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An Analysis of Chinese Investments in the U.S. Economy

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An Analysis of Chinese Investments in the U.S. Economy U.S.-China Economic and Security Review Commission October 2012 An Analysis of Chinese Investments in the U.S. Economy By Andrew Szamosszegi __________________________________________________ Prepared by Capital Trade, Incorporated Washington, DC Capital Trade FDI Study October 1, 2012 Disclaimer: This research report was prepared at the request of the Commission to support its deliberations. Posting of the Report to the Commission's website is intended to promote greater public understanding of the issues addressed by the Commission in its ongoing assessment of U.S.-China economic relations and their implications for U.S. security, as mandated by Public Law 106-398 and Public Law 108-7. However, it does not necessarily imply an endorsement by the Commission or any individual Commissioner of the views or conclusions expressed in this commissioned research report. Page ii Capital Trade FDI Study October 1, 2012 Table of Contents Executive summary ........................................................................................................................ vii I. Introduction ......................................................................................................................... 1 II. Overview of China’s investment capabilities and investment patterns .............................. 3 A. China’s capacity to invest overseas ..................................................................................... 3 B. Patterns in China’s FDI ......................................................................................................... 6 1. Analysis of regions ........................................................................................................ 9 2. Analysis of sectors ...................................................................................................... 12 III. Likely patterns of Chinese foreign investments over the next 5 years ............................. 14 A. Available investor capital for future investments ............................................................. 15 B. Outlook for sectors and regions over the next five years ................................................. 18 1. The current picture ..................................................................................................... 18 2. Projections .................................................................................................................. 22 C. Outlook for investments by type ....................................................................................... 25 IV. Identification of U.S. data collection and oversight activities ........................................... 30 A. Data collection ................................................................................................................... 30 B. Regulatory and institutional framework ............................................................................ 33 1. Securities and Exchange Commission ........................................................................ 33 2. Committee on Foreign Investment in the United States (CFIUS) ............................... 35 3. Other relevant laws and regulations .......................................................................... 38 V. FDI by China’s state-owned enterprises and state-invested enterprises .......................... 40 A. Extent of PRC Investments controlled by SOEs ................................................................. 41 B. Case studies of SOE Investments ....................................................................................... 46 VI. Investments by China’s state controlled investment vehicles (SIVs) ................................ 51 A. U.S. holdings of SIVs ........................................................................................................... 51 B. Brief description of investments ........................................................................................ 54 VII. Role of state-controlled financial services companies and preferential support ............. 55 A. Protocols for trade finance and FDI ................................................................................... 55 B. China’s state-controlled services firms .............................................................................. 56 C. Assessment ........................................................................................................................ 58 VIII. Assessment of capital supports by state-controlled entities to state-owned and state- influenced entities investing abroad ............................................................................................ 59 IX. Stealth investments by Chinese firms................................................................................ 61 A. Reverse mergers ................................................................................................................ 61 B. Other potential back doors to the U.S. market ................................................................. 65 Page iii Capital Trade FDI Study October 1, 2012 X. China’s regulatory framework for outward FDI ................................................................. 68 A. Agencies and Procedures involved in Outbound Foreign Direct Investment ................... 68 B. Government’s role ............................................................................................................. 71 1. Does the government encourage FDI? ....................................................................... 71 2. Does the government influence which sectors receive foreign investments? .......... 73 3. Does the government influence which countries receive FDI?.................................. 75 4. Current policy direction with regards to ODI ............................................................. 76 XI. Economic benefits of Chinese foreign investment in the United States ........................... 77 A. Benefits on the basis of official data .................................................................................. 77 B. Case studies ....................................................................................................................... 80 XII. Comparison of Chinese investments with investments from other developed countries 82 A. Comparison with FDI from other OECD countries ............................................................. 82 B. Are the official data underestimating the size of China’s investments? ........................... 87 C. Assessment ........................................................................................................................ 88 XIII. Motives underlying Chinese investments in the United States ......................................... 89 A. Motives for investing abroad ............................................................................................. 89 B. Motives for investing in the United States ........................................................................ 93 1. Why has Chinese FDI in the United States been so low? ........................................... 93 2. What are the motives underlying the current expansion in Chinese FDI in the United States? ................................................................................................................................... 94 XIV. Chinese purchases of financially distressed companies .................................................. 103 A. Examples of distressed or capital starved firms that obtain investment from China ..... 104 B. Assessment ...................................................................................................................... 107 XV. Efforts by U.S. entities to attract Chinese investments ................................................... 109 A. Federal efforts to attract Chinese FDI.............................................................................. 111 B. State efforts to attract FDI ............................................................................................... 112 C. Assessment ...................................................................................................................... 114 XVI. Conclusions ...................................................................................................................... 115 XVII. Attachment 1: Description of Select Chinese Investors in U.S. Companies .................... 120 XVIII. Attachment 2: Yintong Group Receives Praise and Important Visitors after Purchasing Altair Nano .................................................................................................................................. 122 XIX. Attachment 3: New Energy Vehicle Development Plan of Guangdong Yintong Investment Holding Group Company Limited (2011-2020) ........................................................................... 124 XX. Bibliography ..................................................................................................................... 127 Page iv Capital Trade FDI Study October 1, 2012 Table of Tables and Figures Table 1: China's ODI Stock in OECD Countries, 2004 and 2010 (Chinese statistics) ..................... 11 Table 2: China's ODI Stock in OECD Countries, 2004 and 2010 (Partner statistics) ..................... 12 Table 3: Average Net Quarterly Purchases of Bonds and Equities by Chinese Investors, 1999- 2011 .............................................................................................................................................
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