 Huaneng State-Owned $1.2

15 Wanxiang Private $1.2

16 HNA Private $0.9

17 Tencent Private $0.9

18 Ningbo Joyson Private $0.9

19 Cinda State-Owned $0.9

20 Summitview Capital consortium State-Owned $0.8

Source: Rhodium Group. This table is based on transactions since 2000 only and does not take into account divestitures. For a definition of private 

and state ownership, see page 42. 
Source: Rhodium Group. 
Sources: NASDAQ, Bloomberg, U.S. Securities and Exchange Commission. 

36

52

1

16

3

2

31

1

0

10

20

30

40

50

60

70

80

90

NYSE MKT NASDAQ NYSE

IPO-American Depository Receipts

IPO-Ordinary Shares

Reverse Mergers
Sources: NASDAQ, Bloomberg. 

Agriculture and 

Food

0.03%

Basic Materials

0.50% Consumer Products 

and Services

0.80%

Energy

23.94%

Health and Biotech

0.46% ICT

41.71%

Industrial 

Machinery and 

Equipment

0.11%

Transport and 

Infrastructure

2.33%

Financial and 

Business Services

26.72%

Real Estate and 

Hospitality

2.28%

Entertainment, 

Education and 

Media

1.12%
Sources: S&P Dow Jones Indices, CEIC, Bloomberg. 

-50%

0%

50%

100%

150%

200%

250%

1/1/20097/1/20091/1/20107/1/20101/1/20117/1/20111/1/20127/1/20121/1/20137/1/20131/1/20147/1/20141/1/20157/1/20151/1/20167/1/2016

Dow Jones Industrial Average

NASDAQ Composite

S&P 500

S&P U.S. Listed China 50
Target Acquirer Announcement Date Valuation ($ bn) Status*

Qihoo 365 Investor Group 6/15/2015 9.3 Completed

Qunar Ocean Management 6/23/2016 4.4 Ongoing

Wuxi Pharma Ally Bridge Group 8/14/2015 3.3 Ongoing

21 Vianet Existing Management 6/10/2015 2 Ongoing

Mindray Medical Solid Union 6/6/2015 1.9 Completed

Renren Existing Management 6/10/2015 1.1 Ongoing

Sources: NASDAQ, NYSE, Bloomberg. *As of October 2016.
中央企业集团
Source: Rhodium Group. 

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2000200120022003200420052006200720082009201020112012201320142015

1H 2016

Central SOEs

Provincial and Municipal SOEs

Other State-Owned

Sovereign Wealth Funds
Investor Greenfield Share of Total M&A Share of Total All Deals Share of Total 

Central SOEs $1.1 39% $15.6 71% $16.7 66%

Provincial and Municipal SOEs $1.7 61% $3.2 14% $4.9 20%

Sovereign Wealth Funds $0.0 0% $2.5 11% $2.5 10%

Other $0.0 0% $0.9 4% $0.9 4%

 Source: Rhodium Group. 

Rank Investor Administration Primary Sector of Investor Total Investment Largest Investment 

1 Sinopec Central Energy $3.6 Devon Energy assets ($2.4)

2 CNOOC Central Energy $3.3 Nexen Gulf of Mexico assets ($1.5)

3 AVIC Central Aviation $2.2 Henniges Automotive ($0.6)

4 Huaneng Central Transport and Infrastructure $1.2 InterGen stake ($1.2)

5 Cinda Other Financial and Business Services $0.9 Group of Manhattan hotels ($0.7)

6 Tianjin Pipe Local (Tianjin Municipality) Metals and Minerals $0.8 TPCO America ($0.8)

7 Greenland Local (Shanghai Municipality) Real Estate and Hospitality $0.8 Metropolis development ($0.3)

8 CIC* Sovereign Wealth Fund Financial and Business Services $0.7 1 New York Plaza ($0.7)

9 Bank of China Central Financial and Business Services $0.6 7 Bryant Park ($0.6)

10 Sinochem Central Basic Materials $0.5 Wolfcamp Shale stake ($0.5)

Source: Rhodium Group. *CIC’s value does not include all of its direct investments, as it has divested from other major direct investments as of 

September 2016. 
Source: Rhodium Group. 

41%

15%

21%

15%

7%

70%

29%

87%

45%

8%

8%

70%

19%

9%

9%

4%

4%

7%

5%

46%

6%

5%

66%

30%

60%

76%

89%

88%

97%

29%

70%

99%

93%

13%

48%

100%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Transport and Infrastructure ($3.4 bn)

Real Estate and Hospitality ($12.6 bn)

Metals and Minerals ($1.3 bn)

Industrial Machinery and Equipment ($0.8 bn)

ICT ($10.8 bn)

Health and Biotech ($2.9 bn)

Financial and Business Services ($4.0 bn)

Entertainment ($4.1 bn)

Energy ($10.5 bn)

Electronics ($0.7 bn)

Consumer Products and Services ($1.0 bn)

Basic Materials ($0.7 bn)

Aviation ($0.7 bn)

Automotive ($3.0 bn)

Agriculture and Food ($7.4 bn)

Central SOEs Provincial and Municipal SOEs Other State-Owned Sovereign Wealth Funds Private Investors
中

共中央,国务院关于深化国有企业改革的指导意见
中国航空工业集团公司

中国空行技术国际控股有限公司

中央名录
Source: Rhodium Group. 

Date Type Target AVIC Subsidiary Investor Value Stake* 

1987 Greenfield Office CATIC 100%

1989 Acquisition MAMCO** CATIC $20 100%

2008 Greenfield New office in Pomona AVIC International 100%

4/2010 Acquisition Epic Air- technology and foreign development 

rights

CAIGA $4 100%

11/2010 Acquisition Nexteer Automotive Pacific Century Motors $450 100%

12/2010 Greenfield COMAC office in Los Angeles COMAC $1 100%

4/2011 Acquisition Teledyne Continental Motors and Teledyne 

Mattituck Services

Technify Motors $186 100%
6/2011 Acquisition Cirrus Industries CAIGA $210 100%

8/2011 Expansion Consolidation and renaming of Teledyne assets 

as Continental Motors

Continental Motors 100%

9/2011 Expansion Nexteer expansion Pacific Century Motors $150

3/2012 Expansion Cirrus expansion CAIGA $100

7/2012 Greenfield Zulu Flight Training, Inc. Continental Motors $1 100%

12/2012 Expansion Nexteer expansion Pacific Century Motors $70

3/2013 Acquisition DoubleTree by Hilton San Pedro AVIC International 

Shenzhen

$12 100%

9/2013 Acquisition 3 hotels in Fullerton, CA, Atlanta, GA, South 

Field, MI

AVIC USA 100%

11/2013 Greenfield COMAC America in Newport Beach COMAC America $50 100%

5/2014 Acquisition Hilite International AVIC Electromechanical $250*** 100%

11/2014 Acquisition Southern Avionics Continental Motors $15 100%

12/2014 Acquisition Align Aerospace AVIC International $50

1/2015 Acquisition United Turbine Corp. Continental Motors $2 100%

5/2015 Greenfield Vision Center Cirrus Aircraft $15 100%

7/2015 Greenfield Aviage Systems R&D center Aviage Systems $5 50%

9/2015 Acquisition Henniges Automotive AVIC Automotive 

Systems 

$600 100%

Source: Rhodium Group. *Refers to stake of Chinese investors, some of which are not AVIC itself. **Divested. ***Only includes value of US 

assets in transaction. 

中国投资有限责任公司
Source: China Investment Corporation. 

Date Action Type* Target CIC Subsidiary 

Investor 

Value Stake* Date 

Divested 

5/2007 Investment Portfolio Blackstone CIC $3,030 9.9%

12/2007 Investment Portfolio Morgan Stanley CIC $5,000 9.9% 7/2010

3/2008 Investment Portfolio Visa CIC $100

4/2008 Managed Fund Portfolio JC Flowers Fund CIC $1,800 80% 9/2015

9/2008 Managed Fund Portfolio Reserve Primary Fund CIC $5,400 10/2008

10/2008 Investment Portfolio Blackstone CIC $200 3%

3/2009 Investment Portfolio Morgan Stanley CIC $1,200 9.9%** 7/2010

6/2009 Managed Fund Portfolio Blackstone CIC $500

6/2009 Investment Portfolio BlackRock CIC $710 9/2012

9/2009 Investment Greenfield CICC office in New York CICC 100%

9/2009 Managed Fund Portfolio Oaktree Capital Management 

distressed asset fund

CIC $1,000

9/2009 Managed Fund Portfolio Goldman Sachs distressed asset 

fund

CIC $600

2/2010 Managed Fund Portfolio Lexington Partners CIC $500

2/2010 Managed Fund Portfolio Goldman Sachs CIC $500

2/2010 Managed Fund Portfolio Pantheon Ventures CIC $500

3/2010 Investment FDI Acquisition AES CIC $1,500 15% 5/2015

6/2010 Investment Portfolio Chesapeake Energy CIC Part of $900

11/2010 Investment Portfolio General Growth Properties CIC $1,030 7.4% 11/2013

Non-US Equities

26%

Long-term 

Investments

22%

US Public Equities

22%

Absolute Return

13%

Sovereign Bonds of 

Advanced Economies

9%

Investment Grade 

Corporate Bonds

4%

Cash and Others

3%

Sovereign Bonds of 

Emerging economies

1%
12/2011 Managed Fund Portfolio Deutsche Bank New Germany 

Fund

CIC 5%

2/2012 Investment Portfolio EIG Global Energy Partners CIC

4/2012 Managed Fund Portfolio BlackRock CIC $200

8/2012 Investment Portfolio Cheniere Energy CIC $500

12/2015 Investment Greenfield CIC office in New York CIC 100%

5/2016 Investment FDI Acquisition 1 New York Plaza CIC $700 49%

Source: Rhodium Group. *Portfolio refers to equity investments of less than 10%. **Intervening investments by others had reduced the percentage 

value of CIC’s initial stake in JP Morgan. This investment returned CIC’s stake to 9.9%. 
天津钢管集团有限公司

天津钢管集团股份有限公司 年度第二期短期融资券募集说明书
及政府补助

天津钢管集团股份有限公司 年度合并财务报表审计报告
中共中央关于制定国民经济和社会发展第十个五年计划建议
国务院至于投资体制改革的决定

国务院至于投资体制改革的决定

国家外江管理局调整部分境外投资外江管理改革
国务院关于发布政府核准的投资项目目录( 年本)的通知

国家外江管理局关于进一步简化和改革直接投资外江管理政策的通知

境外投资项目核准和备案管理办法

关于就修订“境外投资项目核准和备案管理办法”向社会公开征求意见的公告

(已结束)

境外投资项目核准和备案管理办法

国家发展改革委公厅于

严格执行“政府核准的投资项目目录( 年本)”做好相关后续工作的通知
Source: Authors’ compilation based on policy documents and expert interviews (June 2016). 

国新办就 年度中国对外直接投资统计公报 有关情况举行发布会

商务部令 年第 号 境外投资管理办法
保监会或否决安邦两笔海外并购

天海投资关于收到上海证券交易所 关于天海投资

发展股份有限公司重大资产购买暨关联交易报告书信息披露的问询函 的公告
商务部,中国出口信用保险公司关于实行出口信用保险专项优惠措施支持个体私营等非公有企业开拓国际市场的通知

国家发展和改革委员会、国家开发银行关于进一步加

强对境外投资重点项目融资支持有关问题的通知

国家开发银行、中国出口信用保险公司关于进一步加大

对境外重点项目金融保险支持力度有关问题的通知
关于对境外带料加工装配企业有关财务问题的通知

关于境外带料加工装配业务有关出口退税问题的通知

中小企业国际市场开拓资金管理办法实施细则(暂行)

商务部财政部人民银行全国工商联关于鼓励支持和引导非公有制企业对外投资合作的若干意见

关于印发鼓励和引导民营企业积极开展境外投资的实施意见的通知
国务院关于鼓励支持和引导个体私营等非公有制经济发展的若干意见

‘十二五’利用外资和境外投资规划

商务发展第十三个五年规划纲要

关于‘走出去’战略实施情况的公报

江西省人民政府办公厅关于加快推进 走出去 战略的实施
Source: Rhodium Group. *Includes Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia and Slovenia. 

中共中央关于全面深化改革若干重大问题的决定

0

100

200

300

400

500

600

2012 2013 2014 2015
Sources: Bloomberg, Thomson, Rhodium Group; includes disclosed value of all completed M&A transactions by ultimately Chinese-owned firms 

irrespective of the size of the resulting stake, aggregated by date of completion. 

国外矿产资源风险勘查专项资金管理办法

财政部,商务部关于做好 2004 年资源类境外投资和经济合作项目前期费用扶持有关问题通知

国家‘十二五’科学和技术发展规划

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Energy and Power

Materials
国务院关于印发 十三五”国家科技创新规划的通知

‘十二五’规划纲要 国务院关于印发‘中

国制造 ’的通知 李克强:用 互联网 打造

经济转型升级新引擎

中华人民共和国国民经济和社会发展第十三个五年规划纲要

科技部关于印发技术市场 十二五 发展规划的通知

国务院关于印发 十三五 国家科技创新规划的通知
Source: Rhodium Group. “Industries Endorsed” includes Aerospace, Automotive, Chemicals, Healthcare and Medical Devices, Industrial 

Machinery, Other Transportation Equipment, Pharmaceuticals and Biotechnology, Plastic, Rubber, and Other Materials, Renewable Energy, 

Semiconductors, and Software and IT Services. The category excludes IT Equipment because activity in this sector largely targeted low-end 

equipment and consumer-oriented assets. 

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2000200120022003200420052006200720082009201020112012201320142015

Industries Endorsed by Major Policy Documents (LHS)

Other Industries (LHS)

Proportion of Endorsed Industries in Total FDI, 3-year moving average (RHS)
国家集成电路产业发展推进纲要

Sources: Bloomberg, Rhodium Group. * 2016 through August. Announced includes deals that are completed, pending, withdrawn, or terminated. 

‘国家集成电路产业发展推进纲要’正式公布

0

5

10

15

20

25

30

35

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2000200120022003200420052006200720082009201020112012201320142015

2016*

Value of Announced Chinese M&As in Semiconductors: Rest of World (Left Axis)

Value of Announced Chinese M&As in Semiconductors: United States (Left Axis)

Number of Transactions (Right Axis)
Announced 

Date 

US Target Chinese Investor Value Stake Size State 

Financing 

Ownership Status 

7/2006 LSI Logic- ZSR(R) 

Digital Signal 

Processor Unit

VeriSilicon Holdings $13 mn Majority N/A Private Completed

1/2008 Quorum Systems Spreadtrum Communications $77 mn Majority N/A Private Completed

11/2010 Creation of US 

subsidiary

China WLCSP Co. Ltd. $1 mn Majority N/A Private Completed

6/2011 MobilePeak 

Systems stake

Spreadtrum Communications $27.2 mn Minority N/A Private Completed

8/2011 Telegent Systems Spreadtrum Communications $92 mn Majority N/A Private Completed

紫光股份有限公司二零一五年

半年度报告
9/2011 MobilePeak 

Systems stake

Spreadtrum Communications $3.6 mn Majority N/A Private Completed

3/2015 Integrated Silicon 

Solutions

Hua Capital Management, 

SummitView Capital, E-Town 

Memtek

$640 mn Majority Yes StateownedCompleted

4/2015 FlipChip 

International

Tianshui Huatian Technology $41 mn Majority Yes StateownedCompleted

5/2015 WiSpry AAC Technologies Holdings $10 mn Majority No Private Completed

5/2015 Static Control 

Components

Apex Microelectronics $63 mn Majority Yes Private 

(with state 

financing)

Completed

6/2016 Marvell 

Technology

Datang Telecom $2 bn Majority Yes StateOwnedRejected by 

Target

7/2015 Bridgelux China Electronics 

Corporation, Chongqing 

Linkong Development 

Investment 

$130 mn* Majority Yes StateownedCompleted

7/2015 Micron 

Technology

Tsinghua Holdings $23 bn Majority Yes StateownedWithdrawn

8/2015 Micrel Technology Unnamed Chinese Buyer $839 mn Majority Yes StateownedRejected by 

Buyer

9/2015 Atmel China Electronics $3.4 bn Majority Yes StateownedWithdrawn

9/2015 Western Digital Tsinghua Unisplendour $3.8 bn Minority Yes StateownedWithdrawn

9/2015 Pericom 

Semiconductor 

Montage Technology Group 

(subsidiary of China 

Electronics Corp.)

$442 mn Majority Yes StateownedRejected by 

target

12/2015 Xcerra- interface 

board business

Fastprint $23 mn Majority No Private Completed

12/2015 Mattson 

Technology

Beijing E-Town Dragon 

Semiconductor Industry 

Investment Center

$300 mn Majority Yes StateownedCompleted

12/2015 Fairchild 

Semiconductor 

China Resources, Hua Capital 

Management

$2.5 bn Majority Yes StateownedRejected by 

Target

1/2016 OmniVision 

Technologies

CITIC Capital Holdings, 

Goldstone Investment, Hua 

Capital Management

$1.9 bn Majority Yes StateownedCompleted

1/2016 Initio Sage Microelectronics $40 mn Majority Yes Private Completed

1/2016 Vivante VeriSilicon Holdings unknown Majority Yes Private Completed
3/2016 Global 

Communications 

Semiconductors

Sanan Optoelectronics $226 mn Majority Yes Private Withdrawn

3/2016 GigOptix Shanghai Pudong Science 

and Technology Investment

$5 mn Majority Yes StateownedCompleted

3/2016 Anadigics Unnamed Chinese Buyer $78.2 mn Majority Yes Unknown Rejected by 

Target

4/2016 Lattice 

Semiconductor

Tsinghua Holdings $41.6 mn 6% 

ownership**

Yes StateownedCompleted

5/2016 Marvell 

Technology Group

Tsinghua Holdings $78.2 mn 5% 

ownership**

Yes StateownedCompleted

6/2016 Multi-Fineline 

Electronix

Suzhou Dongshan Precision 

Manufacturing

$610 mn Majority Yes Private Completed

6/2016 Integrated 

Memory Logic

Beijing E-Town Chipone 

Technology

$136 mn Majority Yes StateownedPending

8/2016 MEMSIC HC Semitek Unknown Majority No Private Pending

9/2016 Analogix Beijing Shenhai Capital 

Management & National IC 

Fund

$500 mn Majority Yes StateownedPending

11/2016 Lattice 

Semiconductor

Canyon Bridge Capital 

Partners

$1.3 bn Majority Yes Unknown Pending

Source: Rhodium Group. *estimated. **These fall below the direct investment threshold of 10% but are included in the table for illustrative 

purposes. 

‘国家集成电路产业发展推进纲要’正式公布
加快资本账户开放条件基本成熟

协调推进利汇率改革与资账

户开放

“关于就修订“境外投资项目核准和备案管理办法”向社会公开征求意见的公告

(已结束)

中国保监会关于印发‘保监公司资金运用信息披露准则第 号:大额未上市股权和大额

不动产投资’的通知
Source: State Administration of Foreign Exchange. Positive values indicate inflows and negative values indicate outflows. 1Q2016 data are 

preliminary; securities and other investment balances are based on RHG estimates. 

外媒:奇虎 私有化财团正与外江局就外江问题谈判

保监会或否决安邦两笔海外并购

-200

-150

-100

-50

0

50

100

1Q 20092Q 20093Q 20094Q 20091Q 20102Q 20103Q 20104Q 20101Q 20112Q 20113Q 20114Q 20111Q 20122Q 20123Q 20124Q 20121Q 20132Q 20133Q 20134Q 20131Q 20142Q 20143Q 20144Q 20141Q 20152Q 20153Q 20154Q 20151Q 2016

FDI

Securities

Other Investment

Source: OECD. The index is compiled by measuring restrictions on foreign equity, screening and prior approval requirements, rules for key 

personnel, and other restrictions on operating foreign enterprises. These factors are weighted and scored for all industries, which are then 

aggregated and weighted into an overall index for each country. See Kalinova et al. (2010) in the references for details. 

Source: UNCTAD. 

0.386

0.237

0.192 0.181 0.166

0.140

0.101 0.089

0.068 0.061 0.055 0.052 0.045

0.023

0.000

0.050

0.100

0.150

0.200

0.250

0.300

0.350

0.400

0.450

5,410

1,663

1,085

755 744 729 631 565 379 252

0

1,000

2,000

3,000

4,000

5,000

6,000

United

States

United

Kingdom

China Brazil Germany France Canada Australia Russia India

Closed Open


Source: OECD. 

0.000

0.100

0.200

0.300

0.400

0.500

0.600

0.700

Fisheries Transport Media Electricity Communications Resource

Extraction

Financial

Services

Equity Restriction

Screening and Approval

Key Foreign Personnel

Other Restrictions
Secretary/Director Status 

Secretary of State Full Member

Secretary of the Treasury Full Member

Secretary of Defense Full Member

Secretary of Homeland Security Full Member

Secretary of Commerce Full Member

Secretary of Energy Full Member

Attorney General Full Member
United States Trade Representative Full Member

Director of the Office of Science and Technology Policy Full Member

Secretary of Labor Member Ex Officio

Director of National Intelligence Member Ex Officio

Director of the Office of Management and Budget Observer 

Chairman of the Council of Economic Advisers Observer

Assistant to the President for National Security Affairs Observer

Assistant to the President for Economic Policy Observer

Assistant to the President for Homeland Security and Counterterrorism Observer

Source: James K. Jackson, the Committee on Foreign Investment in the United States (CFIUS), (Washington: Congressional Research Service, 

2016), 8. 
Source: US Department of the Treasury. 

Source: Rhodium Group, US Department of the Treasury. *Includes completed Chinese M&A transactions in the US with over 10% resulting stake. 

CFIUS data for 2015 not yet available as of October 2016. 

24

21

15

10 9

8

7

6 6 6

0

5

10

15

20

25

China

United

Kingdom

Canada

Japan

Germany

Netherlands

Switzerland

France

Hong Kong

Singapore

0

3

6

4

6

10

23 21 24

7

11 14

18

34

52

35

52

100 103

0

20

40

60

80

100

120

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Number of CFIUS Covered Transactions with Chinese Buyer

Number of Completed Chinese M&A Transactions in the US*
Year* Chinese Buyer US Target Industry Outcome 

1990 CATIC / AVIC MAMCO Aviation POTUS ordered divestiture. 

2009 Northwest Nonferrous 

International Investment 

Co.

Firstgold Mining Withdrawn by parties after filing with 

CFIUS 

2010 Huawei 3Leaf ICT Voluntary divestiture after CFIUS asked for 

filing post-closing 

2010 Tangshan Caofeidian 

Investment Corporation

Emcore Mining Withdrawn 

2012 Far East Golden Resources 

Investment Limited

Nevada Gold Holdings Mining Voluntary divestiture after CFIUS asked for 

mitigation measures as conditions for 

approval

2012 Ralls (owned by Sany) Oregon Wind Farms Renewable Energy POTUS ordered divestiture 

2012 Procon Mining and 

Tunneling Ltd.

Lincoln Mining Mining Divestiture after CFIUS review

2015 Lumileds (Royal Philips NV) Consortium / GO Scale 

Capital of Chin

Electronics Withdrawn 

2015 Tsinghua Unisplendour Western Digital Semiconductors Withdrawn

2016 Sanan Optoelectronics Co. 

Ltd.

Global Communications 

Semiconductors

Semiconductors Withdrawn

Source: Authors’ compilation based on regulatory filings and other public sources. *Year of announcement. 




开局首季问大势







Sources: UNCTAD, Rhodium Group. 

李克强:中国未来五年海外投资可望超 万亿美元

50%

42%

36%

32%

27% 26% 23%

18% 17% 14%

7% 6%

0%

10%

20%

30%

40%

50%

60%
Source: Rhodium Group. This chart combines three scenarios for China’s GDP size ($16, $19, and $23 trillion) and outbound FDI stock to GDP ratio 

(8%, 10%, and 15%) to estimate different trajectories for China’s outbound FDI stock in 2025.

0

500

1,000

1,500

2,000

2,500

3,000

3,500

20032004200520062007200820092010201120122013201420152016201720182019202020212022202320242025
Sources: Bureau of Economic Analysis, International Monetary Fund. FDI Stock in US is Direct Investment Position on a UBO Basis and GDP is 

real 2015 GDP in current US dollars. 

Source: Rhodium Group. 

22.0%

20.0%

10.4% 10.0% 9.5%

0.2%

0%

5%

10%

15%

20%

25%

Canada UK France Japan Germany China

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

20002001200220032004200520062007200820092010201120122013201420152016

Q1

Q2

Q3

Q4

中共中央关于制定国民经济和社会发展第十个五年计划建议
中国保监会关于印发‘保监公司资金运用信息披露准则第 号:大额未上

市股权和大额不动产投资’的通知

关于‘走出去’战略实施情况的公报
关于对境外带料加工装配企业有关财务问题的通知

中小企业国际市场开拓资金管理办法实施细则(暂行)

财政部,商务部关于做好 2004 年资源类境外投资和经济合作项目前期费用扶持有关问题通知

商务部令 年第 号 境外投资管理办法

2014 年度中国对外直接投资统计公报

商务发展第十三个五年规划纲要

“国外矿产资源风险勘查专项资金管理办法

国家‘十二五’科学和技术发展规划

科技部关于印发技术市场 十二五 发展规划的通知
十二五’利用外资和境外投资规划

关于印发鼓励和引导民营企业积极开展境外投资的实施意见的通知

境外投资项目核准和备案管理办法

国家发展改革委公厅于严格执行“政府核准的投资项目目录(

年本)”做好相关后续工作的通知

关于就修订“境外投资项目核准和备案管理办法”向社会公开征求

意见的公告(已结束)

加快资本账户开放条件基本成熟

协调推进利汇率改革与资账户开放

中共中央关于全面深化改革若干重大问题的决定

商务部,中国出口信用保险公司关于实行出口信用保险专项优惠措施支持个体私营等非公有企业开拓国际市

场的通知

国家外江管理局调整境内银行为境外投资企业提供融进性对外担保管里方

式

国家外江管理局调整部分境外投资外江管理改革

国家外江管理局关于进一步简化和改革直接投资外江管理政策的通知

中 国 国 际 收 支 平 衡 表

关于境外带料加工装配业务有关出口退税问题的通知

中央名录

国务院至于投资体制改革的决定

国务院关于鼓励支持和引导个体私营等非公有制经济发展的若干意见
‘十二五’规划纲要

国务院关于印发‘中国制造 ’的通知

中共中央,国务院关于深化国有企业改革的指导意见

中华人民共和国国民经济和社会发展第十三个五年规划纲要

国务院关于印发 十三五 国家科技创新规划的通知

国新办就 年度中国对外直接投资统计公报 有关情况举行发布会

天津钢管集团股份有限公司 年度合并财务报表审计报告

天津钢管集团股份有限公司 年度第二期短期融资券募集说明书
中国海外投资国家风险评级

年度中国对外直接投资统计公报