1、2022年中国海外投资概览安永中国海外投资业务部安永中国海外投资业务部2023年2月16日Click for EnglishOverview of China outbound investment of 2022中国对外直接投资保持平稳发展，海外并购总金额继续下降，但部分地区和行业交易活跃度有所回升2022年中国海外投资概览第2页2022年世界经济经历了诸多挑战，地缘冲突升级导致许多国家出现能源短缺、高通货膨胀等问题，中国经济也出现下行压力，消费、进出口等经济指标呈现走弱趋势。展望2023年，据IMF最新预测1，全球经济增长率将降至2.9%，低于 2022年的3.4%，且大多数主要经济体经济

2、增长率将进一步下降，发达国家降幅较明显。而中国随着疫情防控措施的优化，经济有望率先稳步回升，跨境投资热度也有望回暖，但短期内，中企在海外投资仍需关注部分国家和地区的地缘政治风险和较高的宏观经济风险。周昭媚周昭媚中国海外投资业务部全球主管中国海外投资业务部全球主管第2页资料来源：1.世界经济展望报告，国际货币基金组织（IMF），2023年1月2022年中国海外投资概览第3页本期摘要本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅读安永推荐阅读资料来源：2.中国商务部；3.Refinitiv、Mergermarket，包括香港、澳门和台湾的对外并购交易，数

3、据包括已宣布但尚未完成的交易，于2023年1月4日下载；安永分析中国全行业对外直接投资1,465亿美元，较去年同期增长0.9%；非金融类对外直接投资1,168.5亿美元，同比增长2.8%，其中对“一带一路”沿线国家非金融类直接投资209.7亿美元，同比增长3.3%。对外直接投资对外直接投资22022年，中企宣布的海外并购总额仅为287.4亿美元，创历史新低，同比下降52%，且大额交易大幅减少；宣布的交易数量为507宗，同比减少6%。从行业角度，按交易金额计，前三大热门行业为TMT*，医疗与生命科学以及房地产、酒店与建造行业，占总额比例达55%，其中医疗与生命科学行业占比进一步提升至15%，创历

4、史新高；按交易数量计，前三大热门行业为TMT、先进制造与运输以及医疗与生命科学，占总量的一半。本年度亮点为采矿与金属业并购金额及数量逆势双增长，同比分别增加33%和111%，为本年交易金额唯一录得增长的行业。从区域来看，亚洲仍最受欢迎，尽管占比较去年有所下降，但交易金额与数量仍位列第一。按金额计，最受中企欢迎的十大目的地中，有四个录得逆势增长，分别是日本、澳大利亚、法国和阿根廷；按数量计，除北美洲和非洲大幅下降外，其他大洲交易数量均录得上涨，交易活跃度有所回升。海外并购海外并购3对外承包工程新签合同额2,530.7亿美元，同比下降2.1%。对外承包工程对外承包工程2*TMT行业包括科技、媒体和

5、娱乐和通信业2022年中国海外投资概览第4页对外直接投资（ODI）本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅读安永推荐阅读对外直接投资基本保持稳定，部分行业对外投资增长较快对外直接投资基本保持稳定，部分行业对外投资增长较快2022年前中国全行业对外直接投资额（亿美元）年前中国全行业对外直接投资额（亿美元）282 264 257 318 343 342 310 292 396 345 266 296 458 358 380 408 301 322 381 397 05001,0001,500200212022一季度二季度三季度

6、四季度36 38 42 44 53 41 30 39 52 48 31 32 49 53 56 49 50 48 54 53 0500212022一季度二季度三季度四季度数据显示，2022年：中国全行业对外直接投资全行业对外直接投资1,465亿美元亿美元，同比增长0.9%其中非金融类对外直接投资1,168.5亿美元亿美元，同比增长2.8%部分行业对外投资增长较快，投向批发和零售业、制造业以及租赁和商务服务业的投资，分别同比增长19.5%、17.4%以及5.8%。对“一带一路”沿线国家对“一带一路”沿线国家非金融类直接投资非金融类直接投资209.7亿美

7、元亿美元，同比增长3.3%占同期总额的17.9%主要投向东盟国家、巴基斯坦、阿联酋、塞尔维亚和孟加拉国等注：表内数据由于四舍五入的缘故，其合计数未必与总计数相等资料来源：中国商务部月度简明统计数据、外汇局2022年对“一带一路”沿线国家非金融类直接投资额年对“一带一路”沿线国家非金融类直接投资额（亿美元）（亿美元）2022年中国海外投资概览第5页海外并购（M&A）本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅读安永推荐阅读全年海外并购金额创历史新低，但部分地区和行业交易活跃度有所回升全年海外并购金额创历史新低，但部分地区和行业交易活跃度有所回升202

8、2年中企宣布的海外并购总额宣布的海外并购总额为287.4亿美元亿美元，同比下降52%，创历史新低，一方面受全球经济及中国疫情政策影响，中企海外并购继续保持审慎，另一方面未披露金额的交易占比也有所上升，对交易金额统计有所影响。宣布的交易数量宣布的交易数量为507宗，同比减少6%，部分地区和行业交易数量录得上涨，交易活跃度较去年有所回升。注：表内数据由于四舍五入的缘故，其合计数未必与总计数相等资料来源：Refinitiv、Mergermarket，包括香港、澳门和台湾的对外并购交易，数据包括已宣布但尚未完成的交易，于2023年1月4日下载；安永分析2022年中企宣布的海外并购金额和数量年中企宣布的

9、海外并购金额和数量239 169 73 172 47 285 81 93 79 90 310 285 90 210 75 236 259 223 137 75 796650537537507020040060080004008001,200200212022一季度二季度三季度四季度年交易数量交易金额（亿美元）交易宗数2022年中国海外投资概览第6页海外并购（M&A）（续）本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅读安永推荐阅读2022年按交易金额计，前三大热门行业为TMT，医疗与生命科学医疗与生命科学以及房地产、酒店与建造房

10、地产、酒店与建造行业，占总额比例达55%；采矿与金属采矿与金属业业为本年唯一交易金额录得增长的行业，同比增加33%，达35.2亿美元，主要集中在锂矿开采、金矿运营等；此外，医疗与生命科学医疗与生命科学行业并购占比进一步提升至15%，创历史新高。按交易数量计，前三大热门行业为TMT、先进制造与运输先进制造与运输以及医疗与生命科学医疗与生命科学，占总量的一半。多个行业均录得同比增长，交易活跃度有所回升，其中采矿与金属业采矿与金属业同比增幅最大，达111%，房地产、酒店与建造业房地产、酒店与建造业（38%）、先进制造与运输业先进制造与运输业（20%）以及消费品消费品（17%）等行业也录得不同程度的增

11、长。资料来源：Refinitiv、Mergermarket，包括香港、澳门和台湾的对外并购交易，数据包括已宣布但尚未完成的交易，于2023年1月4日下载；安永分析TMT26%医疗与生命科学15%房地产、酒店与建造15%采矿与金属12%先进制造与运输12%消费品8%金融服务7%其他5%按交易金额按交易金额前五大行业前五大行业宗数宗数同比同比增长率增长率1 TMT118-21%2 先进制造与运输73+20%3 医疗与生命科学62-35%4 消费品56+17%5 房地产、酒店与建造51+38%5 金融服务51-30%按交易数量按交易数量TMT23%先进制造与运输15%医疗与生命科学12%消费品11%

12、房地产、酒店与建造10%金融服务10%采矿与金属8%其他11%行业行业分析分析*图中%为行业金额占比*图中%为宗数占比前五大行业前五大行业金额金额（亿美元）（亿美元）同比同比增长率增长率1 TMT73.2-50%2 医疗与生命科学43.8-46%3 房地产、酒店与建造41.6-62%4 采矿与金属35.1+33%5 先进制造与运输33.6-53%2022年中国海外投资概览第7页海外并购（M&A）（续）行业分析行业分析资料来源：Refinitiv、Mergermarket，包括香港、澳门和台湾的对外并购交易，数据包括已宣布但尚未完成的交易，于2023年1月4日下载；安永分析2022年各行业的区域

13、分布特点明显，部分行业区域集中度高，如：医疗与生命科学医疗与生命科学行业交易额的75%集中在北美洲；消费品消费品行业则主要集中在亚洲（64%）和大洋洲（32%）；电力与公用事业电力与公用事业则80%的交易额集中在亚洲，同比大幅增加87%，主要投资在太阳能、风能等可再生能源发电或相关产业链的细分行业，体现出亚洲国家日益增长的绿色能源转型需求；先进制造与运输业先进制造与运输业在整体下降53%的情况下，在北美洲和欧洲分别录得178%和43%的增长，主要分布在交通基础设施、汽车及零部件和化学品等细分行业。2022年中企宣布的海外并购行业与各大洲分布（按交易金额）年中企宣布的海外并购行业与各大洲分布（按

14、交易金额）本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅读安永推荐阅读80%36%64%27%13%61%7%42%76%20%43%3%26%13%24%14%46%24%20%45%6%75%11%32%3%9%3%42%2%28%0%20%40%60%80%100%石油与天然气电力与公用事业金融服务消费品先进制造与运输采矿与金属房地产、酒店与建造医疗与生命科学TMT亚洲欧洲北美洲大洋洲拉丁美洲非洲2022年中国海外投资概览第8页海外并购（M&A）（续）本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅读安

15、永推荐阅读区域分析区域分析金额宗数大洲大洲亚洲107.5亿美元171宗欧洲75.5亿美元170宗北美洲63.2亿美元82宗大洋洲14.3亿美元45宗非洲10.6亿美元13宗拉丁美洲16.3亿美元26宗资料来源：Refinitiv、Mergermarket，包括香港、澳门和台湾的对外并购交易，数据包括已宣布但尚未完成的交易，于2023年1月4日下载；安永分析2022年中国海外投资概览第9页海外并购（M&A）（续）本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅读安永推荐阅读区域分析区域分析中企在亚洲宣布的交易金额与数量均位列第一，分别占总额的37%和34

16、%。在最受中企青睐的前十大目的地中，有四个来自亚洲，分别为新加坡、日本、韩国和印度尼西亚，四国占中企在亚洲宣布的并购金额的近八成。TMT，房地产、酒店与建造以及消费品为亚洲最受欢迎的行业，占总金额的66%。展望2023年，亚洲新兴国家增长率仍将领先于全球整体增速，其中预计印度增长6.1%，东盟五国4增长4.3%，中东及中亚将增长3.2%1。此外，去年底以来中国领导人与东盟、中东部分国家外交互动频繁且达成了一系列合作协议，这也将继续扩大并深化中国与东盟、中东地区未来在投资、经贸等领域的合作，预计亚洲将继续为中企热门投资目的地。同比下降61%107.5美元美元同比增长4%171宗宗亚亚洲洲因为个别

17、大型交易，荷兰为中企投资金额最高的国家，然而按交易数量计，英国和德国则更为热门，两国交易数量占中企在欧洲并购总量的42%。TMT为欧洲交易金额最大的行业，宣布的并购金额占中企对欧洲投资总额的45%。2022年，欧洲通货膨胀率一路走高达到历史最高水平，尽管年末部分国家有所回落，但预计2023年，高通胀仍将是欧洲将面临的主要挑战之一，利率或将进一步上升，企业发展将面临更大挑战，目前IMF对欧盟2023年经济增长预期为0.7%，英国则预计收缩0.6%1，在欧洲主要国家中表现相对较差，因此，中企在欧洲投资需审慎分析宏观经济风险对投资的影响，此外还需密切关注地缘政治冲突带来的进一步风险。同比下降52%7

18、5.5亿美元亿美元同比增长6%170宗宗欧欧洲洲4.注：东盟五国为印度尼西亚、马来西亚、菲律宾、泰国和越南2022年中国海外投资概览第10页海外并购（M&A）（续）本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅读安永推荐阅读区域分析区域分析中企在北美洲的并购金额和数量均继续创历史新低。2022年中企在北美洲并购额最大的两个行业医疗与生命科学和先进制造与运输行业，并购额均创近四年来新高，且分别录得42%和178%的逆势增长，合计占北美洲并购总额的76%；按交易数量计，医疗与生命科学行业继续保持最热门并购行业，占比进一步提升至33%。这些体现了在地缘政治

19、因素影响下，中企在北美洲并购的行业聚焦。展望2023年，尽管美国经济有衰退预期，但美国在科技、市场规模方面的优势对一些低敏感行业的中企仍有一定吸引力，短期内中企对北美洲投资最大的制约因素仍为中美地缘政治因素。同比下降33%63.2亿美元亿美元同比下降42%82宗宗北美洲北美洲主要投向采矿与金属行业主要投资目的地为津巴布韦和刚果民主共和国同比下降27%16.3亿美元亿美元同比增长44%26宗宗拉丁美洲拉丁美洲按交易金额计，澳大利亚为最主要的投资目的地，主要投向消费品行业按交易数量计，采矿与金属行业以及消费品行业的交易数量增加较多同比下降41%14.3亿美元亿美元同比增长50%45宗宗大洋洲大洋洲

20、同比下降46%10.6亿美元亿美元同比下降43%13宗宗非洲非洲阿根廷为最主要的投资目的地主要由于一笔投向该国采矿与金属行业的大额交易2022年中国海外投资概览第11页海外并购（M&A）（续）本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅读安永推荐阅读区域分析区域分析目的地目的地2022年年2021年年同比同比增长率增长率1美国62.478.7-21%2新加坡41.0108.2-62%3荷兰23.658.3-59%4日本22.318.4+22%5英国14.537-61%6澳大利亚13.913.3+5%7法国11.41.2+863%8韩国10.648.

21、4-78%9阿根廷10.33.5+194%10印度尼西亚10.154.4-81%2022年中企宣布的海外并购前十大目的地年中企宣布的海外并购前十大目的地（按交易金额，亿美元）（按交易金额，亿美元）目的地目的地2022年年2021年年同比同比增长率增长率1美国72120-40%2英国4346-7%3澳大利亚4226+62%4日本3931+26%5新加坡3732+16%6韩国2824+17%7德国2829-3%8法国1812+50%9阿根廷114+175%10印度1113-15%2022年中企宣布的海外并购前十大目的地年中企宣布的海外并购前十大目的地（按交易数量，宗数）（按交易数量，宗数）资料来源

22、：Refinitiv、Mergermarket，包括香港、澳门和台湾的对外并购交易，数据包括已宣布但尚未完成的交易，于2023年1月4日下载；安永分析2022年中国海外投资概览第12页对外承包工程（EPC）本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅读安永推荐阅读对外承包工程项目稳步发展，助力多国经济发展对外承包工程项目稳步发展，助力多国经济发展2022年，中企对外承包工程中企对外承包工程新签合同额2,530.7亿美元亿美元，同比下降2.1%在“一带一路”沿线国家和地区，新签合同额1,296.2亿美元亿美元，同比下降3%，占同期总额的51.2%20

23、22年尽管面临众多挑战，中企海外新签项目仍硕果累累中企海外新签项目仍硕果累累，如在交通基础设施领域签下了沙特未来新城隧道和沙特麦地那隧道项目，以及坦桑尼亚中央线标准轨铁路项目等，在能源和电力项目领域中标阿根廷国家天然气管道项目、安哥拉输变电项目、乌兹别克斯坦最大风电单体项目以及沙特光伏电站项目等，其他还包括沙特社会住房等重大项目5。注：表内数据由于四舍五入的缘故，其合计数未必与总计数相等资料来源：中国商务部月度简明统计数据446506554535 474 622553518569 562 478408430492 435 873 1,060 05001,0001,5002

24、,0002,5003,000200212022一季度二季度三季度四季度2022年中国对外承包工程新签合同额（亿美元）年中国对外承包工程新签合同额（亿美元）5.资料来源：公开信息整理2022年中国海外投资概览第13页对外承包工程（EPC）本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅读安永推荐阅读对外承包工程项目稳步发展，助力多国经济发展对外承包工程项目稳步发展，助力多国经济发展2022年，中企对外承包工程中企对外承包工程完成营业额1,549.9亿美元亿美元，与上年基本持平在“一带一路”沿线国家和地区对外承包工程完成营业额849.

25、4亿美元亿美元，同比下降5%，占同期总额的54.8%2022年，中国承包工程服务商克服了重重困难确保了一批标志性项目落地确保了一批标志性项目落地，如：东盟第一条高速铁路试验运行，柬埔寨第一条高速公路正式通车，南亚地区首条水下隧道（孟加拉国卡纳普里河底隧道）项目南线隧道竣工，克罗地亚佩列沙茨大桥通车，喀麦隆首条中国标准建设高速公路通车和卡塔尔世界杯主体育场项目顺利交付等5。这些项目的完工落地不仅展现了中国企业在承包工程领域的技术及竞争优势展现了中国企业在承包工程领域的技术及竞争优势，也切实切实拉动了多国的经济发展并惠及了当地民众拉动了多国的经济发展并惠及了当地民众。中国承包工程企业经过多年的发展

26、已经在国际工程市场取得相对竞争优势在国际工程市场取得相对竞争优势，根据工程新闻记录发布的最新国际承包商排名，2022年有7家中国企业进入前二十强，较2021年增加一家，而前250家国际承包商中则有79家中国企业入围，占比超三成6。展望2023年，全球经济仍将面临较大下行压力，基础设施项目有望带动投资为各国基础设施项目有望带动投资为各国经济发展注入动力经济发展注入动力，期待中国建造继续拓展全球市场，并在智能数字化、低碳绿色化领域深入实践，打造更多标杆项目。注：表内数据由于四舍五入的缘故，其合计数未必与总计数相等资料来源：中国商务部月度简明统计数据34733813723263

27、784395364608005001,0001,5002,000200212022一季度二季度三季度四季度2022年中国对外承包工程完成年中国对外承包工程完成营业营业额（亿美元）额（亿美元）资料来源：5.公开信息整理；6.美国工程新闻记录(Engineering News Record，ENR)杂志发布的2022年度“250家国际承包商”榜单，2022年8月；安永分析2022年中国海外投资概览第14页安永推荐阅读本期摘要本期摘要对外直接投资对外直接投资海外并购海外并购对外承包工程对外承包工程安永推荐阅读安永推荐阅读1.【安永税务

28、】欧盟成员国最终批准外国政府补贴条例2.【安永观察】卢森堡：了解大公国的支付/电子货币机构和数字资产交易所3.安永发布可再生能源吸引力指数（RECAI）第60期专题报告4.运筹帷幄，决胜千里：支付战略助力平台企业打响海外争夺战中国平台企业出海支付战略研究报告5.【安永观察】越南受惠于国际供应链重塑 更新税务及法律政策吸引外资扫描微信公众平台二维码，获取更多推荐阅读内容安永中国海外投资业务部走出去微信智库一带一路微信智库2022年中国海外投资概览第15页安永中国海外投资业务部：全球网络China Overseas Investment Network(COIN)COIN在美洲、EMEIA（欧洲、

29、中东、印度及非洲）和亚太各大区现有的中国业务团队的基础上，将全球的安永专业人员连接在一起，在海外投资的各个阶段，从投资计划到执行和投后整合，为中国客户提供一站式服务。国际化背景和本土化专业人才国际化背景和本土化专业人才多种语言的无缝专业服务多种语言的无缝专业服务丰富的跨国服务经验和全面的服务领域丰富的跨国服务经验和全面的服务领域全球服务网络覆盖的国家和地区协助开展海外业务的中企数量服务中企的海外项目数量*以上为过去三年的数据协助在“一带一路”共建国家开展业务的中企数量在“一带一路”共建国家协助中企参与的项目数量服务网络覆盖的“一带一路”国家和地区70+3,200+74,000+90%1,600

30、+34,000+美洲区美洲区Americas Area加拿大美国加勒比地区以色列玻利维亚厄瓜多尔牙买加墨西哥秘鲁委内瑞拉阿根廷巴西智利CanadaUnited StatesCaribbean RegionIsraelBoliviaEcuadorJamaicaMexicoPeruVenezuelaArgentinaBrazilChileAustriaBelgiumCzech RepublicDenmarkFinlandFranceGermanyGreeceHungaryItalyKazakhstanKyrgyzstanLuxembourgNetherlandsNorwayPakistanPola

31、ndPortugalRomaniaSpainSwedenSwitzerlandTurkeyUnited KingdomUzbekistanBahrainEgyptKuwaitSaudi ArabiaUnited Arab EmiratesIndiaAlgeriaAngolaCameroonDemocratic Republic of CongoEthiopiaLibyaMozambiqueNigeriaSouth AfricaSouth SudanUgandaZambiaZimbabwe澳大利亚新西兰日本韩国文莱柬埔寨印度尼西亚老挝马来西亚缅甸菲律宾新加坡斯里兰卡泰国越南AustraliaNe

32、w ZealandJapanSouth KoreaBruneiCambodiaIndonesiaLaosMalaysiaMyanmarPhilippinesSingaporeSri LankaThailandVietnam亚太区亚太区Asia-Pacific Area奥地利比利时捷克丹麦芬兰法国德国希腊匈牙利意大利哈萨克斯坦吉尔吉斯斯坦卢森堡荷兰挪威巴基斯坦波兰葡萄牙罗马尼亚西班牙瑞典瑞士土耳其英国乌兹别克斯坦巴林埃及科威特沙特阿拉伯阿联酋印度阿尔及利亚安哥拉喀麦隆刚果民主共和国埃塞俄比亚利比亚莫桑比克尼日利亚南非南苏丹乌干达赞比亚津巴布韦欧洲、中东、印度及非洲区欧洲、中东、印度及非洲区EME

33、IA Area2022年中国海外投资概览第16页我们的全球COIN网络如欲取得更多有关中国海外投资业务部的信息，请浏览我们的网站 2629 香港吕晨吕晨中国海外投资业务部全球税务主管+86 21 2228 2798 上海苏丽苏丽大中华区战略与交易咨询服务主管+86 21 2228 上海朱亚明朱亚明大中华区能源资源行业联席主管华北区战略与交易咨询服务主管+86 10 5815 3891 北京郝进军郝进军中国企业海外投资税务中心联合主管+86 10 5815 北京刘国华刘国华大中华区财务会计咨询服务主管+86 21 2228 上海 美洲区美洲区肖楚强肖楚强中国海外投资业务部加拿大主管+1 416

34、943 加拿大多伦多张晓青张晓青中国海外投资业务部美洲区主管+1 617 375 美国波士顿张嘉琪张嘉琪中国海外投资业务部南美洲主管+55 11 9625 巴西圣保罗徐清华徐清华中国海外投资业务部EMEIA区主管+33 1 4693 4363qinghua.xu-法国巴黎孙轶孙轶中国海外投资业务部欧洲西部主管+49 211 9352 德国杜塞尔多夫李素雯李素雯中国海外投资业务部英国、爱尔兰主管+44 20 7951 英国伦敦亚太区亚太区许润翔许润翔中国海外投资业务部东盟区主管+65 6309 新加坡李强李强中国海外投资业务部大洋洲区主管+61 2 9248 5008 澳大利亚悉尼区域区域张毅强

35、张毅强审计合伙人安永华明会计师事务所+86 10 5815 北京 欧洲、中东、印度及非洲欧洲、中东、印度及非洲(EMEIA)区区熊斌熊斌大中华区管理咨询服务主管合伙人+86 755 22385818 昆明陈凯陈凯安永中国主席大中华区首席执行官全球管理委员会成员+86 10 5815 北京张顺源张顺源国际及并购重组税务咨询合伙人安永（中国）企业咨询有限公司+86 21 2228 上海大中华区大中华区蔡伟年蔡伟年大中华区国际及并购重组税务咨询主管+86 10 5815 北京安永|建设更美好的商业世界安永的宗旨是建设更美好的商业世界。我们致力帮助客户、员工及社会各界创造长期价值，同时在资本市场建立信

36、任。在数据及科技赋能下，安永的多元化团队通过鉴证服务，于150多个国家及地区构建信任，并协助企业成长、转型和运营。在审计、咨询、法律、战略、税务与交易的专业服务领域，安永团队对当前最复杂迫切的挑战，提出更好的问题，从而发掘创新的解决方案。安永是指 Ernst&Young Global Limited 的全球组织，加盟该全球组织的各成员机构均为独立的法律实体，各成员机构可单独简称为“安永”。Ernst&Young Global Limited 是注册于英国的一家保证（责任）有限公司，不对外提供任何服务，不拥有其成员机构的任何股权或控制权，亦不担任任何成员机构的总部。请登录 。2023 安永，中国

37、。版权所有。APAC no.03016628ED None本材料是为提供一般信息的用途编制，并非旨在成为可依赖的会计、税务、法律或其他专业意见。请向您的顾问获取具体意见。 of China outbound investment of 2022EY China Overseas Investment Network 16 February 2023点击浏览中文版2022年中国海外投资概览Outward direct investment was generally stable whilst overseas M&As continue to decrease with pick-up in

38、some regions and sectorsOverview of China outbound investment of 2022Page 19In 2022,the economy of China as well as the world economy have been facing lots of challenges brought with increased geopolitical complexity such as energy crisis and inflation.China experienced the pressure of softer econom

39、y indicated by weakened consumption,imports and exports.Based on the latest International Monetary Fund(IMF)1estimates,the global growth for 2023 is projected to decrease to 2.9%from 3.4%in 2022.A majority of key economies,especially advanced economies,might see further reduction in economic growth

40、this year.China might steadily revive its economy as it optimized pandemic prevention and control.This might be followed by a gradual recovery of cross-border investment by Chinese enterprises though caution is needed in view of geopolitical risks in some areas and the growing macroeconomic uncertai

41、nty.Loletta ChowGlobal Leader of EY China Overseas Investment NetworkPage 19Source:1.World Economic Outlook,IMF,January 2023Overview of China outbound investment of 2022Page 20SummarySummaryODIOverseas M&AsEPCEY Recommended readingsSources:2.China MOFCOM.3.Refinitiv;Mergermarket,including data from

42、Hong Kong,Macau and Taiwan,and deals that have been announced but not yet completed,data was downloaded on 4 January 2023;EY analysisODI2China overall outward direct investment(ODI)reached US$146.5 billion in 2022,up 0.9%year-on-year(YOY).The non-financial ODI reached US$116.9 billion,up 2.8%YOY.The

43、 Belt and Road(B&R)non-financial ODI increased 3.3%YOY to US$21.0 billion.Overseas M&As3In 2022,the value of announced China overseas mergers and acquisitions(M&As)reached US$28.7 billion,down 52%YOY to a historic low compared to the past years with considerably fewer large-scale deals.There were 50

44、7 announced China overseas M&A deals during the year,down 6%YOY.Sector-wise by deal value,55%of the total took place in the top three sectors,namely TMT*,health care&life sciences,and real estate,hospitality&construction.Of which,the health care&life sciences deals increased to a record high coverin

45、g 15%of the total value in the year.By deal volume,half of the total took place in the top three sectors,namely TMT,advanced manufacturing&mobility,and health care&life sciences.Mining&metals became highlight of the year being the only sector to see growth,recording an increase of 33%and 111%YOY by

46、value and volume respectively.From a regional perspective,Asia was the most popular.Though its proportion among continents decreased compared to the previous year,Asia recorded both the highest deal value and volume among all.Despite the overall downward trend,deal valueincreased in Japan,Australia,

47、France and Argentina in 2022.Continents other than North America and Africa recorded increased deal volumes as activities picked up.Overseas EPC2Newly-signed China overseas engineering,procurement and construction(EPC)projects decreased 2.1%YOY to US$253.1 billion.*The TMT sector refers to technolog

48、y,media&entertainment and telecommunicationsOverview of China outbound investment of 2022Page 21ODISummaryODIOverseas M&AsEPCEY Recommended readingsODI develops steadily as outbound investment in some industries grew relatively quicklyChina overall ODI in 2022(US$billion)Statistics showed that in 20

49、22,China overall ODI reached US$146.5b,up0.9%YOY.China non-financial ODI reached US$116.9b,up 2.8%YOY.Outbound investment in some industries grew relatively quickly,such as wholesale&retail,manufacturing,as well as leasing and business services,up 19.5%,17.4%and 5.8%YOY respectivelyThe B&R non-finan

50、cial ODI reached US$21.0b,up 3.3%YOY.Representing 17.9%of the totalMainly in ASEAN,Pakistan,the United Arab Emirates,Serbia and BangladeshChina non-financial ODI along the B&R in 2022(US$billion)Note:The round-up statistics in this article may not add to the actual totals.Sources:Monthly Statistics

51、in Brief,China MOFCOM;State Administration of Foreign Exchange of China28.226.425.731.834.334.231.029.239.634.526.629.645.835.838.040.830.132.238.139.70500022Q1Q2Q3Q43.63.84.24.45.34.13.03.95.24.83.13.24.95.35.64.95.04.85.45.3050022Q1Q2Q3Q4Overview of Chin

52、a outbound investment of 2022Page 22SummaryODIOverseas M&AsEPCEY Recommended readingsOverseas M&AsChina overseas M&As reached a historic low value in the year however activities in some regions and sectors increasedIn 2022 China overseas M&As reached US$28.7b,down 52%YOY to a historic low.On the one

53、 hand,China overseas investment sentiment turned cautious following the impact brought by the global economic dynamics and Chinas pandemic policies;on the other hand,the value of more deals was undisclosed affecting the statistical results.There were 507announced deals,down 6%YOY.Deal volumes in som

54、e regions and sectors increased as activities picked up compared to the previous year.Value of announced China overseas M&As in 2022(US$billion)Note:The round-up statistics in this article may not add to the actual totals.Sources:Refinitiv;Mergermarket,including data from Hong Kong,Macau and Taiwan,

55、and deals that have been announced but not yet completed,data was downloaded on 4 January 2023;EY analysis23.916.97.317.24.728.58.19.37.99.031.028.59.021.07.523.625.922.313.77.5796 650 537 537 507 020040060080004080202020212022Q1Q2Q3Q4Deal value US$bDeal volumeAnnual deal volumeOverview o

56、f China outbound investment of 2022Page 23Sector analysisIn 2022 By deal value,55%of the total took place in the top three sectors,namely TMT,health care&life sciences,and real estate,hospitality&construction.Mining&Metals was the only sector to see growth in the year to US$3.5 billion,recording an

57、increase by value at 33%YOY,mainly in the areas of lithium mining and gold mine operation,etc.Moreover,a record high of 15%of the total value in 2022 came from the health care&life sciences sector.By deal volume,half of the total took place in the top three sectors,namely TMT,advanced manufacturing&

58、mobility,and health care&life sciences.Many sectors recorded YOY growths and there was gradual recovery of the deal activities.Of which,deals in the mining&metals recorded the largest YOY increase of 111%whilst those in the sectors of real estate,hospitality&construction(38%),advanced manufacturing&

59、mobility(20%),and consumer products(17%)also increased to different extents during the year.Overseas M&As(contd)SummaryODIOverseas M&AsEPCEY Recommended readingsSources:Refinitiv;Mergermarket,including data from Hong Kong,Macau and Taiwan,and deals that have been announced but not yet completed,data

60、 was downloaded on 4 January 2023;EY analysisTMT23%AMM15%HCLS12%CP11%RHC10%FS10%MM8%Others11%TMT26%HCLS15%RHC15%MM12%AMM12%CP8%FS7%Others5%By deal valueBy deal volumeTop 5 sectors*Value US$bYOY%1 TMT7.3-50%2 HCLS4.4-46%3 RHC4.2-62%4 MM3.5+33%5 AMM3.4-53%Top 5 sectors*VolumeYOY%1 TMT118-21%2 AMM73+20

61、%3 HCLS62-35%4 CP56+17%5 RHC51+38%5 FS51-30%*The health care&life sciences sector is referred as HCLS;real estate,hospitality&construction as RHC;metals&mining as MM;advanced manufacturing&mobility as AMM;consumer products as CP;financial services as FS;power&utilities as PU;oil&gas as OGOverview of

62、 China outbound investment of 2022Page 24In 2022,significant regional distribution patterns were observed across various sectors,with some sectors showing a high levels of regional concentration:75%of the health care&life sciences deal value took place in North America 64%and 32%of the consumer good

63、s deal value happened in Asia and Oceania respectively 80%of outbound power&utilities deal value made by Chinese enterprises took place in Asia,up 87%YOY,primarily in the power generation and manufacturing chain of renewable energy such as solar and wind.The investments were aligned with an increasi

64、ng need of green energy transition in Asia The investments in the advanced manufacturing&mobility recorded a drop of 53%in the year but more investment was made in North America and Europe,up 178%and 43%respectively,primarily in the areas of transport infrastructure,automobiles&related components,an

65、d chemicalsSector analysisOverseas M&As(contd)SummaryODIOverseas M&AsEPCEY Recommended readingsRegional distribution of announced China overseas M&As by sector in 2022(by deal value)80%36%64%27%13%61%7%42%76%20%43%3%26%13%24%14%46%24%20%45%6%75%11%32%3%9%3%42%2%28%0%50%100%Oil&gasPower&utilitiesFina

66、ncial servicesConsumer productsAdvanced manufacturing&mobilityMining&metalsReal estate,hospitality&constructionHealth care&life sciencesTMTAsiaEuropeNorth AmericaOceaniaLatin AmericaAfricaSources:Refinitiv;Mergermarket,including data from Hong Kong,Macau and Taiwan,and deals that have been announced

67、 but not yet completed,data was downloaded on 4 January 2023;EY analysisOverview of China outbound investment of 2022Page 25SummaryODIOverseas M&AsEPCEY Recommended readingsOverseas M&As(contd)ContinentDeal value Deal volumeAsiaUS$10.8b171EuropeUS$7.6b170North AmericaUS$6.3b82OceaniaUS$1.4b45AfricaU

68、S$1.1b13LatinAmericaUS$1.6b26Regional analysisSources:Refinitiv;Mergermarket,including data from Hong Kong,Macau and Taiwan,and deals that have been announced but not yet completed,data was downloaded on 4 January 2023;EY analysisOverview of China outbound investment of 2022Page 26Asia was still the

69、 top destination for China overseas M&As by both value and volume,accounting for 37%and 34%of the total respectively.Four out of the top 10 investment destinations of China overseas M&As were situated in Asia,namely Singapore,Japan,South Korea and Indonesia,collectively accounting for nearly 80%of t

70、he total value in Asia.TMT,real estate,hospitality&construction,and consumer products were the top sectors for investment by Chinese enterprises in Asia,collectively accounting for 66%of the total value in the continent.Growth prospect of Asia for 2023 has been relatively positive compared to the gl

71、obal economic forecasts.Of which,the 2023 growth estimates for India may be at 6.1%,ASEAN-54at 4.3%,the Middle East and Central Asia at 3.2%1.In addition,since the end of last year,leaders in China made multiple diplomatic interactions with ASEAN and some countries in the Middle East and reached a n

72、umber of cooperation agreements to deepen the investment,economic and trade cooperation;the Asian region is expected to remain a popular investment destination for Chinese enterprises.EuropeA mega-scale deal was made in the Netherlands in 2022 making it the top invested country in Europe by Chinese

73、enterprises.The UK and Germany were more popular investment destinations in Europe by deal volume,collectively accounting for 42%of the total value in the continent.The top sector TMT took up 45%of the total value in the continent.In 2022,inflation in Europe increased to an all-time high though risi

74、ng prices in some countries slowed by year-end.In 2022,inflation in Europe increased to an all-time high though rising prices in some countries slowed by year-end.High inflation since 2022 is likely to remain as a major challenge together with climbing interest rates.Businesses might experience grea

75、ter challenges.Currently,growth in the European Union was forecast by IMF to be 0.7%in 2023.Growth in the United Kingdom was forecast to be-0.6%1,one of the worst performers among major European economies.Thus,vigilance is called for Chinese enterprises investing in Europe in view of the impact of t

76、he macroeconomic uncertainties and geopolitical risks.AsiaOverseas M&As(contd)SummaryODIOverseas M&AsEPCEY Recommended readingsdown 61%YOYUS$10.8bup 4%YOY171 dealsdown 52%YOYUS$7.6bup 6%YOY170 dealsRegional analysis4.Note:ASEAN-5 refers to Indonesia,Malaysia,the Philippines,Singapore,and ThailandOve

77、rview of China outbound investment of 2022Page 27Overseas M&As(contd)SummaryODIOverseas M&AsEPCEY Recommended readingsRegional analysisBoth deal value and volume by Chinese enterprises reached the historic lows in North America.Two major sectors in North America in 2022 health care&life sciences and

78、 advanced manufacturing&mobility recorded new highs by value in nearly four years,up 42%and 178%YOY respectively,and collectively accounting for 76%of the total value in the continent.By deal volume,health care&life sciences continued to be the top sector,taking up a further increase to 33%of the to

79、tal volume in the continent.This reflected the sector focus of Chinese enterprises in North America amid the impact of geopolitics.Looking ahead in 2023,some can anticipate the threat of an economic recession in the US but advantages of technologies and market size of the US can be attractive to Chi

80、na overseas investors in some less sensitive sectors.The impact of geopolitics may be carefully considered by Chinese enterprises when investing in North America.down 33%YOYUS$6.3b82 dealsNorth Americadown 27%YOYUS$1.6b26 dealsLatin AmericaBy deal value,Australia was the top investment destination,m

81、ainly in the consumer products sectorBy deal volume,the mining&metals and consumer products sectors recorded increased deal volumes down 41%YOYUS$1.4bup 50%YOY45 dealsOceaniadown 46%YOYUS$1.1b13 dealsAfricaArgentina was the top investment destination The investment mainly due to a mega deal in minin

82、g&metals sector during the yeardown 42%YOYdown 43%YOYup 44%YOYThe investment mainly went to the mining&metals sectorZimbabwe and the Democratic Republic of Congo were the top investment destinationsOverview of China outbound investment of 2022Page 28Destination20222021YOY%1US72 120-40%2UK4346-7%3Aus

83、tralia422662%4Japan393126%5Singapore373216%6South Korea282417%7Germany2829-3%8France181250%9Argentina114175%10India1113-15%SummaryODIOverseas M&AsEPCEY Recommended readingsOverseas M&As(contd)Regional analysisTop 10 destinations of China overseas M&As in 2022(By deal value:US$billion)Top 10 destinat

84、ions of China overseas M&As in 2022(By deal volume)Destination20222021YOY%1US6.27.9-21%2Singapore4.1 10.8-62%3Netherlands2.45.8-59%4Japan2.21.8 22%5UK1.53.7-61%6Australia1.41.35%7France1.1 0.1863%8South Korea1.1 4.8-78%9Argentina1.00.4194%10Indonesia1.05.4-81%Sources:Refinitiv;Mergermarket,including

85、 data from Hong Kong,Macau and Taiwan,and deals that have been announced but not yet completed,data was downloaded on 4 January 2023;EY analysisOverview of China outbound investment of 2022Page 29EPCSteady development of overseas EPC projects helps accelerate growth of destination countries In 2022N

86、ewly-signed projects reached US$253.1b,down 2.1%YOY.In the B&R countries and regions,Chinese enterprises newly signed EPC projects of US$129.6b,down 3%YOY.Although 2022 was full of challenges,more new overseas projects were signed by Chinese enterprises,such as the tunnelling projects in Neom and Ma

87、dinah,Saudi Arabia in the transport infrastructure,in addition to the Standard Gauge Central Railway project in Tanzania.In the energy and power area,there were the national natural gas pipeline project in Argentina,the power transmission and transformation project in Angola,the largest wind power s

88、tation project in Uzbekistan,the photovoltaic power plant project in Saudi Arabia,as well as other major projects including the social housing in Saudi Arabia5.5.Source:Public domain informationValue of newly-signed China overseas EPC contracts in 2022(US$billion)SummaryODIOverseas M&AsEPCEY Recomme

89、nded readings44.650.655.453.547.462.255.351.856.956.247.840.843.049.243.587.3113.6105.298.9106.00500300200212022Q1Q2Q3Q4Note:The round-up statistics in this article may not add to the actual totals.Sources:Monthly Statistics in Brief,China MOFCOMOverview of China outbound inves

90、tment of 2022Page 30EPC(contd)Steady development of EPC projects helps boost growth of destination countries In 2022Completed turnover of Chinese enterprises foreign contracting projects was US$155.0b,which was about the same compared to that of last yearCompleted turnover in the B&R countries and r

91、egions was US$84.9b,down5%YOY,accounting for 54.8%of the total during the yearChinese EPC service providers overcame numerous obstacles to implement an assortment of landmark projects,such as the trial operation of ASEANs first high-speed railway,the official launch of Cambodias first expressway,the

92、 completion of the southern portion of South Asias first underwater tunnel(namely the Kanapuri River Bottom Tunnel in Bangladesh),the launch of the Peljeac Bridge in Croatia and the first Chinese standard construction highway in Cameroon,as well as the smooth delivery of the main stadium project of

93、the Qatar World Cup5.These completed projects showcased technical and competitive advantages of Chinese EPC enterprises and also helped drive economic development of the destination countries and provide benefits to their peoples.The Chinese EPC providers have accumulated know-how over years,achievi

94、ng a comparative advantage in the international engineering market.With reference to the latest international contractor rankings released by the Engineering News Record,seven Chinese enterprises were listed on the top 20 in 2022,adding one enterprise compared to 2021.In total,79 Chinese enterprises

95、 were among the top 250 international contractors list,accounting for more than 30%of the total6.Amid the downward pressure in the global economic outlook in 2023,infrastructure projects may drive investment and provide economic momentum in destination countries.Chinese construction players are like

96、ly to continue to expand their international footprints and enter the fields of intelligent digitalization and low-carbon green transition with more benchmarking projects in the future.Note:The round-up statistics in this article may not add to the actual totals.Sources:Monthly Statistics in Brief,C

97、hina MOFCOMCompleted turnover of China overseas EPC contracts in 2022(US$billion)SummaryODIOverseas M&AsEPCEY Recommended readings34.733.128.030.129.038.137.232.637.841.636.231.830.739.536.460.170.864.747.548.00500212022Q1Q2Q3Q46.Source:The list of 2022 Top 250 Global Contracto

98、rs released by Engineering News Record,August 2022;EY analysisOverview of China outbound investment of 2022Page 31EY recommended readings1.【EY Tax】EU Member States finally approve the Foreign Subsidies Regulation(Chinese language)2.Understanding Luxembourgs payment and e-money institutions,and the d

99、igital asset exchange for Chinese/Asian players3.EY releases the 60th edition of the Renewable Energy Attractiveness Index(RECAI)4.Research report:Payment strategy helps platform enterprises navigate aboard(Chinese language)5.Vietnam benefits from reshaping international supply chains with updated t

100、ax and legal policies to attract foreign investment(Chinese language)SummaryODIOverseas M&AsEPCEY Recommended readingsDownload the WeChat app on your smart device to scan and follow EY COIN WeChat and WeChat Insights Libraries(Chinese language)China Overseas Investment NetworkGoing-abroad InsightsBe

101、lt and Road InsightsOverview of China outbound investment of the first three quarters of 2022Page 32COIN links EY professionals around the globe,building on the existing China Business Group in the Americas,EMEIA and Asia-Pacificareas,and provides Chinese clients with one-stop services,covering all

102、stages of overseas investment,from planning to executionand post-deal integrationGlobal reach and local expertiseMultilingual seamless service teamsExtensive cross-border transaction experience and full coverage of services70+Countries and territories in the EY global service network3,200+Clients as

103、sisted globally74,000+Overseas engagements*Data from the last 3 years90%1,600+Clients assisted in B&R countries34,000+Projects assisted in B&R countriesCountries and regions along the B&R欧洲、中东、印度及非洲区欧洲、中东、印度及非洲区EMEIA Area美洲区美洲区Americas Area加拿大美国加勒比地区以色列玻利维亚厄瓜多尔牙买加墨西哥秘鲁委内瑞拉阿根廷巴西智利CanadaUnited StatesC

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105、Saudi ArabiaUnited Arab EmiratesIndiaAlgeriaAngolaCameroonDemocratic Republic of CongoEthiopiaLibyaMozambiqueNigeriaSouth AfricaSouth SudanUgandaZambiaZimbabwe澳大利亚新西兰日本韩国文莱柬埔寨印度尼西亚老挝马来西亚缅甸菲律宾新加坡斯里兰卡泰国越南AustraliaNew ZealandJapanSouth KoreaBruneiCambodiaIndonesiaLaosMalaysiaMyanmarPhilippinesSingapore

106、Sri LankaThailandVietnam亚太区亚太区Asia-Pacific Area奥地利比利时捷克丹麦芬兰法国德国希腊匈牙利意大利哈萨克斯坦吉尔吉斯斯坦卢森堡荷兰挪威巴基斯坦波兰葡萄牙罗马尼亚西班牙瑞典瑞士土耳其英国乌兹别克斯坦巴林埃及科威特沙特阿拉伯阿联酋印度阿尔及利亚安哥拉喀麦隆刚果民主共和国埃塞俄比亚利比亚莫桑比克尼日利亚南非南苏丹乌干达赞比亚津巴布韦Page 32China Overseas Investment Network(COIN)Global networkOverview of China outbound investment of the first thr

107、ee quarters of 2022Page 33ChinaChina Overseas Investment Network(COIN)global contactsFor more information about EY COIN,please visit the website at or contact:AmericasAsia-PacificEMEIAQinghua Xu-pionchonEMEIA Area COIN Leader+33 1 4693 4363qinghua.xu-Paris,FranceYi SunEurope West COIN Leader+49 211

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109、1 9625 San Paulo,BrazilAdrian KohASEAN COIN Leader+65 6309 SingaporeLoletta ChowGlobal COIN Leader+852 2629 Hong KongErica SuStrategy and Transaction Services Leader,Greater China+86 21 2228 ShanghaiJesse LvGlobal COIN Tax Leader+86 21 2228 2798 ShanghaiAlex Zhu Energy&Resources Co-leader,Greater Ch

110、inaStrategy and Transaction Services Leader,China North+86 10 5815 BeijingJulie HaoCo-LeaderChina Tax Outbound Center+86 10 5815 2805 BeijingLawrence Lau Financial Accounting Advisory Services Leader,Greater China+86 21 2228 ShanghaiWood ZhangAudit PartnerErnst&Young Hua Ming LLP+86 10 5815 BeijingS

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