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People's Daily Online>>Foreign Affairs

Euro debt crisis 'creates opportunities'

By Ding Qingfen and Li Jiabao (China Daily)

08:38, February 09, 2012

BEIJING - More cash-rich Chinese manufacturers will surge into debt-stricken European nations as the spreading economic and financial crisis creates buying opportunities, said officials from the Ministry of Commerce.

"Chinese companies see attractive opportunities to buy assets in Europe because of the debt problems that have led to an economic slowdown and high unemployment," said Sun Yongfu, head of the ministry's department of European affairs.

Sun spoke on Wednesday at the 2012 Diplomats Economic Forum, which had the theme "the global economic situation and Chinese enterprises' globalization".

Companies "from the manufacturing sector that enjoy industrial competitiveness" will lead the coming acquisition wave, Sun said.

Figures from the ministry show that in 2011, China's investment in the European Union surged 94.1 percent to $4.28 billion, compared with 1.8 percent growth in the nation's total outbound direct investment (ODI).

Sun said he was very optimistic about growth in 2012. "We have seen a good start. Probably it (growth) will be strong," Sun said.

Europe could be a driving force for China's ODI growth this year, he added.

The most recent major deal in Europe was initiated by the Chinese construction equipment maker Sany Heavy Industry Co Ltd, which announced it would pay 324 million euros ($426 million) to buy 90 percent of Putzmeister, Germany's largest concrete pump maker.

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helen at 2012-02-09203.82.82.*
Now is the opportune time to upgrade further economic relationships with Germany and the EU. Whatever modern technologies lacking in China, and there are not very many as times goes on, can be obtained from advanced EU countries. This will certainly circumvent the US embargo on China in Hi-Tech acquisitions.EU is more important to China than the United States. This is very obvious now. Time to deemphasise the US and diversify everything away from the United States which has rendered itself irrelevant!.

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