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1、2022年前三季度中國海外投資概覽安永中國海外投資業務部安永中國海外投資業務部2022年11月16日Click for EnglishOverview of China outbound investmentof the first three quarters of 2022中國對外直接投資保持平穩發展，但海外并購市場整體低迷2022年前三季度中國海外投資概覽第2頁當前影響全球經濟的不穩定因素愈發增多且復雜化。根據IMF最新預測，2023年全球經濟增長將降至2.3%，其中發達國家預計僅增長1.1%，而新興和發展中國家預計增長3.7%。在全球經濟下行壓力逐漸增大的背景下，中企的國際化發展面臨諸

2、多挑戰，但剛剛結束的“二十大”會議不僅明確表示“中國將堅持對外開放的基本國策、堅持經濟全球化正確方向、堅持真正的多邊主義”，還提到了一些具體的發展方向，如“要提升國際循環的質量和水平，共同培育全球發展新動能，加強同發展中國家團結合作，推動共建一帶一路高質量發展”等。對中企而言，“走出去”參與全球發展和競爭有利于長遠發展，企業不僅要持續提高核心競爭力，更應順應國家政策趨勢，深挖市場潛力，優化國際化布局。周昭媚周昭媚中國海外投資業務部全球主管中國海外投資業務部全球主管第2頁2022年前三季度中國海外投資概覽第3頁本期摘要本期摘要本期摘要對外直接投資對外直接投資海外并購海外并購對外承包工程對外承包工

3、程安永推薦閱讀安永推薦閱讀資料來源：1.中國商務部；2.Refinitiv、Mergermarket，包括香港、澳門和臺灣的對外并購交易，數據包括已宣布但尚未完成的交易，于2022年10月10日下載；安永分析中國全行業對外直接投資1,067.7億美元，較去年同期下降0.3%，第三季度較第二季度環比增加10%；非金融類對外直接投資858.5億美元，同比增長6.3%，其中對“一帶一路”沿線國家非金融類直接投資156.5億美元，同比增長5.2%對外直接投資對外直接投資1中企宣布的海外并購總額為234.5億美元，同比下降49%，再創歷史同期新低；宣布的交易數量為379宗，同比減少6%按交易金額計，前三

4、大熱門行業為TMT*、先進制造與運輸以及醫療與生命科學；采礦與金屬業是唯一錄得交易金額增長的行業，且同比大幅增加228%；消費品行業并購金額降幅最大，達83%亞洲仍為最受歡迎的海外并購目的地，交易金額與數量均位列第一；受俄烏局勢影響，中企在歐洲的海外并購繼續大幅萎縮，第三季度創歷史新低，單季首次低于10億美元海外并購海外并購2對外承包工程新簽合同額1,470.7億美元，同比下降7.9%對外承包工程對外承包工程1*TMT行業包括科技、媒體和娛樂和通信業2022年前三季度中國海外投資概覽第4頁對外直接投資（ODI）本期摘要本期摘要對外直接投資對外直接投資海外并購海外并購對外承包工程對外承包工程安永

5、推薦閱讀安永推薦閱讀對外直接投資保持穩定，多個實體經濟領域投資呈增長態勢對外直接投資保持穩定，多個實體經濟領域投資呈增長態勢2022年前三季度中國全行業對外直接投資額（億美元）年前三季度中國全行業對外直接投資額（億美元）282 264 257 318 343 342 310 292 396 345 266 296 458 358 380 408 301 322 381 05001,0001,50020182019202020212022一季度二季度三季度四季度36 38 42 44 53 41 30 39 52 48 31 32 49 53 56 49 50 48 54 05010015020

6、020182019202020212022一季度二季度三季度四季度根據商務部數據，2022年前三季度：中國全行業對外直接投資全行業對外直接投資1,067.7億美元億美元，同比下降0.3%其中非金融類對外直接投資858.5億美元億美元，同比增長6.3%流向租賃和商務服務業293.2億美元，同比增長26.7%；流向制造業、批發和零售業、建筑業等領域的投資也呈增長態勢，例如在綠色發展領域，多家中國電動汽車及電池制造商加速海外布局，在德國、匈牙利等國家啟動工廠建設，推動公司的國際化發展對“一帶一路”沿線國家非金融類直接投資對“一帶一路”沿線國家非金融類直接投資156.5億美元億美元，同比增長5.2%占

7、同期總額的18.2%主要投向東盟國家、巴基斯坦、阿聯酋、塞爾維亞和孟加拉國等*表內數據由于四舍五入的緣故，其合計數未必與總計數相等資料來源：中國商務部月度簡明統計數據2022年年前三季度前三季度對“一帶一路”沿線國家非金融類直接投資額對“一帶一路”沿線國家非金融類直接投資額（億美元）（億美元）2022年前三季度中國海外投資概覽第5頁海外并購（M&A）本期摘要本期摘要對外直接投資對外直接投資海外并購海外并購對外承包工程對外承包工程安永推薦閱讀安永推薦閱讀海外并購市場持續低迷，拐點尚未顯現海外并購市場持續低迷，拐點尚未顯現2022年前三季度中企宣布的海外并購總額宣布的海外并購總額為234.5億美元

8、億美元，同比下降49%，再創歷史同期新低宣布的交易數量宣布的交易數量為379宗，同比減少6%*表內數據由于四舍五入的緣故，其合計數未必與總計數相等資料來源：Refinitiv、Mergermarket，包括香港、澳門和臺灣的對外并購交易，數據包括已宣布但尚未完成的交易，于2022年10月10日下載；安永分析2022年年前三季度前三季度中企宣布的海外并購金額（億美元）中企宣布的海外并購金額（億美元）2391697317256285819378103310285902057623625922314204008001,20020182019202020212022一季度二季度三季度四季度2022年前

9、三季度中國海外投資概覽第6頁海外并購（M&A）（續）本期摘要本期摘要對外直接投資對外直接投資海外并購海外并購對外承包工程對外承包工程安永推薦閱讀安永推薦閱讀行業分析行業分析按交易金額按交易金額（單位：億美元，%為同比增長率）45%TMT36.714%先進制造與運輸34.551%醫療與生命科學29.3228%采礦與金屬21.445%金融服務按交易數量按交易數量（單位：宗，%為同比增長率）19%TMT519%先進制造與運輸4419%金融服務4345%醫療與生命科學38111%房地產、酒店與建造2022年前三季度，按交易金額計，前三大熱門行業為TMT、先進制造與運輸以及醫、先進制造與運輸以及醫療與生

10、命科學行業療與生命科學行業，占總額比例達六成；采礦與金屬業采礦與金屬業是唯一錄得增長的行業，同比大幅增加228%，達29.3億美元。醫療與生命科學行業醫療與生命科學行業持續保持較高熱度，第三季度單季成為宣布的海外并購交易金額最多的行業。70.294資料來源：Refinitiv、Mergermarket，包括香港、澳門和臺灣的對外并購交易，數據包括已宣布但尚未完成的交易，于2022年10月10日下載；安永分析2022年前三季度中國海外投資概覽第7頁海外并購（M&A）（續）行業分析行業分析資料來源：Refinitiv、Mergermarket，包括香港、澳門和臺灣的對外并購交易，數據包括已宣布但尚

11、未完成的交易，于2022年10月10日下載；安永分析69%31%3%41%15%8%45%54%76%31%4%52%40%16%12%15%38%24%13%19%1%79%40%9%63%33%7%1%35%27%0%20%40%60%80%100%石油與天然氣電力與公用事業消費品房地產、酒店與建造金融服務采礦與金屬醫療與生命科學先進制造與運輸TMT亞洲歐洲北美洲大洋洲拉丁美洲非洲醫療與生命科學醫療與生命科學、石油與天然氣石油與天然氣、電力與公用事業電力與公用事業以及消費品消費品行業行業的區域集中度較高，分別有超過六成以上的交易金額集中于單一大洲：地緣政治因素對跨境并購的行業區域性分布也造

12、成巨大影響。以TMT行業行業為例，自美國收緊科技行業投資政策以來，中企投向北美洲該行業占比自2019年的55%逐年下降，至今年前三季度占比已降至9%。2022年前三季度中企宣布的海外并購行業與各大洲分布（按交易金額）年前三季度中企宣布的海外并購行業與各大洲分布（按交易金額）醫療與生命科學79%集中于北美洲石油與天然氣76%集中于歐洲電力與公用事業69%集中于亞洲消費品63%集中于大洋洲本期摘要本期摘要對外直接投資對外直接投資海外并購海外并購對外承包工程對外承包工程安永推薦閱讀安永推薦閱讀2022年前三季度中國海外投資概覽第8頁海外并購（M&A）（續）本期摘要本期摘要對外直接投資對外直接投資海外

13、并購海外并購對外承包工程對外承包工程安永推薦閱讀安永推薦閱讀區域分析區域分析金額宗數大洲大洲亞洲82.1億美元127宗歐洲62.7億美元127宗北美洲55.1億美元63宗大洋洲16.2億美元38宗非洲8億美元8宗拉丁美洲10.4億美元16宗資料來源：Refinitiv、Mergermarket，包括香港、澳門和臺灣的對外并購交易，數據包括已宣布但尚未完成的交易，于2022年10月10日下載；安永分析2022年前三季度中國海外投資概覽第9頁海外并購（M&A）（續）本期摘要本期摘要對外直接投資對外直接投資海外并購海外并購對外承包工程對外承包工程安永推薦閱讀安永推薦閱讀區域分析區域分析中企在亞洲宣布

14、的并購金額排名第一，仍為最受中企歡迎的大洲主要投向韓國、日本和新加坡，占中企在亞洲宣布的并購金額的六成TMT、先進制造與運輸業以及金融服務業為最受中企青睞的行業，其中TMT交易的占比達46%據IMF最新預測，亞洲發展中國家在本輪經濟下行中顯示出更強的韌性，印度、印度尼西亞、中國、沙特阿拉伯和土耳其為 G20國家中預計2023年增長最快的前五大國家中國“二十大”提出將推動共建“一帶一路”高質量發展，亞洲國家作為重點國家，預計將持續受到中企關注同比下降59%82.1美元美元同比增加9%127宗宗亞亞洲洲主要投向荷蘭、英國和意大利，占中企在歐洲宣布的并購金額超七成TMT仍為最受歡迎的行業，占總額的4

15、2%今年以來，歐洲深受俄烏沖突影響，能源危機隱現，通貨膨脹高企，貨幣對美元大幅貶值，中企對歐洲投資趨于審慎，今年第三季度更創下歷史新低，并購金額單季首次低于10億美元IMF預計2023年，除俄羅斯將繼續延續今年經濟負增長以外，德國和意大利等國也將進入衰退，因此，短期內中企投資歐洲仍需評估各方面風險，審慎決策同比下降55%62.7億美元億美元同比增加1%127宗宗歐歐洲洲中企在北美洲的并購交易主要集中于醫療與生命科學和先進制造與運輸行業，分別占并購總額的49%和27%目前美國通貨膨脹率處于近三十年來高位，經濟增長動力不足，近期美聯儲快速加息使利率也達到十年來新高，疊加中美地緣摩擦不斷，預計短期中

16、企在美國并購交易將持續低迷同比下降24%55.1億美元億美元同比下降46%63宗宗北美洲北美洲資料來源：Refinitiv、Mergermarket，包括香港、澳門和臺灣的對外并購交易，數據包括已宣布但尚未完成的交易，于2022年7月6日下載；世界經濟展望報告，國際貨幣基金組織（IMF），2022年10月；安永分析2022年前三季度中國海外投資概覽第10頁海外并購（M&A）（續）本期摘要本期摘要對外直接投資對外直接投資海外并購海外并購對外承包工程對外承包工程安永推薦閱讀安永推薦閱讀區域分析區域分析目的地目的地2022年年前三季度前三季度2021年年前三季度前三季度同比同比增長增長1美國54.3

17、 69.4-22%2荷蘭23.5 58.3-60%3韓國20.1 31.5-35%4澳大利亞16.1 3.9 312%5日本14.6 14.8-2%6新加坡13.6 88.3-85%7英國12.8 31.6-59%8印度11.522.2-48%9印度尼西亞10.925.5-57%10阿根廷10.1 3.5 189%2022年年前三季度前三季度中企宣布的海外并購前十大目的地中企宣布的海外并購前十大目的地（按交易金額，億美元）（按交易金額，億美元）目的地目的地2022年年前三季度前三季度2021年年前三季度前三季度同比同比增長增長1美國54 100-46%2澳大利亞3613 177%3英國31 3

18、3-6%4新加坡26 25 4%5日本26 20 30%6韓國25 17 47%7德國20 23-13%8法國13 9 44%9泰國10 3 233%10印度1011-9%2022年年前三季度前三季度中企宣布的海外并購前十大目的地中企宣布的海外并購前十大目的地（按交易數量，宗數）（按交易數量，宗數）資料來源：Refinitiv、Mergermarket，包括香港、澳門和臺灣的對外并購交易，數據包括已宣布但尚未完成的交易，于2022年10月10日下載；安永分析2022年前三季度中國海外投資概覽第11頁對外承包工程（EPC）本期摘要本期摘要對外直接投資對外直接投資海外并購海外并購對外承包工程對外承

19、包工程安永推薦閱讀安永推薦閱讀全球經濟衰退風險增加，“小而美”項目未來可能更受青睞全球經濟衰退風險增加，“小而美”項目未來可能更受青睞2022年前三季度，中企對外承包工程中企對外承包工程新簽合同額1,470.7億美元億美元，同比下降7.9%完成營業額1,070億美元億美元，同比增加0.4%第三季度新簽大項目包括某中企簽約沙特最大的交通運輸和公用基礎設施項目（合同金額約為78.6億人民幣），以及某中企在哈薩克斯坦簽約的鐵礦石剝離工程（合同金額約為6.5億美元）等綜合來看，超大金額項目數量有所減少，“小而美”項目有所增加，小型項目風險相對較小，更易融資和管理，同時更貼合民生需求，利于實施與開展，是

20、大勢所趨在“一帶一路”沿線國家和地區對外承包工程在“一帶一路”沿線國家和地區對外承包工程新簽合同額767億美元億美元，同比下降5.1%占新簽合同總額的52.5%完成營業額573.3億美元億美元，同比下降7.2%占同期總額的53.6%*表內數據由于四舍五入的緣故，其合計數未必與總計數相等資料來源：中國商務部月度簡明統計數據、公開信息整理446 506 554 535 474 622 553 518 569 562 478 408 430 492 435 873 1,136 1,052 989 05001,0001,5002,0002,5003,00020182019202020212022一季度

21、二季度三季度四季度2022年年前三季度前三季度中國對外承包工程新簽合同額（億美元）中國對外承包工程新簽合同額（億美元）2022年前三季度中國海外投資概覽第12頁安永推薦閱讀本期摘要本期摘要對外直接投資對外直接投資海外并購海外并購對外承包工程對外承包工程安永推薦閱讀安永推薦閱讀1.國資智匯|國企海外并購大浪淘沙，重識商業盡調的重要性2.【PE/VC洞察】跨境電商出海觀察3.中國海外投資政策與法規速遞4.一鍵觸發您的數據出境健康服務管家來了！掃描微信公眾平臺二維碼，獲取更多推薦閱讀內容安永中國海外投資業務部走出去微信智庫一帶一路微信智庫2022年前三季度中國海外投資概覽安永中國海外投資業務部：全球

22、網絡China Overseas Investment Network(COIN)COIN在美洲、EMEIA（歐洲、中東、印度及非洲）和亞太各大區現有的中國業務團隊的基礎上，將全球的安永專業人員連接在一起，在海外投資的各個階段，從投資計劃到執行和投后整合，為中國客戶提供一站式服務。國際化背景和本土化專業人才國際化背景和本土化專業人才多種語言的無縫專業服務多種語言的無縫專業服務豐富的跨國服務經驗和全面的服務領域豐富的跨國服務經驗和全面的服務領域全球服務網絡覆蓋的國家和地區協助開展海外業務的中企數量服務中企的海外項目數量*以上為過去三年的數據協助在“一帶一路”共建國家開展業務的中企數量在“一帶一路

23、”共建國家協助中企參與的項目數量服務網絡覆蓋的“一帶一路”國家和地區70+3,200+74,000+90%1,600+34,000+美洲區美洲區Americas Area加拿大美國加勒比地區以色列玻利維亞厄瓜多爾牙買加墨西哥秘魯委內瑞拉阿根廷巴西智利CanadaUnited StatesCaribbean RegionIsraelBoliviaEcuadorJamaicaMexicoPeruVenezuelaArgentinaBrazilChileAustriaBelgiumCzech RepublicDenmarkFinlandFranceGermanyGreeceHungaryItalyK

24、azakhstanKyrgyzstanLuxembourgNetherlandsNorwayPakistanPolandPortugalRomaniaSpainSwedenSwitzerlandTurkeyUnited KingdomUzbekistanBahrainEgyptKuwaitSaudi ArabiaUnited Arab EmiratesIndiaAlgeriaAngolaCameroonDemocratic Republic of CongoEthiopiaLibyaMozambiqueNigeriaSouth AfricaSouth SudanUgandaZambiaZimb

25、abwe澳大利亞新西蘭日本韓國文萊柬埔寨印度尼西亞老撾馬來西亞緬甸菲律賓新加坡斯里蘭卡泰國越南AustraliaNew ZealandJapanSouth KoreaBruneiCambodiaIndonesiaLaosMalaysiaMyanmarPhilippinesSingaporeSri LankaThailandVietnam亞太區亞太區Asia-Pacific Area奧地利比利時捷克丹麥芬蘭法國德國希臘匈牙利意大利哈薩克斯坦吉爾吉斯斯坦盧森堡荷蘭挪威巴基斯坦波蘭葡萄牙羅馬尼亞西班牙瑞典瑞士土耳其英國烏茲別克斯坦巴林埃及科威特沙特阿拉伯阿聯酋印度阿爾及利亞安哥拉喀麥隆剛果民主共和國

26、埃塞俄比亞利比亞莫桑比克尼日利亞南非南蘇丹烏干達贊比亞津巴布韋歐洲、中東、印度及非洲區歐洲、中東、印度及非洲區EMEIA Area第13頁2022年前三季度中國海外投資概覽我們的全球COIN網絡如欲取得更多有關中國海外投資業務部的信息，請瀏覽我們的網站 2629 香港呂晨呂晨中國海外投資業務部全球稅務主管+86 21 2228 2798 上海蘇麗蘇麗大中華區戰略與交易咨詢服務主管+86 21 2228 上海朱亞明朱亞明大中華區能源資源行業聯席主管華北區戰略與交易咨詢服務主管+86 10 5815 3891 北京郝進軍郝進軍中國企業海外投資稅務中心聯合主管+86 10 5815 北京劉國華劉國華

27、大中華區財務會計咨詢服務主管+86 21 2228 上海 美洲區美洲區肖楚強肖楚強中國海外投資業務部加拿大主管+1 416 943 加拿大多倫多張曉青張曉青中國海外投資業務部美洲區主管+1 617 375 美國波士頓張嘉琪張嘉琪中國海外投資業務部南美洲主管+55 11 9625 巴西圣保羅徐清華徐清華中國海外投資業務部EMEIA區主管+33 1 4693 4363qinghua.xu-法國巴黎孫軼孫軼中國海外投資業務部歐洲西部主管+49 211 9352 德國杜塞爾多夫李素雯李素雯中國海外投資業務部英國、愛爾蘭主管+44 20 7951 英國倫敦亞太區亞太區許潤翔許潤翔中國海外投資業務部東盟區

28、主管+65 6309 新加坡李強李強中國海外投資業務部大洋洲區主管+61 2 9248 5008 澳大利亞悉尼區域區域張毅強張毅強審計合伙人安永華明會計師事務所+86 10 5815 北京 歐洲、中東、印度及非洲歐洲、中東、印度及非洲(EMEIA)區區何玉瓊何玉瓊中國海外投資業務部+81 70 2462 日本熊斌熊斌大中華區管理咨詢服務主管合伙人+86 755 22385818 昆明陳凱陳凱安永中國主席大中華區首席執行官全球管理委員會成員+86 10 5815 北京張順源張順源國際及并購重組稅務咨詢合伙人安永（中國）企業咨詢有限公司+86 21 2228 上海大中華區大中華區蔡偉年蔡偉年大中華

29、區國際及并購重組稅務咨詢主管+86 10 5815 北京第14頁安永|建設更美好的商業世界安永的宗旨是建設更美好的商業世界。我們致力幫助客戶、員工及社會各界創造長期價值，同時在資本市場建立信任。在數據及科技賦能下，安永的多元化團隊通過鑒證服務，于150多個國家及地區構建信任，并協助企業成長、轉型和運營。在審計、咨詢、法律、戰略、稅務與交易的專業服務領域，安永團隊對當前最復雜迫切的挑戰，提出更好的問題，從而發掘創新的解決方案。安永是指 Ernst&Young Global Limited 的全球組織，加盟該全球組織的各成員機構均為獨立的法律實體，各成員機構可單獨簡稱為“安永”。Ernst&You

30、ng Global Limited 是注冊于英國的一家保證（責任）有限公司，不對外提供任何服務，不擁有其成員機構的任何股權或控制權，亦不擔任任何成員機構的總部。請登錄 。2022 安永，中國。版權所有。APAC no.03015944ED None本材料是為提供一般信息的用途編制，并非旨在成為可依賴的會計、稅務、法律或其他專業意見。請向您的顧問獲取具體意見。 of China outbound investment of the first three quarters of 2022EY China Overseas Investment Network 16 November 2022點擊

31、瀏覽中文版2022年前三季度中國海外投資概覽Outward direct investment generally stable with slower overseas M&A activitiesOverview of China outbound investment of the first three quarters of 2022Page 17The global economy is filled with intensified instability and increased complexity.International Monetary Fund(IMF)proje

32、cted a worldwide slowing growth by 2.3%in 2023.Developed countries might experience an estimated growth by 1.1%while emerging and developing countries by 3.7%.Against this backdrop,more challenges would be expected for international development of Chinese enterprises.In China,the 20th National Congr

33、ess concluded with clear messages for upholding the national fundamental strategy of opening up,economic globalization and true multilateralism.Some development directions were outlined,for example,to further improve the international circulation,jointly build new momentum for global development,str

34、engthen cooperation with developing countries,and promote quality development of the Belt and Road Initiative(BRI).Chinese enterprises will continue going out for long-term development through international cooperation and competition,so as to improve core competitiveness in line with the favorable

35、national policy,tap market potential and enhance international presence.Loletta ChowGlobal Leader of EY China Overseas Investment NetworkPage 17Overview of China outbound investment of the first three quarters of 2022Page 18SummarySummaryODIM&AsEPCEY Recommended readingsSources:1.China MOFCOM.2.Refi

36、nitiv;Mergermarket,including data from Hong Kong,Macau and Taiwan,and deals that have been announced but not yet completed,data was downloaded on 10 October 2022;EY analysisODI1China overall outward direct investment(ODI)reached US$106.8 billion in the first three quarters of 2022,down 0.3%year-on-y

37、ear(YOY)and the Q3 figure increased 10%from that of Q2.The non-financial ODI reached US$85.9 billion,up 6.3%YOY.The Beltand Road(B&R)non-financial ODI increased 5.2%YOY to US$15.7 billion.Overseas M&As2The value of announced China overseas mergers and acquisitions(M&As)reached US$23.5 billion,down 4

38、9%YOY to a historic lowcompared to the same period in the past years.There were 379 China announced overseas M&A deals in the first three quarters of the year,down 6%YOY.Sector-wise by deal value,the top three sectors were TMT*,advanced manufacturing&mobility,and health care&life sciences.Mining&met

39、als was the only sector recording an increase by deal value during the period at 228%YOY.The consumer products sector experienced the largest decline at 83%by deal value among all sectors during the period.Asia was again the top overseas M&A destination during the period,recording the highest deal v

40、alue and volume among all major continents.Deal activities of China enterprises in Europe sharply decreased amid the shadow cast by tension between Russia and Ukraine.In Q3 2022,the deal value recorded in Europe reached a historic low to,for the first time,less than US$1 billion in a single quarter.

41、Overseas EPC1Newly-signed China overseas engineering,procurement and construction(EPC)projects decreased 7.9%YOY to US$147.1 billion.*The TMT sector refers to technology,media&entertainment and telecommunicationsOverview of China outbound investment of the first three quarters of 2022Page 19ODISumma

42、ryODIM&AsEPCEY Recommended readingsODI develops steadily with investment in some real-economy sectors show increasesChina overall ODI in the first three quarters of 2022(US$billion)According to China MOFCOM statistics,in the first three quarters of 2022China overall ODI reached US$106.8b,down0.3%YOY

43、.China non-financial ODI reached US$85.9b,up 6.3%YOY.Investments in leasing and business services reached US$29.3 billion(up 26.7%YOY)and those in manufacturing,wholesale&retail,construction and other sectors were also on the rise.For instance,in the green development realm,a number of Chinese elect

44、ric vehicle and battery manufacturers have raised factory capacities in countries like Germany and Hungary for increased overseas presence and business development.The B&R non-financial ODI reached US$15.7b,up 5.2%YOY.Representing 18.2%of the totalMainly in ASEAN,Pakistan,the United Arab Emirates,Se

45、rbia and BangladeshChina non-financial ODI along the B&R in the first three quarters of 2022(US$billion)*Remark:The round-up statistics in this article may not add to the actual totals.Source:Monthly Statistics in Brief,China MOFCOM28.226.425.731.834.334.231.029.239.634.526.629.645.835.838.040.830.1

46、32.238.105010015020182019202020212022Q1Q2Q3Q43.63.84.24.45.34.13.03.95.24.83.13.24.95.35.64.95.04.85.40510152020182019202020212022Q1Q2Q3Q4Overview of China outbound investment of the first three quarters of 2022Page 20SummaryODIM&AsEPCEY Recommended readingsM&AsChina overseas M&As continued to slow

47、without turning point in sight In the first three quarters of 2022,China overseas M&A reached US$23.5b,down 49%YOY to a historic low compared to the same period in the past years.There were 379announced deals,down 6%YOY.Value of announced China overseas M&As in the first three quarters of 2022(US$bi

48、llion)23.916.97.317.25.628.58.19.37.810.331.028.59.020.57.623.625.922.314.20408012020182019202020212022 Q1 Q2 Q3 Q4*Remark:The round-up statistics in this article may not add to the actual totals.Sources:Refinitiv;Mergermarket,including data from Hong Kong,Macau and Taiwan,and deals that have been a

49、nnounced but not yet completed,data was downloaded on 10 October 2022;EY analysisOverview of China outbound investment of the first three quarters of 2022Page 21Sector analysisIn the first three quarters of 2022,the top three sectors of China overseas M&As were TMT,advanced manufacturing&mobility,an

50、d health care&life sciences,collectively accounting for 60%of the total value.Mining&Metals was the only sector to see growth,up 228%YOY to US$2.9 billion.Notably,the health care&life sciences sector remained quite popular recording the largest value of announced overseas M&As in Q3 2022.M&AsSummary

51、ODIM&AsEPCEY Recommended readingsBy deal value(US$billion,%YOY)45%TMT3.714%Advanced manufacturing&mobility3.551%Health care&life sciences2.9228%Mining&metals2.145%Financial servicesBy deal volume(Number of deals,%YOY)19%TMT519%Advanced manufacturing&mobility4419%Financial services 4345%Health care&l

52、ife sciences38111%Real estate,hospitality&construction7.094Sources:Refinitiv;Mergermarket,including data from Hong Kong,Macau and Taiwan,and deals that have been announced but not yet completed,data was downloaded on 10 October 2022;EY analysisOverview of China outbound investment of the first three

53、 quarters of 2022Page 22Sector analysisM&AsSummaryODIM&AsEPCEY Recommended readingsSources:Refinitiv;Mergermarket,including data from Hong Kong,Macau and Taiwan,and deals that have been announced but not yet completed,data was downloaded on 10 October 2022;EY analysis69%31%3%41%15%8%45%54%76%31%4%52

54、%40%16%12%15%38%24%13%19%1%79%40%9%63%33%7%1%35%27%0%20%40%60%80%100%Oil&gasPower&utilitiesConsumer productsReal estate,hospitality&constructionFinancial servicesMining&metalsHealth care&life sciencesAdvanced manufacturing&mobilityTMTAsiaEuropeNorth AmericaOceaniaLatin AmericaAfricaGeographical dist

55、ribution of China announced overseas M&As by sector in the first three quarters of 2022(by deal value)By deal value,the health care&life sciences,oil&gas,power&utilities,as well as consumer products sectors recorded a higher regional concentration,with over 60%of the deal value in each of these sect

56、ors being made on a single continent.Geopolitics considerably impacted the geographical distribution of cross-border M&A activities of Chinese enterprises.For instance,following the more stringent investment policies concerning the US technology sector,less TMT M&A deals by value were made in the US

57、,from 55%of the total China overseas TMT M&As in 2019 to 9%in the first three quarters of 2022.79%of health care&life sciences is concentrated inNorth America76%of oil&gas is concentrated in Europe69%of power&utilities is concentrated in Asia63%of consumer products is concentrated in OceaniaOverview

58、 of China outbound investment of the first three quarters of 2022Page 23SummaryODIM&AsEPCEY Recommended readingsM&AsContinentDeal value Deal volumeAsiaUS$8.2b127EuropeUS$6.3b127North AmericaUS$5.5b63OceaniaUS$1.6b38AfricaUS$800m8LatinAmericaUS$1.0b16Geographical analysisSources:Refinitiv;Mergermarke

59、t,including data from Hong Kong,Macau and Taiwan,and deals that have been announced but not yet completed,data was downloaded on 10 October 2022;EY analysisOverview of China outbound investment of the first three quarters of 2022Page 24Asia was still the top destination for China overseas M&As.The i

60、nvestments were made mainly in South Korea,Japan and Singapore,accounting for 60%of the total in Asia.TMT,advanced manufacturing&mobility and financial services were the top sectors for investment by Chinese enterprises in Asia,with TMT accounting for 46%of the total in the continent.With reference

61、to the IMF forecasts,developing countries in Asia showed greater resilience in the current economic slowdown.India,Indonesia,China,Saudi Arabia and Turkey were expected to be the top five fast-growing G20 countries in 2023 and they are situated in Asia.The 20th National Congress of China continued t

62、o promote quality development of the BRI.Countries in Asia may further attract attention of Chinese investors.EuropeThe investments were mainly made in the Netherlands,the UK and Italy,accounting for over 70%of the total in Europe.TMT remained the top sector,accounting for 42%of the total.This year,

63、the tension between Russia and Ukraine and its impacts have deeply affected the economy of Europe and energy supply.There were also high inflation rates and sharp currency depreciation against the US dollar.Chinese enterprises have become cautious in investing in Europe.In Q3 2022,the deal value rea

64、ched a record low to,for the first time,less than US$1 billion in a single quarter.With reference to the IMF forecasts,Russia will likely continue its negative economic growth since this year while other countries,such as Germany and Italy,might enter a recessionary cycle in 2023.Hence,in the short-

65、run,it is essential to thoroughly assess the risk portfolio before prudent decision is made for cross-border investment.AsiaThe investments were mainly made in the sectors of health care&life sciences and advanced manufacturing&mobility,accounting for 49%and 27%of the total in North America respecti

66、vely.Inflation in the US was among the highest levels in almost three decades and its economy might not have sufficient momentum for growth.The Federal Reserve has increased interest rates to higher levels in a decade whilst geopolitical uncertainty between China and the US has been on the rise.In t

67、he short-run,China M&As in the US may further slow.North AmericaM&AsSummaryODIM&AsEPCEY Recommended readingsdown 59%YOYUS$8.2bup 9%YOY127 dealsdown 55%YOYUS$6.3bup 1%YOY127 dealsGeographical analysisdown 24%YOYUS$5.5bdown 46%YOY63 dealsSources:Refinitiv;Mergermarket,including data from Hong Kong,Mac

68、au and Taiwan,and deals that have been announced but not yet completed,data was downloaded on 10 October 2022;World Economic Outlook,October 2022,IMF;EY analysisOverview of China outbound investment of the first three quarters of 2022Page 25DestinationFirst 3Qs of 2022First 3Qs of 2021%YOY1US54 100-

69、46%2Australia3613 177%3UK31 33-6%4Singapore26 25 4%5Japan26 20 30%6South Korea25 17 47%7Germany20 23-13%8France13 9 44%9Thailand10 3 233%10India1011-9%SummaryODIM&AsEPCEY Recommended readingsM&AsGeographical analysisTop 10 destinations of China overseas M&As in the first three quarters of 2022(By de

70、al value:US$billion)Top 10 destinations of China overseas M&As in the first three quarters of 2022(By deal volume)DestinationFirst 3Qs of 2022First 3Qs of 2021%YOY1US5.4 6.9-22%2Netherlands2.4 5.8-60%3South Korea2.0 3.2-35%4Australia1.6 0.4 312%5Japan1.5 1.5-2%6Singapore1.4 8.8-85%7UK1.3 3.2-59%8Ind

71、ia1.22.2-48%9Indonesia1.12.6-57%10Argentina1.0 0.4189%Sources:Refinitiv;Mergermarket,including data from Hong Kong,Macau and Taiwan,and deals that have been announced but not yet completed,data was downloaded on 10 October 2022;EY analysisOverview of China outbound investment of the first three quar

72、ters of 2022Page 26EPCRelatively smaller and promising EPC projects might be more attractive amid rising risk of global economic slowdown In the first three quarters of 2022,China overseas EPCNewly-signed projects reached US$147.1b,down 7.9%YOY.Turnover was US$107b,down 0.4%YOY.For instance,a Chines

73、e enterprise recently signed up the largest transportation and public infrastructure project in Saudi Arabia that had a contract value of RMB7.9 billion.Another Chinese enterprise signed up a project related to iron ore exploration in Kazakhstan that had a contract value of about US$650 million.Over

74、all,the volume of newly-signed mega-scale projects decreased and that of relatively smaller and promising projects increased.Relatively smaller projects are generally less risky,more financeable and manageable,whilst being close to peoples livelihood and needs.These beneficial factors might lead to

75、higher priority for relatively smaller projects going forward.Value of EPC contracts in the B&R countries and regionsThe newly-signed projects reached US$76.7b,down 5.1%YOY,accounting for 52.5%of the total.Turnover was US$57.3b,down 7.2%YOY,accounting for 53.6%of the total.*Remark:The round-up stati

76、stics in this article may not add to the actual totals.Sources:Monthly Statistics in Brief,China MOFCOM;public domain informationValue of newly-signed China overseas EPC contracts in the first three quarters of 2022(US$billion)SummaryODIM&AsEPCEY Recommended readings44.650.655.453.547.462.255.351.85

77、6.956.247.840.843.049.243.587.3113.6105.298.905010015020025030020182019202020212022Q1Q2Q3Q4Overview of China outbound investment of the first three quarters of 2022Page 27EY recommended readings1.Overseas M&A of state-owned enterprises recognizing the importance of business due diligence2.【PE/VC Ins

78、ights】Observation on cross-border e-commerce3.China outbound policy and regulation tracker4.Check Cyber GalaxyAssist you with outbound data transferAbove are in Chinese language.SummaryODIM&AsEPCEY Recommended readingsDownload the WeChat app on your smart device to scan and follow EY COIN WeChat and

79、 WeChat Insights Libraries(Chinese language)China Overseas Investment NetworkGoing-abroad InsightsBelt and Road InsightsOverview of China outbound investment of the first three quarters of 2022Page 28COIN links EY professionals around the globe,building on the existing China Business Group in the Am

80、ericas,EMEIA and Asia-Pacificareas,and provides Chinese clients with one-stop services,covering all stages of overseas investment,from planning to executionand post-deal integrationGlobal reach and local expertiseMultilingual seamless service teamsExtensive cross-border transaction experience and fu

81、ll coverage of services70+Countries and territories in the EY global service network3,200+Clients assisted globally74,000+Overseas engagements*Data from the last 3 years90%1,600+Clients assisted in B&R countries34,000+Projects assisted in B&R countriesCountries and regions along the B&R歐洲、中東、印度及非洲區歐

82、洲、中東、印度及非洲區EMEIA Area美洲區美洲區Americas Area加拿大美國加勒比地區以色列玻利維亞厄瓜多爾牙買加墨西哥秘魯委內瑞拉阿根廷巴西智利CanadaUnited StatesCaribbean RegionIsraelBoliviaEcuadorJamaicaMexicoPeruVenezuelaArgentinaBrazilChileAustriaBelgiumCzech RepublicDenmarkFinlandFranceGermanyGreeceHungaryItalyKazakhstanKyrgyzstanLuxembourgNetherlandsNorwa

83、yPakistanPolandPortugalRomaniaSpainSwedenSwitzerlandTurkeyUnited KingdomUzbekistanBahrainEgyptKuwaitSaudi ArabiaUnited Arab EmiratesIndiaAlgeriaAngolaCameroonDemocratic Republic of CongoEthiopiaLibyaMozambiqueNigeriaSouth AfricaSouth SudanUgandaZambiaZimbabwe澳大利亞新西蘭日本韓國文萊柬埔寨印度尼西亞老撾馬來西亞緬甸菲律賓新加坡斯里蘭卡泰國

84、越南AustraliaNew ZealandJapanSouth KoreaBruneiCambodiaIndonesiaLaosMalaysiaMyanmarPhilippinesSingaporeSri LankaThailandVietnam亞太區亞太區Asia-Pacific Area奧地利比利時捷克丹麥芬蘭法國德國希臘匈牙利意大利哈薩克斯坦吉爾吉斯斯坦盧森堡荷蘭挪威巴基斯坦波蘭葡萄牙羅馬尼亞西班牙瑞典瑞士土耳其英國烏茲別克斯坦巴林埃及科威特沙特阿拉伯阿聯酋印度阿爾及利亞安哥拉喀麥隆剛果民主共和國埃塞俄比亞利比亞莫桑比克尼日利亞南非南蘇丹烏干達贊比亞津巴布韋Page 28China O

85、verseas Investment Network(COIN)Global networkOverview of China outbound investment of the first three quarters of 2022Page 29ChinaChina Overseas Investment Network(COIN)global contactsFor more information about EY COIN,please visit the website at or contact:AmericasAsia-Pacific EMEIAQinghua Xu-pion

86、chonEMEIA Area COIN Leader+33 1 4693 4363qinghua.xu-Paris,FranceYi SunEurope West COIN Leader+49 211 9352 Dusseldorf,GermanySuwin LeeThe United Kingdom and Ireland COIN Leader+44 20 7951 London,UKJohn LiOceania COIN Leader+61 2 9248 Sydney,AustraliaShau ZhangAmericas Area COIN Leader+1 617 375 Bosto

87、n,USAEric XiaoCanada COIN Leader+1 416 943 Toronto,CanadaFernanda ChangSouth America COIN Leader+55 11 9625 San Paulo,BrazilAdrian KohASEAN COIN Leader+65 6309 SingaporeLoletta ChowGlobal COIN Leader+852 2629 Hong KongErica SuStrategy and Transaction Services Leader,Greater China+86 21 2228 Shanghai

88、Jesse LvGlobal COIN Tax Leader+86 21 2228 2798 ShanghaiAlex Zhu Energy&Resources Co-leader,Greater ChinaStrategy and Transaction Services Leader,China North+86 10 5815 BeijingJulie HaoCo-LeaderChina Tax Outbound Center+86 10 5815 2805 BeijingLawrence Lau Financial Accounting Advisory Services Leader

89、,Greater China+86 21 2228 ShanghaiMichelle HoCOIN DirectorEY Japan Co.Ltd+81 70 2462 TokyoWood ZhangAudit PartnerErnst&Young Hua Ming LLP+86 10 5815 BeijingSteven XiongBusiness Consulting Leader,Greater China+86 755 22385818 KunmingJack ChanChairman,ChinaRegional Managing Partner,Greater ChinaMember

90、 of The Global Executive+86 10 5815 BeijingSoon Yen ChongInternational Tax and Transaction Services PartnerErnst&Young(China)Advisory Limited+86 21 ShanghaiAreas/RegionsAndrew ChoyInternational Tax and Transaction Services Leader,Greater China+86 10 5815 BeijingEY|Building a better working worldEY e

91、xists to build a better working world,helping to create long-term value for clients,people and society and build trust in the capital markets.Enabled by data and technology,diverse EY teams in over 150 countries provide trust through assurance and help clients grow,transform and operate.Working acro

92、ss assurance,consulting,law,strategy,tax and transactions,EY teams ask better questions to find new answers for the complex issues facing our world today.EY refers to the global organization,and may refer to one or more,of the member firms of Ernst&Young Global Limited,each of which is a separate le

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94、ave under data protection legislation are available via member firms do not practice law where prohibited by local laws.For more information about our organization,please visit .2022 Ernst&Young,China.All Rights Reserved.APAC no.03015944 ED None.This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting,tax,legal or other professional advice.Please refer to your advisors for specific us on WeChatScan the QR code and stay up-to-date with the latest EY news.