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1、2023年上半年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2023年8月14日Click for EnglishOverview of China outbound investment of H1 2023中國對外直接投資保持增長態勢，海外并購繼續萎縮但拉美和大洋洲錄得逆勢增長2023年上半年中國海外投資概覽第2頁今年以來，中國經濟社會已全面恢復常態化運行，上半年經濟增長5.5%1，基本符合預期，企業“走出去”動能也進一步增強，對外直接投資保持增長態勢。今年下半年即將舉辦的第三屆“一帶一路”國際高峰論壇、首屆中國國際供應鏈促進博覽會等活動也將進一步為中企的國際化發展提供交流

2、合作平臺。此外，近期中國政府發布了關于促進民營經濟發展壯大的意見，其中明確提出要“鼓勵民營企業拓展海外業務，積極參與共建一帶一路，有序參與境外項目”，并提出將“更好指導支持民營企業防范應對貿易保護主義、單邊主義、長臂管轄等外部挑戰。強化部門協同配合，針對民營經濟人士海外人身和財產安全，建立防范化解風險協作機制?！卑灿勒J為這必將為民營企業大膽“走出去”提供更多信心和保障，隨著中國經濟繼續向好發展，今年下半年中企“走出去”有望提速。然而，出海企業也需警惕一些外部環境的挑戰，如國際市場需求持續放緩，全球經濟復蘇弱于預期，外國直接投資審查趨嚴的趨勢仍在持續，以及人民幣近期波動較大也需加強關注匯率風險等

3、。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頁資料來源：1.中國統計局2023年上半年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2023年7月5日下載；安永分析中國全行業對外直接投資753.6億美元，同比增長9.6%；非金融類對外直接投資622.9億美元，同比增長14.8%，其中對“一帶一路”沿線國家非金融類直接投資115.7億美元，

4、同比增長15.4%。對外直接投資對外直接投資1中企宣布的海外并購總額僅為117.3億美元，為十年同期最低，同比下降14%；宣布的交易數量為224宗，同比下降13%，其中二季度宣布的交易宗數環比大幅下降33%，為近年來單季新低。從行業角度，按金額計電力與公用事業躍升為第一大熱門行業，金融服務業和先進制造與運輸業分別位列二和三，前三大行業占總額比例達54%。電力與公用事業逆勢大幅增長；按交易數量，前三大熱門行業為TMT*、先進制造與運輸以及金融服務業，占總量的58%。從區域來看，拉丁美洲本期宣布的并購額最大，本期各大洲中僅有拉丁美洲和大洋洲交易金額錄得增長，交易數量僅有北美洲錄得增長。海外并購海外

5、并購2對外承包工程新簽合同額946.7億美元，同比下降8.6%；完成營業額707.3億美元，基本持平。對外承包工程對外承包工程1*TMT行業包括科技、媒體和娛樂以及通信業數據顯示，2023年上半年：2023年上半年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推薦閱讀安永推薦閱讀對外直接投資繼續保持穩定增長，“一帶一路”沿線增速較快對外直接投資繼續保持穩定增長，“一帶一路”沿線增速較快中國全行業對外直接投資額（億美元）中國全行業對外直接投資額（億美元）數據顯示，2023年上半年：中國全行業對外直接投資全行業對外直

6、接投資753.6億美元億美元，同比增長9.6%其中非金融類對外直接投資622.9億美元億美元，同比增長14.8%對“一帶一路”沿線國家對“一帶一路”沿線國家非金融類直接投資非金融類直接投資115.7億美元億美元，同比增長15.4%占同期總額的18.6%主要投向東盟、阿聯酋、哈薩克斯坦和俄羅斯等國家和地區注：圖表數據統一保留至整數位，并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對“一帶一路”沿線國家非金融類直接投資額（億美元）對“一帶一路”沿線國家非金融類直接投資額（億美元）210582031781504051,4651,4521,3291,171264 2

7、57 318 343 405 310 292 396 345 349 296 458 358 380 301 322 381 397 05001,0001,50020192020202120222023一季度二季度三季度四季度38 42 44 53 58 30 39 52 48 58 32 49 53 56 50 48 54 53 05010015020020192020202120222023一季度二季度三季度四季度1167542023年上半年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拉美地

8、區并購金額逆勢大幅上漲，二季度海外并購數量驟降至近年單季新低拉美地區并購金額逆勢大幅上漲，二季度海外并購數量驟降至近年單季新低2023年上半年：中企宣布的海外并購總額宣布的海外并購總額僅為117.3億美元億美元，為近十年同期最低，同比下降14%，宣布的交易數量，宣布的交易數量為224宗，同比下降13%二季度宣布的交易宗數環比大幅下降33%，為近年來單季新低注：圖表數據統一保留至整數位，并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2023年7月5日下載；安永分析中企宣布

9、的海外并購金額中企宣布的海外并購金額（億美元）（億美元）中企宣布的海外并購宗數中企宣布的海外并購宗數648534535582416782169731674738 7693798880 285 90 197 95 252 160 139 86 020040060080020192020202120222023一季度二季度三季度四季度317117141 123 140 121 134 156 153 122 137 90 171 118 138 140 180 140 135 147 020040060080020192020202120222023一季度二季度三季度四季度5452242023年上

10、半年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2023年上半年：按交易金額計，電力與公用事業電力與公用事業，金融服務業金融服務業以及先進先進制造與運輸業制造與運輸業，共占總交易額的54%。其中，電力與公電力與公用事業用事業大幅增長438%，金融服務業和房地產、酒店與建造也錄得一定增幅。今年二季度宣布大型交易包括：1.中企收購位于秘魯的兩家配電業務和能源服務公司（合計約29億美元），此項投資將幫助該中企擴大并鞏固拉美市場2.中企收購英國某房地產投資信托基金（約10.3億美元）按交易數量計，

11、熱門行業為TMT、先進制造與運輸業先進制造與運輸業和金融服務業金融服務業。TMT繼續成為第一大熱門行業，宣布了69筆交易，占總交易量超三成，遠超其他行業。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2023年7月5日下載；安永分析按交易金額按交易金額按交易數量按交易數量行業行業分析分析電力與公用事業26%金融服務20%先進制造與運輸14%房地產、酒店與建造10%采礦和金屬8%TMT8%醫療與生命科學6%消費品5%其他3%前五大行業前五大行業宗數宗數同比同比增長率增長率1 TMT69+3%2 先進制造與運輸31-1

12、1%3 金融服務29-9%4 消費品28+40%5 醫療與生命科學17-43%TMT31%先進制造與運輸14%金融服務13%消費品12%醫療與生命科學8%采礦和金屬6%電力與公用事業6%房地產、酒店與建造5%其他5%前五大行業前五大行業金額金額（億美元）（億美元）同比同比增長率增長率1 電力與公用事業30.5+438%2 金融服務16.4+11%3 先進制造與運輸16.0-7%4 房地產、酒店與建造12.5+64%5 采礦和金屬11.9-18%2023年上半年中國海外投資概覽第7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

13、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16.3億美元87宗歐洲29.6億美元61宗北美洲19.5億美元49宗大洋洲13.9億美元12宗非洲6.1億美元6宗拉丁美洲32億美元9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2023年7月5日下載；安永分析2023年上半年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拉丁美洲宣布的并購金額在近十年首次排名第一。近年來，中國在拉美的“

14、朋友圈”不斷擴大，今年上半年巴西總統訪華；洪都拉斯與中國建交，其總統首次訪華；中國與阿根廷簽署了共建“一帶一路”合作規劃；這些都促使中拉經貿關系不斷推進。此外，今年下半年還將在北京舉辦第十六屆中拉企業家峰會，預計將進一步推動中拉企業的交流與合作，實現共贏發展。預計今年拉美主要國家中墨西哥、秘魯、巴西經濟將分別增長2.6%、2.4%和2.1%，領先其他拉美國家，阿根廷經濟將衰退2.5%1。同比增長 1,737%32 億億美元美元同比下降 40%9 宗宗拉丁美洲拉丁美洲中企在歐洲宣布的并購金額為近十年同期新低，超四成并購金額投向金融服務業，其他熱門行業還包括采礦與金屬業和房地產、酒店與建造業。主要

15、目的地為英國和德國，并購金額分別逆勢上漲117%和91%，兩國合計并購金額占中企在歐洲宣布的并購總額的86%。近期中歐高層互訪頻繁，中國在經貿方面十分重視歐洲市場。今年6月，中國總理李強就任后的首次出訪選擇了德國和法國，德法兩國也均表示反對任何形式的“脫鉤”，并且歡迎中國企業前往投資。未來，中國將與德法兩國深化在汽車制造、高科技、新能源、數字經濟、半導體等領域的合作。2023年，歐洲國家整體經濟增長疲弱，通脹水平依然較高，歐元區預計今年僅增長0.9%，遠低于全球平均的3%，尤其是德國預計將衰退0.3%1。同比下降 44%29.6 億美元億美元同比下降 24%61 宗宗歐歐洲洲資料來源：1.世界

16、經濟展望報告更新，國際貨幣基金組織（IMF），2023年7月；世界經濟展望報告，國際貨幣基金組織（IMF），2023年4月2023年上半年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本期唯一交易數量有所增長的大洲，雖然同比并購金額有所下降，但交易活躍程度有增無減，其中TMT行業交易量大幅增長150%，主要投向軟件開發和電子元件等領域。中企在醫療與生命科學和TMT行業的并購額占中企在北美洲并購總額的75%。目前，美國通貨膨脹率已降至3%左右1，據預測，美國經濟今年將增長1.8

17、%，消費者支出增長強勁，IMF在其7月最新預測中將美國經濟預期上調了0.2 個百分點（較4月預測）2。同比下降 28%19.5 億美元億美元同比增長 11%49 宗宗北美洲北美洲主要投向南非和埃及的先進制造與運輸業。二季度的主要交易為中企收購南非某水泥生產商，是該企業積極推進海外發展戰略，布局新興市場的又一關鍵舉措，預計將強化其在該區域的領先地位。中國已成為非洲第四大投資來源國，并保持非洲第一大貿易伙伴國地位4。近期，第三屆中非經貿博覽會在中國成功舉辦，簽約成果和數量為歷屆之最，中非經貿合作正邁向高質量發展新臺階。預計今年東非國家將保持較高經濟增長，如埃塞俄比亞、肯尼亞、坦桑尼亞將分別增長6.

18、1%、5.3%和5.2%2。同比下降 61%16.3億美元億美元同比下降 3%87 宗宗亞洲亞洲主要投向澳大利亞的采礦與金屬業，房地產、酒店與建造和消費品行業。同比增長 225%13.9億美元億美元同比下降 45%12 宗宗大洋洲大洋洲同比下降 24%6.1 億億美元美元6 宗宗非洲非洲前三大并購目的地為越南、新加坡和日本，合計占總并購金額的64%，其中對越南投資逆勢上漲，投資金額和數量增幅都超過200%。整體來看，中企在東盟的并購活躍度有所上升，并購數量同比增長35%。中企在亞洲并購的主要行業為房地產、酒店與建造，金融服務業和先進制造與運輸業。預計印度和東盟五國3將在今年分別增長6.1%和4

19、.6%，其中菲律賓和越南將分別以6%和5.8%的經濟增長領跑東盟2。同比下降 14%資料來源：1.美國勞工部，2023年6月數據；2.世界經濟展望報告更新，國際貨幣基金組織（IMF），2023年7月；世界經濟展望報告，國際貨幣基金組織（IMF），2023年4月；3.注：東盟五國包括馬來西亞、印度尼西亞、泰國、菲律賓和新加坡；4.中國政府網；2023年上半年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2023年上半年中企宣布的海外并購前十大目的地年上半年中企宣布的海外并購前

20、十大目的地（按交易金額，億美元）（按交易金額，億美元）2023年上半年中企宣布的海外并購前十大目的地年上半年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2023年7月5日下載；安永分析目的地目的地2023年年上半年上半年2022年年上半年上半年同比同比增長率增長率1秘魯30.3/2英國21.29.8+117%3美國19.326.4-27%4澳大利亞13.94.1+234%5越南4.71.5+217%6德國4.12.2+91%7埃及3.8/8新加

21、坡3.211.7-72%9日本2.44.0-39%10南非2.3/目的地目的地2023年年上半年上半年2022年年上半年上半年同比同比增長率增長率1美國4137+11%2新加坡3119+63%3德國1613+23%4日本1320-35%5澳大利亞1220-40%6英國1017-41%7韓國917-47%8加拿大87+14%8意大利84+100%10越南72+250%10法國79-22%10馬來西亞76+17%2023年上半年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包工程安永推薦閱讀安永推薦閱讀對外承包工程新簽合同額

22、持續下降，完成營業額基本持平對外承包工程新簽合同額持續下降，完成營業額基本持平2023年上半年，中企對外承包工程中企對外承包工程新簽合同額946.7億美元億美元，同比下降8.6%在“一帶一路”沿線國家和地區，新簽合同額476.4億美元億美元，同比下降8.8%，占同期總額的50.3%。完成營業額707.3億美元億美元，基本持平在“一帶一路”沿線國家和地區完成營業額400.8億美元億美元，同比增長4.4%，占同期總額的56.7%。二季度中企在海外新簽EPC大項目1包括：1.阿聯酋某單體公寓建設項目（總投資約10.07億美元）2.東非原油外輸管道項目（合同金額約8.06億美）3.沙特某石化工程總承包

23、項目（合同金額約7.2億美元）4.埃塞俄比亞工業園項目（合同金額暫約 6 億美元）注：圖表數據統一保留至整數位，并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2023年上半年中國對外承包工程新簽合同額（億美元）年上半年中國對外承包工程新簽合同額（億美元）1.資料來源：公開信息整理2023年年上半年上半年中國對外承包工程完成中國對外承包工程完成營業營業額（億美元）額（億美元）506554535 474 432 553 518 569 562 515 408430492 435 11361052989 1,060 01,0002,0003,00020192020

24、202120222023一季度二季度三季度四季度2,6039472,5312,5552,585331 280 301 290 317 372326378416391 31830739536470864747548005001,0001,5002,00020192020202120222023一季度二季度三季度四季度7071,5501,5491,7291,5602023年上半年中國海外投資概覽第12頁安永中國海外投資業務部：全球網絡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

25、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”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+美洲區美洲區加拿大美國加勒比地區以色列

26、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亞太區亞太區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歐洲、中東、印度及非洲區歐洲、中東、印度及非洲區2023年上半年中國海外投資概覽第13頁我們的全球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

27、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

28、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 澳大利亞悉尼海外海外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

29、)區區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區國際及并購重組稅務咨詢主管+86 10 5815 北京謝明發謝明發大中華區區咨詢服務市場拓展主管+86 21 2228 上海安永是指 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&Young Global Limited 是注冊于英國的一家保證（責任）有限公司，不對外

30、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 。2023 安永，中國。版權所有。APAC no.03017983ED 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 H1 2023EY China Overseas Investment Network 14 Aug 2023點擊瀏覽中文版2023年上半年中國海外投資概覽Chinas outward direct investment maintains growth

31、 momentum,overseas M&A in Latin America and Oceania surges despite the total continues to declineOverview of China outbound investment of H1 2023Since the beginning of this year,Chinas economic societies have resumed normal operations,and the economy has continued to recover,with a 5.5%economic grow

32、th in the first half1,meeting expectations.The momentum for Chinese companies to go abroad has also strengthened,as outward direct investment(ODI)continues to grow.Upcoming events in the second half of the year,such as the third Belt and Road Forum for International Cooperation and the inaugural Chi

33、na International Supply Chain Expo,will provide further platforms for international cooperation and development for Chinese companies.Additionally,the recent release of the Chinese governments Opinions on Promoting the Development and Growth of the Private Economy explicitly encourages private enter

34、prises(POEs)to expand overseas operations and actively participate in the Belt and Road Initiative(BRI).It also outlines support for guiding and assisting private enterprises in countering external challenges such as trade protectionism,unilateralism,long-arm jurisdiction and enhancing coordination

35、among relevant departments to establish risk prevention and resolution mechanisms for the safety of private entrepreneurs and their overseas interests.EY believes that these measures will give confidence and assurance for POEs to boldly go abroad.As Chinas economic development continues to accumulat

36、e momentum,Chinese companies overseas expansion is expected to accelerate in the second half of the year.However,companies should remain cautious about external challenges,such as continuous slowdown in international market demand,weaker-than-expected global economic recovery,increasing scrutiny on

37、foreign direct investments,and the recent volatility in the RMB exchange rate,which requires more attention.Loletta ChowGlobal Leader of EY China Overseas Investment NetworkPage 2Source:1.China National Bureau of StatisticsOverview of China outbound investment of H1 2023SummarySummaryODIOverseas M&A

38、sOverseas EPCSources:1.China MOFCOM.2.Refinitiv;Mergermarket,including data from Hong Kong,Macau and Taiwan,and deals that have been announced but not yet completed,data was downloaded on 5 July 2023;EY analysisODI1Chinas overall outward direct investment(ODI)reached US$75.4 billion,up 9.6%year-on-y

39、ear(YOY);Non-financial ODI amounted to US$62.3 billion,up 14.8%YOY,of which non-financial investment in Belt and Road(B&R)countries reached US$11.6 billion,growing by 15.4%YOY.Overseas M&As2Chinese enterprises announced a total overseas mergers and acquisitions(M&A)value of only US$11.7 billion,the

40、lowest in a decade,declining by 14%YOY;there were 224 announced deals,dropping by 13%YOY,with a sharp decline of 33%quarter-on-quarter(QOQ)in the number of deals announced in the second quarter,reaching a new low for recent years.Sector-wise,power&utilities ranked as the top sector in terms of deal

41、value,with financial services and advanced manufacturing&mobility ranking second and third,respectively.The top three sectors accounted for 54%of the total deal value,and power&utilities sector experienced a significant surge.In terms of deal volume,the top three sectors were TMT*,advanced manufactu

42、ring&mobility,and financial services,accounting for 58%of the total volume.Regionally,Latin America recorded the largest M&A deals in this period,with only Latin America and Oceania showing growth in deal value,while North America was the only region with an increase in deal volume.Overseas EPC1Newl

43、y-signed contracts for China overseas engineering,procurement&construction(EPC)projects amounted to US$94.7 billion,declining by 8.6%YOY;completed turnover was US$70.7 billion,remaining relatively stable.*The TMT sector refers to technology,media&entertainment and telecommunicationsPage 3Data reveal

44、s that in H1 2023,Overview of China outbound investment of H1 2023ODISummaryODIOverseas M&AsOverseas EPCODI continued to show stable growth,with a faster pace along the B&RChina overall ODI(US$billion)Data reveals that in H1 2023,China overall ODI reached US$75.4b,up9.6%YOY.China non-financial ODI r

45、eached US$62.3b,up 14.8%YOY.The B&R non-financial ODI reached US$11.6b,up 15.4%YOY.Accounting for 18.6%of the total.These investments were mainly directed toward countries and regions such as ASEAN,the UAE,Kazakhstan,and Russia.China non-financial ODI along the B&R(US$billion)Note:Due to rounding,so

46、me totals may not correspond with the sum of the individual quarters.Source:Monthly Statistics in Brief,China MOFCOM117.1132.9145.2146.515.017.820.321.0Page 426.425.731.834.340.531.029.239.634.534.929.645.835.838.030.132.238.139.705010015020192020202120222023Q1Q2Q3Q43.84.24.45.35.83.03.95.24.85.83.2

47、4.95.35.65.04.85.45.30510152020192020202120222023Q1Q2Q3Q475.411.6Overview of China outbound investment of H1 2023SummaryODIOverseas M&AsOverseas EPCOverseas M&AsLatin America witnessed a significant surge in M&A deal value,while overseas deal volume in Q2 hit a new lowIn H1 2023,The value of announc

48、ed China overseas M&As deals was only US$11.7b,down 14%YOY to a recent quarterly low.The volume of announced deals was224,declining by 13%.Moreover,deal volume announced in the second quarter dropped significantly by 33%QOQ,reaching a new low for a single quarter in recent years.Value of announced C

49、hina overseas M&As(US$billion)Volume of announced China overseas M&As Note:Due to rounding,some totals may not correspond with the sum of the individual quarters.Sources:Refinitiv;Mergermarket,including data from Hong Kong,Macau and Taiwan,and deals that have been announced but not yet completed,dat

50、a was downloaded on 5 July 2023;EY analysisPage 516.97.316.74.73.87.69.37.98.88.028.5919.79.525.216.013.98.602040608020192020202120222023Q1Q2Q3Q414112314012113415615312213790171118138140180140135147020040060020192020202120222023Q1Q2Q3Q478.241.658.231.711.7648534535545224Overview of China outbound in

51、vestment of H1 2023Sector analysisIn H1 2023,In terms of M&A deal value,the top three popular sectors in H1 2023 were power&utilities,financial services,and advanced manufacturing&mobility,together accounting for 54%of the total deal value.Power&utilities experienced a substantial growth of 438%,whi

52、le financial services and real estate,hospitality&construction also recorded certain increases.Notable large transactions announced in the second quarter this year include:1.A Chinese enterprise acquiring two power distribution businesses and energy service companies in Peru(totaling approximately U

53、S$2.9 billion),which will help the Chinese enterprise expand and consolidate its presence in the Latin American market;2.A Chinese enterprise acquiring a real estate investment trust in the UK(approximately US$1 billion).In terms of deal volume,the popular sectors were TMT,advanced manufacturing&mob

54、ility,and financial services.TMT remained the top hot sector,announcing 69 transactions,accounting for over 30%of the total deal volume,far surpassing other sectors.Overseas M&As(contd)SummaryODIOverseas M&AsOverseas EPCPage 6P&U26%FS20%AM&M14%RHC10%M&M8%TMT8%HCLS6%CP5%Others3%By deal valueBy deal v

55、olumeTop 5 sectors*Value US$mYOY%1 P&U3.1+438%2 FS1.6+11%3 AM&M1.6-7%4 RHC1.3+64%5 M&M1.2-18%Top 5 sectors*VolumeYOY%1 TMT69+3%2 AM&M31-11%3 FS29-9%4 CP28+40%5 HCLS17-43%TMT31%AM&M14%FS13%CP12%HCLS8%M&M6%P&U6%RHC5%Others5%*AM&M refers to advanced manufacturing&mobility;RHC refers to real estate,hosp

56、itality&construction;HCLS refers to health care&life sciences;FS refers to financial services;CP refers to consumer products;P&U refers to power&utilities;M&M refers to mining&metals.Sources:Refinitiv;Mergermarket,including data from Hong Kong,Macau and Taiwan,and deals that have been announced but

57、not yet completed,data was downloaded on 5 July 2023;EY analysisOverview of China outbound investment of H1 2023Overseas M&As(contd)Regional analysisSources:Refinitiv;Mergermarket,including data from Hong Kong,Macau and Taiwan,and deals that have been announced but not yet completed,data was downloa

58、ded on 5 July 2023;EY analysisSummaryODIOverseas M&AsOverseas EPCPage 7ContinentDeal value Deal volumeAsiaUS$1.6b87EuropeUS$3b61North AmericaUS$2b49OceaniaUS$1.4b12AfricaUS$610m6Latin AmericaUS$3.2b9Overview of China outbound investment of H1 2023The announced M&A deal value by Chinese companies in

59、Latin America ranked first for the first time in nearly a decade.In recent years,Chinas circle of friends in Latin America has been continuously expanding,with Brazilian presidents visit to China in H1 2023,Honduras establishing diplomatic relations with China,and China and Argentina signing a coope

60、ration plan under the BRI.These developments have facilitated the progress of China-Latin America economic and trade relations.Additionally,the 16th China-Latin America Entrepreneurs Summit is scheduled to be held in Beijing in the second half of this year,which is expected to further promote exchan

61、ges and cooperation between Chinese and Latin American companies for mutual development.The economic growth of major Latin American countries this year is expected to be 2.6%for Mexico,2.4%for Peru,and 2.1%for Brazil,leading other Latin American nations.However,Argentinas economy is expected to decl

62、ine by 2.5%1.EuropeThe announced M&A deal value was the lowest for the same period in nearly a decade.Over 40%of the M&A deal value was invested in the financial services sector,with other popular sectors including mining&metals and real estate,hospitality&construction.The main destinations for inve

63、stments were the UK and Germany,with M&A deal values rising against the trend by 117%and 91%,respectively.The two countries combined M&A deal values accounted for 86%of the total announced M&A deals in Europe.Lately,high-level visits between China and Europe have been frequent,and China attaches gre

64、at importance to the European market in terms of economic and trade cooperation.In June this year,Chinese Premier Li Qiang made his first official visit to Germany and France after taking office.Leaders from both Germany and France expressed their opposition to any form of“decoupling”and welcomed Ch

65、inese companies investment in their countries.In the future,China is expected to deepen cooperation with Germany and France in areas such as automobile manufacturing,high technology,new energy,digital economy and semiconductors.In 2023,the overall economic growth of European countries will be weak,w

66、ith relatively high inflation levels.The Eurozone is expected to grow by only 0.9%this year,far below the global average of 3%,and Germany is expected to decline by 0.3%1.Latin AmericaOverseas M&As(contd)up 1,737%YOYUS$3.2bdown 40%YOY9 dealsdown 44%YOYUS$3bdown 24%YOY61 dealsRegional analysisSummary

67、ODIOverseas M&AsOverseas EPCPage 8Sources:World Economic Outlook update,IMF,July 2023;World Economic Outlook,IMF,April 2023 Overview of China outbound investment of H1 2023Overseas M&As(contd)Regional analysisNorth America is the only continent where the M&A deal volume has increased.The TMT sector

68、saw a significant growth in transaction volume by 150%,mainly directed toward software development and electronic components.M&A deals in the healthcare&life sciences and TMT sectors accounted for 75%of the total M&A deal value by Chinese companies in North America.Currently,the US inflation rate ha

69、s decreased to around 3%1.It is predicted that the US economy will grow by 1.8%this year,with strong growth in consumer spending.The IMF has revised its forecast for the US economy by 0.2 percentage points higher than the April forecast2.down 28%YOYUS$2b49 dealsNorth Americadown 61%YOYUS$1.6b87 deal

70、sAsiaMainly invested in South Africa and Egypts advanced manufacturing&mobility sector.A major transaction in Q2 was the acquisition of a South African cement producer by a Chinese company,which was a key move in the companys active overseas development strategy and will strengthen its leading posit

71、ion in the region.China has become the fourth-largest source of investment in Africa and remains the largest trading partner4.Recently,the third China-Africa Economic and Trade Expo was successfully held in China,with the number of signed agreements reaching a record high.China-Africa economic and t

72、rade cooperation is moving towards a new stage of high-quality development.This year,East African countries are expected to maintain high economic growth,with Ethiopia,Kenya and Tanzania expected to grow by 6.1%,5.3%,and 5.2%,respectively2.down 24%YOYUS$610mdown 14%YOY6 dealsOceaniaup 225%YOYUS$1.4b

73、12 dealsAfricaThe top three M&A destinations in Asia were Vietnam,Singapore and Japan,accounting for 64%of the total M&A deal value,with investments in Vietnam showing a counter-trend increase,with both the investment amount and number of deals increasing by over 200%.Overall,investment activity has

74、 increased in ASEAN countries,with a YOY growth of 35%in the number of M&A deals.The main sectors for Chinese M&A in Asia were real estate,hospitality&construction,financial services and advanced manufacturing&mobility.It is predicted that India and the ASEAN-53countries will grow by 6.1%and 4.6%res

75、pectively this year,with the Philippines and Vietnam leading ASEAN with economic growth rates of 6%and 5.8%,respectively2.up 11%YOYdown 3%YOYThe investments were mainly in Australias mining&metals,real estate,hospitality&construction,and consumer products sectors.SummaryODIOverseas M&AsOverseas EPCP

76、age 9down 45%YOYSources:1.U.S.Department of Labor,June 2023 data;2.World Economic Outlook update,IMF,July 2023;World Economic Outlook,IMF,April 2023;3.Note:ASEAN-5 includes Malaysia,Indonesia,Thailand,the Philippines,and Singapore;4.The State Council of ChinaOverview of China outbound investment of

77、H1 2023Overseas M&As(contd)Regional analysisTop 10 destinations of China overseas M&As in H1 2023(By deal value:US$million)Top 10 destinations of China overseas M&As in H1 2023(By deal volume)Sources:Refinitiv;Mergermarket,including data from Hong Kong,Macau and Taiwan,and deals that have been annou

78、nced but not yet completed,data was downloaded on 5 July 2023;EY analysisSummaryODIOverseas M&AsOverseas EPCPage 10DestinationH1 2023H1 2022YOY%1US4137+11%2Singapore3119+63%3Germany1613+23%4Japan1320-35%5Australia1220-40%6UK1017-41%7South Korea917-47%8Canada87+14%8Italy84+100%10Vietnam72+250%10Franc

79、e79-22%10Malaysia76+17%DestinationH1 2023H1 2022YOY%1Peru3.0/2UK2.1 1.0+117%3US1.9 2.6-27%4Australia1.4 0.4+234%5Vietnam0.5 0.2+217%6Germany0.4 0.2+91%7Egypt0.4/8Singapore0.3 1.2-72%9Japan0.2 0.4-39%10South Africa0.2/Overview of China outbound investment of H1 2023EPCChina overseas EPC showed a cont

80、inuous decline in newly-signed contract value,while completed turnover remained stableIn H1 2023Chinese enterprises newly-signed EPC contracts worth US$94.7b,down 8.6%YOY.Among them,B&R new contracts amounted to US$47.6b,up 8.8%YOY,which accounting for 50.3%of the total for the same period.Chinese e

81、nterprises overseas EPC completed turnover reached US$70.7b,remaining relatively stable.B&R completed turnover amounted to US$40.1b,up 4.4%YOY,constituting 56.7%of the total for the same period.Notable new overseas EPC projects signed by Chinese enterprises1in Q2 include:1.A residential tower projec

82、t in the UAE with an investment of about US$1 billion;2.An East African crude oil export pipeline project with a contract value about US$806 million;3.A petrochemical engineering project in Saudi Arabia with a contract value about US$720 million;4.An industrial park project in Ethiopia with a contra

83、ct value about US$600 million.Source:1.Public domain informationValue of newly-signed China overseas EPC contracts(US$billion)260.3255.5258.5253.1Value of completed turnover of China overseas EPC contracts(US$billion)172.9156.0154.9155.0SummaryODIOverseas M&AsOverseas EPCPage 11Note:Due to rounding,

84、some totals may not correspond with the sum of the individual quarters.Source:Monthly Statistics in Brief,China MOFCOM50.655.453.547.443.255.351.856.956.251.540.843.049.243.5113.6105.298.9106.0010020030020192020202120222023Q1Q2Q3Q494.733.128.030.129.031.737.232.637.841.639.131.830.739.536.470.864.74

85、7.548.0010020020192020202120222023Q1Q2Q3Q470.7Overview of China outbound investment of H1 2023COIN links EY professionals around the globe,building on the existing China Business Group in the Americas,EMEIA and Asia-Pacificareas,and provides Chinese clients with one-stop services,covering all stages

86、 of overseas investment,from planning to executionand post-deal integration.Global reach and local expertiseMultilingual seamless service teamsExtensive cross-border transaction experience and full coverage of services70+Countries and territories in the EY global service network3,200+Clients assiste

87、d 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&REMEIA AreaAmericas AreaCanadaUnited StatesCaribbean RegionIsraelBoliviaEcuadorJamaicaMexicoPeruVenezuelaArgentinaBrazi

88、lChileAustriaBelgiumCzech RepublicDenmarkFinlandFranceGermanyGreeceHungaryItalyKazakhstanKyrgyzstanLuxembourgNetherlandsNorwayPakistanPolandPortugalRomaniaSpainSwedenSwitzerlandTurkeyUnited KingdomUzbekistanBahrainEgyptKuwaitSaudi ArabiaUnited Arab EmiratesIndiaAlgeriaAngolaCameroonDemocratic Republ

89、ic of CongoEthiopiaLibyaMozambiqueNigeriaSouth AfricaSouth SudanUgandaZambiaZimbabweAustraliaNew ZealandJapanSouth KoreaBruneiCambodiaIndonesiaLaosMalaysiaMyanmarPhilippinesSingaporeSri LankaThailandVietnamAsia-Pacific AreaChina Overseas Investment Network(COIN)Global networkPage 12Overview of China

90、 outbound investment of H1 2023ChinaChina Overseas Investment Network(COIN)global contactsFor more information about EY COIN,please visit the website at or contact:AmericasAsia-PacificEMEIAQinghua Xu-pionchonEMEIA Area COIN Leader+33 1 4693 4363qinghua.xu-Paris,FranceYi SunEurope West COIN Leader+49

91、 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 Boston,USAEric XiaoCanada COIN Leader+1 416 943 Toronto,CanadaFernanda ChangSouth America COIN Leader

92、+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 ShanghaiJesse LvGlobal COIN Tax Leader+86 21 2228 2798 ShanghaiAlex Zhu Energy&Resources Co-leader,Great

93、er 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,Greater China+86 21 2228 ShanghaiWood ZhangAudit PartnerErnst&Young Hua Ming LLP+86 10 5815 Bei

94、jingJack ChanChairman,ChinaRegional Managing Partner,Greater ChinaMember 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 Leade

95、r,Greater China+86 10 5815 BeijingEric ChiaGreater China Consulting Markets Leader+86 21 2228 3388 Shanghai Page 13EYCOINFollow us on WeChatScan the QR code and stay up-to-date with the latest EY news.EY|Building a better working worldEY exists to build a better working world,helping to create long-

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