SOURCE: The BRICS Post
Chinese companies may want to “wait and see” the impact of Britain’s vote to leave the European Union before they invest in the country, Xu Shaoshi, the head of China’s top economic planner said on Sunday, according to Reuters.
However, the impact of the referendum on China’s economy will be limited, the chairman of the National Development and Reform Commission said.
At the World Economic Forum meet in Tianjin city on Monday, Chinese Premier Li Keqiang said that China would continue strengthening ties with Europe and the UK.
“EU is a critical partner, China is committed to developing Sino-EU, Sino-UK relations,” Li said.
On Sunday, Hong Kong’s finance chief also warned of “long term uncertainty” to both the British and EU economies as well as the global and Hong Kong economies following the UK’s vote to exit the EU.
“It was a big surprise when I learned the outcome of the vote,” Tsang said on his blog on Sunday. “The government will keep a close eye on the development.”
Between 2000 and 2014, Chinese companies spent €46bn on 1,047 direct investments in EU countries.
The UK is by far the biggest recipient of Chinese direct investment, with a cumulative total of €12.2bn over that period.
That figure has increased last year.
In 2015, Chinese businesses invested $23 billion in the European continent according to a joint report by Baker & McKenzie and Rhodium Group.