Chinese Outbound Foreign Investments(M&a)< planning Closed Transactions 2015 up by 16 from 2014 the Deal - more diverse mix of assets(with a focus on energy and advanced technology) greater two-way traffic(cf. income from overseas subsidiaries) Chinese state-owned investors-private investors Distinguish target countries of Chinese OFD Country ratings aprovide capital to sustain developments and provide alternatives to resources abundant countries to maximise bene benefits Replacement effects?( China's OFDIOECD countries'OFDD uno evidence that a rise of chinas ofdi in oi-abundant countries will cause a significant in oecd countries'ofdi cause a 5.32% in the OECD countries oF/ hese oFDi will High-income host countries: 10% rise in Chi CESLELECTIVE-APRIL2016CESL ELECTIVE - APRIL 2016 7 Chinese Outbound Foreign Investments (M & A) ►Closed Transactions 2015 up by 16 % from 2014 ▪more diverse mix of assets (with a focus on energy and advanced technology) ▪greater two-way traffic (cf. income from overseas subsidiaries) ▪Chinese state-owned investors – private investors ►Distinguish target countries of Chinese OFDI ▪provide capital to sustain developments and provide alternatives to resources abundant countries to maximise bene benefits ►Replacement effects? (China’s OFDI/OECD countries’ OFDI) ▪no evidence that a rise of China’s OFDI in oil-abundant countries will cause a significant in OECD countries’ OFDI ▪High-income host countries: 10% rise in Chinese OFDI will cause a 5.32% in the OECD countries’ OFDI Planning the Deal Country ratings