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Chongqing aims for $30bn overseas acquisitions by 2015

14 December 2011
According to senior officials from Chongqing Municipal Commission of State-owned Assets, the city will invest US$30bn overseas by the end of the 12th five-year period, setting up five agricultural processing centres and eight strategic resources bases.

In recent years, and particularly following the 2008 worldwide financial crisis, Chongqing government has encouraged local companies to obtain technology and resources through aggressive overseas acquisitions. In 2010, local companies invested more than US$5bn overseas, accounting for half of the total by local companies in China.

In the same year, China invested US$68.8bn overseas, mostly by national companies as opposed to local ones.

     
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