COVID-19 has slowed China’s global deal making as the pace of outbound FDI has decelerated. In 2020, completed Chinese outbound mergers and acquisitions (M&A) totaled just USD 29 billion, down 45% from USD 53 billion in 2019 — reaching the lowest level in a decade.

However, commercial incentives for Chinese companies to invest in European and North America markets remain strong, and several variables are moving in a direction that is supportive of greater outbound deal making in 2021.

This report outlines the key activities in 2020 around China's deal making activity, including:

  • China's global outbound investment trajectory;
  • Chinese direct investment into Europe and North America, including industry patterns and key investor characteristics;
  • Major policy and regulatory developments expected to shape the landscape moving forward; and
  • The outlook around China's global outbound deal making moving into 2021 and beyond.

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