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Chinese Outward Investment in Hong Kong: Trends, Prospects and Policy Implications

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  • Yun-Wing Sung

Abstract

Over the last decade, China has been the leading investor among developing countries and Hong Kong is the foremost destination of Chinese investment. However, China’s outward investment has been grossly understated in official statistics due to avoidance of China’s foreign exchange controls. This paper tries to appraise those investment flows both quantitatively and qualitatively.It examines the many estimates of Chinese investment in Hong Kong, tracing their sources and bases of estimation. Most of these estimates are found to be crude guesses with very little empirical support. However, from the data on asset value and market capitalisation of listed Chinese companies in Hong Kong, and also from interviews with knowledgeable sources, it is possible to gauge the rough size of Chinese investment in Hong Kong. The paper also examines China’s economic presence in major sectors of the Hong Kong economy. It discusses the composition of Chinese investment by industry and by ownership ... Depuis une dizaine d’années, la Chine est le premier investisseur parmi les pays en développement, et Hong Kong la première destination des investissements chinois. Toutefois, en raison de la sous-déclaration liée à la fraude du contrôle des changes, les statistiques officielles sous-estiment largement les flux d’investissement extérieur de la Chine. Ce document technique tente d’évaluer le montant de ces flux d’investissement et d’en décrire la nature.Il recense les nombreuses estimations des investissements chinois vers Hong Kong, en identifiant leurs sources, ainsi que les informations sur lesquelles elles sont fondées. Il apparaît que la plupart de ces estimations sont des approximations grossières, établies sur la base de données très incomplètes. Néanmoins, il est possible d’évaluer le niveau de ces investissements d’après la valeur des actifs des entreprises chinoises à Hong Kong et leur capitalisation boursière, ainsi que sur la base d’entretiens avec des interlocuteurs ...

Suggested Citation

  • Yun-Wing Sung, 1996. "Chinese Outward Investment in Hong Kong: Trends, Prospects and Policy Implications," OECD Development Centre Working Papers 113, OECD Publishing.
    • Handle: RePEc:oec:devaaa:113-en
    DOI: 10.1787/000007223551
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    Cited by:

    1. Yin‐Wong Cheung & Jakob de Haan & Xingwang Qian & Shu Yu, 2012. "China's Outward Direct Investment in Africa," Review of International Economics, Wiley Blackwell, vol. 20(2), pages 201-220, May.
    2. Pradhan, Jaya Prakash, 2009. "Emerging Multinationals from India and China: Origin, Impetus and Growth," MPRA Paper 18210, University Library of Munich, Germany.
    3. Thierry Mayer, 2006. "Policy Coherence for Development : A Background paper on Foreign Direct Investment," SciencePo Working papers Main hal-01065640, HAL.
    4. repec:hal:wpspec:info:hdl:2441/10184 is not listed on IDEAS
    5. repec:spo:wpecon:info:hdl:2441/10184 is not listed on IDEAS
    6. Yin‐Wong Cheung & Xingwang Qian, 2009. "Empirics Of China'S Outward Direct Investment," Pacific Economic Review, Wiley Blackwell, vol. 14(3), pages 312-341, August.
    7. repec:spo:wpmain:info:hdl:2441/10184 is not listed on IDEAS
    8. Liu, Xiaohui & Buck, Trevor & Shu, Chang, 2005. "Chinese economic development, the next stage: outward FDI?," International Business Review, Elsevier, vol. 14(1), pages 97-115, February.
    9. repec:hal:spmain:info:hdl:2441/10184 is not listed on IDEAS
    10. Jaya Prakash Pradhan, 2011. "Emerging Multinationals: A Comparison of Chinese and Indian Outward Foreign Direct Investment," Institutions and Economies (formerly known as International Journal of Institutions and Economies), Faculty of Economics and Administration, University of Malaya, vol. 3(1), pages 113-148, April.
    11. Peter J. Buckley, 2018. "Internalisation Theory and Outward Direct Investment by Emerging Market Multinationals," Management International Review, Springer, vol. 58(2), pages 195-224, April.
    12. Ashima Goyal, 2005. "Dictatorship, Democracy and Institutions: Macropolicy in China and India," Working Papers id:264, eSocialSciences.

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