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Chinese companies invest record of 45.6 bln USD in US in 2016

(CRI Online)    23:00, January 04, 2017

Chinese companies have invested 45.6 billion US dollars in the United States in 2016, a new record amount, and three times greater than that of 2015, according to US-based research consultancy and advisory company Rhodium Group.

Since 2000, the total investment volume from China reached 109 billion US dollars and created 100,000 jobs.

Merger and acquisition is the main direct investment channel in the US and 90 percent of the investment flocked to the service and advanced manufacturing industries, such as property, hotels, communications, entertainment and finance. For example, Chinese property developer Dalian Wanda acquired US production company Legendary Entertainment for 3.5 billion US dollars in January.

Chinese investment covers 47 out of the 50 states in the US, with New York, California, Virginia, Texas and Kentucky absorbing the most investment last year.

Private companies made up the majority of the investment, accounting for 77 percent of the total volume in the past three years.

One of China's largest energy players, Sinopec, established its 9th technology research center in Huston in 2013, competing with many other world energy giants in the city.

Tang Yonghe, deputy manager of Sinopec's headquarters in US, said they have improved a lot in administrative management and business operation through fierce competition.

Chinese investment in Houston has brought new vitality to the dooming city of energy, said Kenneth Medlock, senior director of Center for Energy Studies at the Baker Institute for Public Policy. It has contributed to the local employment and business diversity in Houston.

Economist Thilo Hanemann with Rhodium Group is optimistic over the prospects for Chinese investment. He said increasingly more Chinese companies hope to go global and invest overseas, and the US should seize the opportunity.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Shen Chen, Bianji)

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