Fu Ziying:Chinese enterprises are encouraged to accelerate overseas merge & acquisition by taking advantage of RMB appreciation

Fu Ziying, Deputy Minister of the Ministry of Commerce, stated at China Import & Export Enterprises 6th Annual Conference, that the influence of the subprime lending crisis and RMB appreciation is overspreading from the fields of financial to the materialized economy of consumption and investment . China has to face a shrinking export market . Nevertheless ,       Chinese enterprises are encouraged to accelerate overseas merge & acquisition by taking advantage of RMB appreciation.

“Some private enterprises and institutions sank into temporary predicament due to subprime lending crisis, which provided us with a golden opportunity of merge & acquisition. "These enterprises own celebrated brands, powerful international marketing network and strong research & development capability. We can possess these advantageous resources and promote domestic enterprises to elevate international competitiveness if we manage to accomplish proper merges and acquisitions." Fu Ziying said. Simultaneously , enterprises should actively enlarge the scope of foreign trade , changing from the single export to the equal development of export and manufacture , and actualize the harmonious improvement between trading and investment .

Fu Ziying stressed that currently the foreign trade dependency of China exceeds 2/3 of its trade structure and the national foreign export policy will not experience considerable change. He further pointed out that under rigorous export situation, the national import enhancing policy should keep unchanged .