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Going overseas holds the key to development

By Andrew Moody and Chen Yingqun | China Daily | Updated: 2013-09-02 07:34

Private companies are set to spearhead China's overseas business expansion over the next decade, according to a new report.

Going overseas holds the key to development

Vaughn Barber, head of China Outbound for KPMG, says ODI is a key way to achieve the transformation of the Chinese economy. Zou Hong / China Daily

While privately-owned enterprises contribute 60 percent to China's GDP, they only account for 14 percent of China's overseas M&A deals, with State-owned enterprises contributing the rest.

But, according to research by international business adviser KPMG in The Dream Goes On: Rethinking China's Globalization, 75 percent of respondents believe they will play an increasing role over the next five to 10 years.

Vaughn Barber, head of China Outbound for KPMG based in Beijing and co-author of the report, which will be published in English soon, said many private businesses now see going overseas as a key way of developing their business.

"Many of the POEs have reached a stage where ODI is a channel to achieve a transformation in their business.

"They see it as a way of overcoming skills barriers and problems of access to finance that they have in the domestic economy. ODI is also a key route for them to achieve their goals of upgrading."

The increasing dominance of private businesses can be seen in the number of overseas mergers and acquisitions deals they have recently carried out.

Private companies accounted for four out of the top 10 Chinese outbound M&A deals in the first half of this year, compared with just one in the same period last year.

The largest such deal was, in fact, carried out by a POE - Shuanghui International Holdings acquired Smithfield Foods in the United States for $4.7 billion in May.

Other large POE deals in the first half included Sungate Trust's purchase of a 40 percent stake in General Motors building on Fifth Avenue in Manhattan; WSP Holdings', owner of Wuxi Seamless Oil Pipes Company, merger with WSP OCTG Group, again in the US; and China Fishery Group's purchase of Copeinca, the Peruvian fish feed maker.

"Our hypothesis in the report is that ODI is a key way to achieve the transformation of the economy that is mentioned in China's Five-Year Plan (2011-15)," said Barber.

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