The first equity investment project of Chinese enterprises in the field of infrastructure in the UK, the Manchester Airport City project co-funded by Beijing Construction Engineering Group and Manchester Airport Group (MAG), has been partially started since its high-profile announcement at the end of October last year.
Baroness Kramer, Minister of State of the British Ministry of Transport, recently told reporters during the Fifth International Infrastructure Investment Summit Forum that British infrastructure is the best and highest level market in the world, as well as the most mature and open market for infrastructure investment. Britain has developed a series of large-scale infrastructure plans, which require the participation of investors from various countries, including China.
Chinese infrastructure enterprises, which once locked in the market of developing countries and have occupied a certain share, are now increasingly targeting the infrastructure investment market of developed countries such as the United Kingdom. Behind this is not only the strategic development needs of Chinese enterprises to transform and upgrade and enhance their competitiveness, but also the lack of funds in the infrastructure market of developed countries and the urgent need to introduce foreign capital.
However, in an environment where the global infrastructure financing gap is large and the total amount of investment is basically stable, developed countries such as Britain, Australia and Canada may compete with developing countries such as Zimbabwe and Indonesia for overseas infrastructure financing of Chinese enterprises.
In addition to the Manchester Airport City project mentioned above, in the past year, Chinese enterprises have made great investments and breakthrough cooperation in water, real estate and nuclear power projects in the UK.
Wei Anzu, global managing partner of KPMG's real estate and construction industry, told reporters that the UK regulatory framework has been well adapted to the needs of overseas investors, as can be seen from the UK infrastructure projects in 2013.
Kramer told reporters that Britain's infrastructure is a dynamic regeneration plan. The British government will invest 37 billion pounds in the railway system in the coming decades, in addition to the construction of roads and airports, the whole scale is very large.
He also said that the British market is open and transparent, the investment environment has advantages, and the British government welcomes companies from all over the world to participate in its infrastructure.
According to Wei Anzu, the average annual growth rate of greenfield investment in the UK is expected to be 9% in the next 12 years, the most important of which is energy and transportation. Now about one third of the projects to be built have started construction, and some Chinese partners are involved. The so-called greenfield investment refers to the enterprises set up by multinational corporations and other investors in the host country in accordance with the laws of the host country, in which part or all of the assets are owned by foreign investors.
Feng Baiwen, head of KPMG's overseas investment business in China, said that infrastructure in developed countries is facing renewal and upgrading, and huge infrastructure renovation and construction plans have been launched to promote economic recovery and employment, but due to the government's fiscal deficit and shortage of funds, a large number of private capital needs to be introduced to make up for it.
In addition to the UK, there is demand for infrastructure investment related to resources and agriculture in countries such as Australia and Canada.
Wei Anzu said that Australia's privatization project will be a key driver for Australia's infrastructure spending to increase and attract a large number of overseas investments.
For Canada, the most important thing is the development of liquefied natural gas and related infrastructure construction. Not only does the project itself have great potential, but Chinese infrastructure enterprises can also use Canada, which has strict supervision and mature market, as a platform and springboard to enter the North American market. Wang He, Vice President of China International Contractors Association, said at the Fifth International Infrastructure Investment Forum that Canada, Britain and Australia have signed memorandums of understanding with the Chinese government on strengthening cooperation in infrastructure investment and construction, hoping to actively participate in infrastructure investment and construction through Chinese enterprises.
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