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China's mergers and acquisitions (M&A) activity remained resilient in 2008 despite the global financial meltdown, making it the best performer in the Asia region, according to information company Thomson Reuters.
M&A activity in the country was at an all-time high of $159.6 billion worth of deals last year, 44 percent more than in 2007, compared with the year-on-year 11.1 percent fall in Asia, excluding Japan, Thomson Reuters said in a report.
"China was the only country in the region to experience growth in such a tumultuous environment, and it's also the most targeted nation in Asia with a 26.9 percent market share, " the report pointed out.
"The market's better performance is mainly due to the fact that the impact of the economic crunch which started in the US is delayed when passing down to the domestic transaction activities, and the Beijing Olympics in August helped bolster the strong spirit of the market," said Xie Tao, PricewaterhouseCoopers (PwC) transactions partner based in Beijing.
Xie added that unlike in other markets, Chinese companies are not in dearth of cash, which is crucial for M&A activity.
The largest transaction of the year was Aluminum Corp of China and Alcoa's stake purchase in Rio Tinto for $14.3 billion through their Singapore-based joint venture Shining Prospect Pte Ltd.
（英語(yǔ)點(diǎn)津 Helen 編輯）
Brendan joined The China Daily in 2007 as a language polisher in the Language Tips Department, where he writes a regular column for Chinese English Language learners, reads audio news for listeners and anchors the weekly video news in addition to assisting with on location stories. Elsewhere he writes Op’Ed pieces with a China focus that feature in the Daily’s Website opinion section.
He received his B.A. and Post Grad Dip from Curtin University in 1997 and his Masters in Community Development and Management from Charles Darwin University in 2003. He has taught in Japan, England, Australia and most recently China. His articles have featured in the Bangkok Post, The Taipei Times, The Asia News Network and in-flight magazines.
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