Edited by Robert Taylor and Bernadette Andreosso-O’Callaghan
Chapter 7: Chinese outward direct investment to the European Union against the background of the euro crisis
A weakened European Union (EU) economy after the 2008 euro crisis may have been seen as an opportunity for the relatively resilient Chinese economy and its cash-rich firms. It might be that the euro crisis represented a turning point for Chinese outward direct investment (ODI) in the EU and in particular in the distressed euro area. The analysis of Chinese investment deals in the EU with an emphasis on inflows since the euro crisis brings some elements of response to these questions. After a review of the institutional framework supporting ODI since the implementation of the Chinese economic reforms in 1979, the chapter shows that Chinese ODI in the EU has been opportunistic and that it has followed a strategy of sectoral diversification. Although the UK is still the main recipient of these Chinese flows as at 2015, peripheral countries such as Italy and Portugal have increasingly been sought after. Key words: Chinese ODI, European Union, Chinese outward investment policy, ‘going global strategy’, euro crisis.
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