由中国简报 

克里斯Devonshire-Ellis、Dezan Shira的资深合伙人&同事，讲话在亚洲企业论坛每年中国M&A会议在新加坡今天说他感到中国经济将承受所有美国。 后退和那M&A (合并和承购)活动在the PRC将继续。

他的评论，做对一个小组著名院，并且律师，包括Deloitte Touche和KPMG公司财务头，声明那，当美国时。 进口在过去四个月在美国的下降了10%发信号街市。 经济，汉语出口上升了21%为同一个期间，证明，他说，中国在别处有将保持它免疫从所有美国的能承受的出口市场。 后退。 他也注意到在最近中国新年期间，中国零售增加了16% 2007，并且FDI增加了109%于1月对US$11十亿去年。 最近企图冷却中国的巨型的成长慢慢地看上去运作，并且US$12十亿的最近射入在票据将支持国内消费并且帮助压低通货膨胀由开始农村经济的反撞力花费更多，给对物品的国内和进口需求加油。

关于M&A， Devonshire-Ellis评论了那中国的US$80十亿个加号成交，此根本上是政府驾驶和资助，以一点是从私人部门。 “It’s interesting to note the two biggest M&A deals last year were by Beijing Enterprise Holdings of Hong Kong, being the listed investment arm of the Beijing government, who purchased Beijing Gas for US$1.5 billion, and China Aluminum, who bought 49 percent of Yunnan Copper for US$1 billion. These are essentially government backed deals. By comparison, much of India’s M&A activity last year involved the private sector,” he said. 

Devonshire-Ellis also mentioned that there was some cooling towards China investments at the present, but passed this off on sub-prime lending emotions in the United States rather than China-based intangibles. Noting the MSCI Zhong Hua index has dropped 30 percent since August, and that the value of portfolios such as specialist China investors such as Jupiter China Fund had also decreased by 25 percent during the same period, the facts point to China immunity via its strong export-driven economy not being affected by the slow down in U.S. imports as significant, and that the MSCI will recover ground.

He also pointed out that China was investing heavily in its own infrastructure, with USD67 billion being earmarked for Central Chinese development this year alone, and other huge investments being made in the energy, power supply, waste and water treatment / management and that this expenditure would continue to push M&A activity in China. “It’s driven essentially by a realignment of strategic businesses that are currently poorly integrated,” he said.

However, he passed a word of warning about a Chinese “glass ceiling” when mentioning that Chinese business managers were not in the same global league as those from other emerging markets, such as India. Noting that the Shanghai bourse was still largely taken up by companies all or partly owned by the government, he questioned the credibility of the regulatory system in China and advised that this led Chinese managers into poor standards of corporate governance and accountability. They were playing in China to rules set in China and were not being educated to global standards he mentioned. This, coupled with serious communication difficulties, would mean that no major expansion overseas of Chinese companies, except those strategically positioned by the government for the basic acquisition of raw materials and energy for use in China, would emerge.

China Briefing, the Practical Application of China Business