Li Qiang, secretary of the Shanghai Municipal Party Committee, met with Craig middot; Allen, chairman of the US-China Business Council yesterday.
According to The Paper, Li Qiang said that this year marks the 40th anniversary of China's reform and opening up. In his keynote speech at the Boao Forum for Asia, the leader of the Chinese President emphasized that China's door to opening up will not be closed, but will only open wider.As China's largest economic center city, Shanghai has developed through reform and opening up, and it will still rely on unswerving reform and opening up in the future.
According to the report, in November this year, the first China International Import Expo will be held in Shanghai. He welcomes everyone to seize the opportunity, actively participate, display high-quality products, and expand economic and trade cooperation.
Li Qiang said that the healthy and stable development of Sino-US economic and trade relations is very important. He hoped that the US-China Business Council would convey the voice of American-funded enterprises in China in a timely manner and play a good role as a bridge to maintain and promote the development of Sino-US economic and trade relations.
In addition, Craig middot; Allen thanked the Shanghai Municipal Party Committee and the Municipal Government for their long-term care and support for American-funded enterprises in Shanghai, and spoke highly of the good business environment and high-quality government services provided by Shanghai for the development of enterprises.He said that we agree that the United States and China should resolve trade differences and problems through negotiation and consultation, and will continue to support US-funded enterprises to expand investment in China and Shanghai, and organize enterprises to participate in the first China International Import Expo.
During the meeting, Li Qiang also had cordial conversations with representatives of American-funded enterprises such as Dow Chemical, Coca-Cola, Procter & Gamble, Emerson, WeWork, Johnson & Johnson, Qualcomm, INVISTA, Capital Group, and FMC Corporation, and listened to the business conditions and development of enterprises in Shanghai.ideas and exchanged views on issues of common concern.
PwC: In the first half of the year, the total amount of M&A transactions in China fell by 18%
International accounting firm PricewaterhouseCoopers released a report today saying that in the first six months of 2018, the transaction value of China's M&A activities fell by 18% to 348.3 billion yuan (US dollars, the same below, 476 billion Singapore dollars), but the number of transactions remained atThe high of 5,653 cases was an increase of 191 cases compared with the same period last year.
According to China News Agency, the M&A activities referred to in the report include domestic and foreign strategic investment, financial investment (private equity and venture capital), and overseas M&A by Chinese companies.
Liu Yanlai, partner in charge of private equity transactions in mainland China and Hong Kong of PwC, said: Although the number of M&A transactions is still at a high level, the overall transaction value is relatively low.
The decline in overseas M&A transactions was particularly notable. After hitting a record high in 2016, it has fallen for four consecutive semi-annual years, but the transaction value is still about one-third higher than the level before 2016.
In terms of transaction value, Europe replaced Asia as the preferred region for overseas M&A by Chinese companies in the first half of the year.
According to the report analysis, in the long run, China's overseas M&A transactions have continued to decline since hitting a record high in the first half of 2016, mainly due to the sharp decline in investment in the United States.
In the first half of 2018, the value of China's domestic strategic M&A transactions fell by 27%, including 24 super-large transactions of more than 1 billion yuan, a drop from 32 in the second half of 2017.According to analysis, the slowdown in the pace of M&A investment reflects to a certain extent the effectiveness of the Chinese government’s efforts to deleverage, and listed companies are particularly affected.
In terms of financial investors, traditional private equity funds still maintain a strong momentum in fundraising, while the amount of M&A transactions of venture capital funds hit a semi-annual high.The value of overseas mergers and acquisitions promoted by private equity funds and financial investors fell in line with the overall market environment.The report pointed out that private equity funds remain active in overseas mergers and acquisitions and continue to pay attention to corresponding opportunities.
