2020年全年中国海外投资概览.pdf

2020年全年 中国海外投资概览 Click to read the English version 浏览报告 2020年全年中国海外投资概览第 2页 “ 2020年中国启动内外双循环的经济发展模式，一方面继续推动 供给侧改革促进内需，实现了经济的率先复苏；另一方面积极推进多边国际合作， 并在亚太和中欧区域合作上均取得了突破性的成果 区域全面经济伙伴关系协 定 （ RCEP）正式签署诞生了全球最大的自由贸易区，而 中欧投资协定 谈判 的如期完成更将推动中欧更深层次的经贸合作，从走出去的角度来看，欧盟 27国投资规则的统一将有助于降低中企的投资成本，打破投资壁垒，创造更有利 的营商环境，从而促进中企对欧投资。安永认为这些都为全球经济复苏注入强大信 心和动力，内循环是基础和保障，外循环也是必不可少的补充，只有中企继续积极 地参与国际合作与竞争才能确保内循环实现更健康、可持续的发展。尽管新冠疫情 在短期内预计还将继续冲击全球跨境投资，但中国在多边合作领域取得新的突破， 将使中企未来海外投资走的更稳更远。” 中国全行业对外直接投资 1,329.4亿美元，同比 增长 3.3%，非金融类 对外直接投资 1,101.5亿美元，同比下降 0.4%； “一带一路” 非金融 类对外直接投资同比 增长 18.3%，占同期投资总额的 16.2%，占比较上 年提升 2.6个百分点 中企宣布的海外并购总额 464.1亿美元，同比下降 46.2%；宣布的并购 数量 530宗，同比减少 18.5%； 四季度中企海外并购大幅回升，宣布的 交易额为三季度两倍多 TMT*仍为最受青睐的海外并购行业，其他热门行业还包括消费品 及先进制造与运输，前三大行业的并购金额占总额的 58.1%； 医疗 和生命科学 为唯一并购额较去年有所增加的行业（同比逆势 上涨 7.2%） 北美洲与亚洲为最受中企欢迎的海外并购目的地，投资金额分别 占三成，除非洲录得增长外，其他大洲均延续下跌趋势，中企对 德国 、 意大利 、 沙特阿拉伯 和 韩国 等国并购 逆势增长 ；从并购数 量看，中企在亚洲宣布的海外并购数量占比达四成，同比增加 4.3%，亚洲成为交易数量唯一录得增长的大洲 对外承包工程继续稳步发展 ，新签合同额 2,555.4亿美元，同比微降 1.8%，新签项目的八成集中在基础设施领域；完成营业额 1,559.4亿 美元，同比下降 9.8% *注 ： TMT行业包括科技、媒体和通信，其中媒体部分包含媒体和娱乐行业 对外直接 投资 海外并购 交易 对外承包 工程 周昭媚 中国海外投资业务部全球主管 新冠疫情使部分中企财务压力增加， 2020年中企宣布的海外投资退出 项目金额较 2019年 上涨 124%，达 493.3亿美元，首次 超过全年宣布 的并购总额海外退出 项目 2020年全年中国海外投资概览第 3页 对外直接投资（ ODI） 图表 1： 2016-2020年 中国非金融类对外直接投资额（亿美元） 全行业对外直接投资额 1,329.4亿美元 非金融类对外直接投资 1,101.5亿美元 同比 增长 3.3% 同比 下降 0.4% 租赁和商务服务、批发零售、科学研究和专业技术服 务、电力生产供应等领域的投资增长较快。其中流向 租赁和商务服务业的投资 417.9亿美元，同比增长 17.5%；流向批发和零售业 160.7亿美元，同比增长 27.8%；对电力生产和供应、科学研究和技术服务的投 资分别增长 10.3%和 18.1% 在“一带一路”沿线新增 177.9亿美元 同比 增长 18.3% 资料来源： UNCTAD Investment Policy Monitor、中国商务部、人民日报、新华网 、香港贸易发展局、安 永分析 1,701.1 1,200.8 1,205.0 1,106.0 1,101.5 8.5% 12.0% 13.0% 13.6% 16.2% 0 500 1,000 1,500 2,000 2016 2017 2018 2019 2020 对其他国家投资 对“一带一路”沿线投资 全球政策法规追踪 海 外 政 策 菲律宾 ： 2020年 10月 20日，菲律宾能源部发布通知允许外国投资者在大型地热勘探、开发和利用项目中拥有全 部所有权。但参与的外国投资者仍需满足一定的条件，如：最低投资额为 5000万美元，以及应根据宪法规定的 财政和技术援助协定 （ FTAA）实施等 英国 ： 2020年 11月 11日，英国政府发布了 国家安全与投资法案 草案，在关键部门引入了强制性备案，包括 民用核能、通信、国防、数据基础设施、能源、运输以及卫星和空间技术等。该法案还授予英国政府审查所有涉 及国家安全的交易，以及在交易被认定将对国家安全造成风险后，实施“相应的补救措施”的权力 西班牙 ： 2020年 11月 19日，西班牙第 34/2020号皇家法令生效，法令涉及针对 COVID-19流行病的紧急措施： 将暂停西班牙部分外国直接投资（ FDI）自由化的制度延长至 2021年 6月 30日，所有对上市公司和非上市公司的 FDI，若金额超过 5亿欧元或者收购 10%或以上的股份，都需要获得事先许可。此外，法令新增了部分须事先审批 的行业，包括： 1）通信、人工智能、机器人、半导体、网络安全、航空航天、国防、储能、量子技术与核技术、 纳米技术、生物技术、先进材料、先进制造系统等关键两用技术、产业引领与培训关键技术； 2）基础资源供给， 特别是能源，或与战略互联互通服务或原材料相关的供应，以及粮食安全； 3）媒体 阿联酋 ： 2020年 11月 23日，阿联酋颁布法令（ 2021年 1月 2 日生效），将允许外国投资者拥有在岸公司 100%的 所有权，不再需要有当地投资者（之前外资拥有权限制最高为 49%）；海外母公司也无需为在岸分支机构指定阿 联酋本地代理 澳大利亚 ： 2020年 12月 9日，议会通过立法将 2020年 3月引入的要求外国投资者对涉及敏感国家安全的土地或企 业（包括开办此类企业）的所有投资，不论其价值如何，都必须获得批准的临时性措施确定为永久性措施 意大利 ： 2020年 12月 25日，意大利的 2020年 12月 18日第 176号法律 正式生效，它将 2020年 4月颁布实施 的外国直接投资特别筛选制度的期限延长至 2021年 6月 30日。在该日期之前，来自欧盟（控股权益）和来自欧盟 以外（ 10%投票权）的战略部门的特定意大利企业的收购仍需要申报 2020/11/15 区域全面经济伙伴关系协定 签署，协议包括了外汇转 移、损失补偿等投资保护性条款，以及争端预防等投资便 利化条款，成员国均对在制造业、农林渔业、采矿业等领 域投资采用负面清单做出了较高水平的开放承诺 2020/12/30 中欧投资协定 谈判如期完成，欧盟在 能源批发和零售市场、可再生能源市场等 领域对中国扩大开放。双方采取准入阶段 国民待遇加负面清单模式，放宽准入条件、 承诺更多政策优惠来吸引更多投资 2021/1/9 2021/1/26 中新自贸协定升级议定书 签署，新西兰 确认放宽对中资审查的门槛，对中国政府者 投资的投资审查门槛为 1亿新元，对非政府投 资者审查门槛为 2亿新元（此前中新自贸协定 中审查门槛为 1千万新元） 中国商务部公布 阻断外国法律与措施不当域外适用 办法 ，以保护中国公民、法人或者其他组织在海外 的正当合法权益，维护正常的经贸秩序 2020/10/17 出口管制法 正式通过 (2020年 12月 1日生效 )， 为我国实施全面、灵活的 出口管制政策以应对国际 新形势提供了制度保障 2020年全年中国海外投资概览第 4页 宣布的海外并购数量 530宗 海外并购交易（ M 530 deals were announced, down 18.5% YOY. The momentum for China overseas M China Ministry of Commerce (MOFCOM); Peoples Daily; Xinhuanet; HKTDC; EY analysis Global investment policy tracker Philippines: On 20 October 2020, the Department of Energy released a circular that allows for 100% foreign ownership in large-scale geothermal exploration, development, and utilization projects. However, there are some conditions that foreign investors should meet, such as a minimum investment cost of about US$50 million and it should be implemented under the Financial and Technical Assistance Agreement (FTAA) as provided under the countrys constitution United Kingdom: On 11 November 2020, the UK Government released the draft National Security and Investment Bill, which would introduce mandatory filings in certain key sectors, such as civil nuclear, communications, defense, data infrastructure, energy, transport, satellite and space technologies, etc. The bill also grants the British government the power to review all transactions involving national security and implement “corresponding remedial measures“ after the transaction is determined to pose a risk to national security Spain: On 19 November 2020, the Royal Decree-Law 34/2020 relating to urgent measures against the COVID-19 pandemic came into force. It prolongs the regime of suspension of liberalization of certain foreign direct investments in Spain until 30 June 2021. Under the regime, all FDI in listed companies as well as unlisted companies requires prior clearance, if the investment value exceeds 500 million euros. This applies to an acquisition of 10% or more of stock. Furthermore, the Royal Decree-Law specifies sectors, in which foreign investment is subject to advance screening. New additions include: 1) critical and dual-use technologies such as telecommunications, artificial intelligence, robotics, semiconductors, cybersecurity, aerospace, defense, energy storage, quantum and nuclear technologies, nanotechnologies, biotechnologies, advanced materials and advanced manufacturing systems; 2) supply of fundamental inputs, in particular energy, or those related to strategic connectivity services or raw materials, as well as food security; and 3) media United Arab Emirates (UAE): On 23 November 2020, under the federal decree issued by the UAE authorities, which came into force on 2 January 2021, a company can be up to 100% foreign-owned (from previous maximum of 49%). The Decree removes the requirement for foreign branches to have a UAE national or local company as a registered agent Australia: On 9 December 2020, the Parliament passed legislation to make the $0 monetary threshold for mandatory screening of investments (including starting such a business) in sensitive national security businesses, introduced as a temporary measure in March 2020, permanent Italy: On 25 December 2020, the Law of 18 December 2020, no. 176 went into force. The new law extends the temporal scope of application of the special FDI screening regime introduced in April 2020 to 30 June 2021. Until that date, acquisitions of certain Italian businesses in strategic sectors originating from the EU (controlling interests) and from outside the EU (10% of voting rights) are subject to notification 2020/11/15 RCEP was signed and it includes provisions for investment protection in the areas of foreign exchange transfer and compensation for losses, in addition to provisions for investment facilitation such as dispute prevention and resolution. The agreement set out a higher level of opening commitments as RCEP members will adopt negative listing approach on investment in manufacturing, agriculture, forestry, fisheries, mining, etc 2020/12/30 China and the EU concluded the negotiations on CAI. The EU will open further to China in energy wholesale and retail markets, renewable energy markets, etc. For liberalization commitments, the agreement follows a negative listing approach in specific Annexes for National Treatment, etc. Both sides will also relax market access and commit more favored policies 2021/1/9 2021/1/26 The Protocol to Upgrade the China-New Zealand Free Trade Agreement was signed. New Zealand confirmed to relax the threshold for reviewing investments made by Chinese enterprisesNZ$100 million for Chinese government investment and NZ$200 million for non-government investors is (compared to the review threshold at NZ$10 million under previous China-New Zealand FTA) The Ministry of Commerce of China released the Rules on Counteracting Unjustified Extra-territorial Application of Foreign Legislation and Other Measures to protect legitimate rights and interests of Chinese citizens, legal persons or other organizations overseas and to maintain normal economic and trade order 2020/10/17 The Export Control Law was officially passed and it went into effect on 1 Dec 2020. It provides policy tools for the authorities to implement comprehensive and flexible export control in response to the changing international landscape Figure 1: Chinas non-financial ODI, 20162020 (US$ billion) 170.1 120.1 120.5 110.6 110.2 8.5% 12.0% 13.0% 13.6% 16.2% 0 20 40 60 80 100 120 140 160 180 2016 2017 2018 2019 2020 Non-financial ODI to B ThomsonOne, Mergermarket, including data from Hong Kong, Macau and Taiwan and deals that have been announced but not yet completed, downloaded on 4 January 2021; EY analysis Figure 3： Top five sectors of China overseas M nearly 30% to mining ThomsonOne, Mergermarket, including data from Hong Kong, Macau and Taiwan and deals that have been announced but not yet completed, downloaded on 4 January 2021; EY analysis Overview of China outbound investment of 2020Page 13 Overseas EPC Down 1.8% YOY The total overseas EPC turnover US$155.9 billion Down 9.8% YOY Down 8.7% YOY Divestments US$49.3 billion Up 124% YOY The announced value of China overseas divestments exceeded the total M ThomsonOne, Mergermarket, including data from Hong Kong, Macau and Taiwan and deals that have been announced but not yet completed, downloaded on 26 January 2021; EY analysis China Americas Asia-Pacific Regional Leaders EMEIA About EY EY is a global leader in assurance, tax, strategy, transaction and consulting services. 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EY | Assurance | Tax | Strategy and Transactions | Consulting The China Overseas Investment Network (COIN) connects EY professionals around the globe, facilitates collaboration and provides consistent and coordinated services to our Chinese clients to make outbound investments. Building on the existing China Business Group in the Americas, EMEIA, and Asia-Pacific areas, COIN has expanded our network to over 70 countries and territories around the world. COIN is part of EYs commitment to provide seamless and high-quality client services, worldwide, to Chinese companies going overseas and doing business overseas. Our globally integrated structure enables us to deploy dedicated teams with strong local experience and deep industry knowledge to provide seamless services to our clients. 2021 Ernst & Young, China All Rights Reserved. APAC no. 03011798 ED None. 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