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People's Daily Online>>China Business

Chinese firms seek overseas expansion in crisis, lending hands to global recovery

(Xinhua)

09:24, December 29, 2011

BEIJING, Dec. 28 (Xinhua) -- While many transnational companies tighten investment in developed economies in face of a lingering economic crisis to ease profit declines, Chinese firms see possibilities of making their investments mutually beneficial there.

China Three Gorges Corp.(TGC), the operator of the world's biggest dam, last week won a bid to buy a 21-percent stake in the Portuguese utility Energias de Portugal for 2.69 billion euros, marking the first time for a large Chinese firm to join the privatization of eurozone nations amid the continent's debt crisis.

The deal is Portugal's first and biggest project of a privatization programme under a 78-billion-euro bailout package agreed by the EU and the International Monetary Fund (IMF) in May. It is also expected to boost the Chinese power generator's overseas expansion.

The move highlights the willingness of Chinese firms to invest and help invigorate struggling economies against the backdrop of the worsening eurozone debt crisis and rising global uncertainties.

Portugal's Treasury Secretary Maria Luis Albuquerque hailed the TGC proposal as "a vote of confidence in the Portuguese economy."

The desire of Chinese investment, which can bring local jobs and help consumers, is again on a rise in the EU and the United States based on confidence in China's growth, said Lin Shunjie, deputy secretary general of the China Chamber of International Commerce.

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