Chinese firms giving rise to new round of global mergers

Beijing (CNS) -- Chinese companies achieved a non-financial outbound investment value of US$1.655 million in the first quarter, up 94.5 percent year on year, which is giving rise to a new round of global mergers, commented a spokesman from the Ministry of Commerce (MOC) on Tuesday.

Several huge purchases were made in the first three months, such as Jinchuan Group's buyout of South African copper miner Metorex and Sany Group's acquisition of German machine maker Putzmeister, the spokesman said.

Chinese companies are marching into the global market, influenced by increasing trade frictions, foreign protectionism and rising costs at home, he added.

In March, the Chinese government issued an outbound investment evaluation report with information on more than 820 investment policies of 16 foreign countries, which is expected to serve as a guidebook for domestic firms to invest globally.

The success rate of cross-border mergers by Chinese firms is around 40 percent, much higher than the global average of around 25 percent, according to a study by an institute under the MOC.