Chinese investments in Europe rise in 2021: study

AFTER the pandemic-related slump of Chinese company investments in Europe in 2020, the number of transactions rose again and reached 155 in 2021, according to a study published by consulting firm Ernst & Young (EY) Germany on Tuesday.

Total transaction volumes even increased eightfold to US$12.4 billion, according to the study. The largest single investment by a Chinese company in Europe was the acquisition of Philips’ home appliances division, headquartered in Amsterdam, which was sold to Hong Kong-based investment firm Hillhouse Capital for US$4.4 billion. The second largest transaction was Tencent’s acquisition of the British video game developer Sumo Digital, according to the study.

Nation issues local govt. bonds worth 507B yuan

THE value of China’s local government bond issuance stood at 507.1 billion yuan (US$80 billion) in February, official data showed Tuesday.

Of the total, the issuance of general bonds stood at 111.7 billion yuan, while the special bond issuance came in at 395.4 billion yuan in the period, the Ministry of Finance said in a statement. The bonds had an average issuance term of 15.1 years and an average interest rate of 3.16%.

Govt. moves to ensure summer grain production

THE government has released 1 million tons of national potash fertilizer reserves to meet production needs during this year’s spring farming period, according to the country’s top economic planner.

The move is part of China’s efforts to secure a summer grain harvest in the face of challenges and difficulties in the sector due to autumn floods during the sowing period last year. China aims to ensure that the grain output for 2022 stays above 650 billion kg, according to this year’s government work report.

Chalco’s net profit hits 14-year high

ALUMINUM Corp. of China Ltd., known as Chalco, said Tuesday its net income surged 564.6% in 2021 to log its best performance in 14 years, thanks to rising alumina and aluminum prices and higher production.

The Chinese aluminum giant earned net profit of 5.08 billion yuan last year, it said in a filing to the Shanghai Stock Exchange, the highest since 2007, while revenue rose 45% year on year to 269.7 billion yuan.