V. V. SAMARTSEV (Vladivostok)

China Keywords:, economic growth, raw materials

The functioning of the national economy can be compared to the movement of a bicycle, which remains stable as long as the pedals are turned. Stopping or slowing down can lead to a fall with serious consequences.

1^{For the People's Republic of China, with its huge population, the formula "stability in the economy - balance in society" is particularly relevant. Over the past two decades, the growth of gross domestic product (GDP) in this country has averaged 8-10% per year}.

And to maintain high rates of economic development, it is necessary to ensure a guaranteed supply of energy and raw materials. Domestic sources cannot meet the growing demand of Chinese factories and factories. The best solution is to diversify supplies with the help of foreign partners.

Favorable conditions for foreign direct investment (large labor force, low tax rates, minimum bureaucratic barriers) and exports (reasonable price of goods, quality improvement, regulated exchange rate) led to record savings of almost $2.4 trillion in gold and foreign exchange reserves.² According to this indicator, China confidently ranks 1st in the world, followed by Japan ($1.06 trillion).³ and Russia ($440.6 billion)⁴. According to the Chinese Central Bank, the country's foreign exchange reserves grew by $453.1 billion ⁱⁿ 2009.5, i.e. by $35.3 billion. more than ^{in 2008.6}

The annual reports of the State Development and Reform Committee of the People's Republic of China "On the main Directions of the country's economic development" repeatedly stressed the need to reduce the positive balance in the international balance of payments. In 2009, the following measures were envisaged: increasing the volume of direct investment abroad by 13.2%; expanding imports of advanced technical equipment and critical energy resources and raw materials; increasing state strategic reserves in case of emergencies; preventing risks affecting foreign assets, including more conservative use of funds; political and military support for their economic interests ⁷.

Under this program, since June 2009, national companies are allowed to invest up to 30% of all available capital abroad. The new Deputy Secretary of the State Council of the People's Republic of China, Xiao Yaqing, was assigned to oversee international investment projects in the Government. Before

Previously, this official headed the China Aluminum holding company (Chinalco), one of the world's largest aluminum producers.

TO WHOM IS THE CRISIS, AND TO WHOM IS THE GRACE

The word "crisis" in Chinese sounds like weiji. The hieroglyph denoting it consists of two hieroglyphic signs, one of which translates as "danger", and the second - ji -"chance", "turning point". The PRC believes that such economic shocks not only have a negative impact on the country, but also give it the opportunity to expand its influence in the world, reach a new level of development, and secure a leading position in the future.

The economic crisis is the best time to buy up businesses around the world. Many firms have fallen in value, while others need liquid funds to maintain their creditworthiness. China, which can afford to shell out cash, has found it easier to pursue a policy of expansion, overcoming the wariness of foreign political and business circles, and at the same time getting rid of the risks of possible depreciation of the accumulated dollar mass (and now the euro). For example, according to experts of the world's largest audit firm Ernst & Young, cross-border mergers and acquisitions conducted by Chinese mining companies over the past decade reached $40 billion out of $50 billion in 2008 - 2009, or 80% of such investments made ⁱⁿ this decade8.

The Central Bank of the People's Republic of China is forced to buy part of the export earnings of national enterprises in order to prevent the yuan from strengthening, raising prices for exported Chinese goods and reducing their competitiveness in world markets. In addition, governments of developed countries, dissatisfied with the imbalance in trade with China, are exerting strong political pressure on Beijing. There are frequent accusations of covert protectionism and dumping. To solve these problems, companies are encouraged to invest in foreign assets, while state support and soft loans are guaranteed.

Traditionally, China invests foreign exchange earnings in US Treasuries, financing a significant portion of the US federal debt held by foreign holders - $894.8 billion out of $3.69 trillion ⁹ (total US sovereign or government debt exceeded $13 trillion)¹⁰ - and thus supporting the demand for dollars.

At the same time, Beijing plans to promote the Chinese yuan as the world's reserve currency. To this end, the gold reserve was increased from 600 tons in 2003 to 1,054 tons in 2009.11 In June 2009, businesses in Guangdong Province are allowed to enter into business transactions with partners from Macau, Hong Kong and ASEAN countries in yuan, bypassing conversion to dollars 12. And agreements were signed with Argentina, South Korea, Indonesia, Malaysia, and Belarus to issue loans denominated in yuan (a practice that Japan used extensively in the 1950s and 1960s, paying war reparations in yen and providing loans to Southeast Asian countries).¹³. While developing bilateral relations, China is exploring the prospects of promoting the national currency as an international medium of financial circulation.

Having such a crucial advantage as the willingness to pay in cash, investors from China link their purchases with additional conditions. So, they are seeking to reduce duties on imports of Chinese goods, mandatory granting of rights to build infrastructure to their branches, the use of their own equipment, and the hiring of Chinese personnel. The Ministry of Commerce of the People's Republic of China estimates the value of foreign production contracts concluded in 11 months of 2009 at $106.5 billion, contracts for work in other countries were signed by 353 thousand Chinese, whose remuneration amounted to $6.57 billion ¹⁴.

PENETRATION TACTICS

When Chinese capital penetrates abroad, it varies its tactics, adapting to local conditions.

Direct investment proved to be the most difficult: they have raised the concerns of governments in countries whose companies have become the target of Chinese interest.

В 2005 г. China National Offshore Oil Corp. (CNOOQ tried to acquire the US oil company Unocal for $18.5 billion, but the deal was blocked due to its strategic nature.¹⁵ In 2009, PetroChina was denied a $499 million purchase of shares in Canada's Verenex Energy, which owns major oil fields in Libya. ¹⁶ The Australian government prevented China Non-Ferrous Metal Mining from buying a majority stake in Lynas Corp., a rare-earth metals producer.¹⁷ In 2009, Chinalco failed to reach an agreement to increase its stake in the British-Australian Rio Tinto, for 9% of which $¹⁴ billion was paid a year earlier18.

Buying minority stakes in financial institutions also faced difficulties, but of a different kind. Sovereign (State) Fund China Investment Corp. (CIC) invested $5.6 billion. to the American investment bank

Morgan Stanley (2007, 9.9%) ¹⁹ and $3 billion. in the Blackstone Group (2007, 9.4%)²⁰, and the largest insurer China Life Insurance acquired shares in an Initial public offering (IPO) VISA for $300 million (2008, 1.5% of its share capital)²¹. Soon the stock market performance of these companies fell by a third, and buyers had to increase their participation in them in the hope of reducing average losses. Such imprudent actions were sharply criticized in Beijing.

The most successful programs for Chinese companies were "Cash - in exchange for minerals" and "Loans - in exchange for resources". The fact is that the value of securities and cash can quickly devalue during periods of market instability, and raw materials provide opportunities to plan future industrial development and determine the country's place in the world economy.

China, the world's largest iron ore importer and second - largest energy consumer, is seeking to strengthen its production base that is resilient to short-term fluctuations in global prices.

Since the beginning of 2009, there have been monthly reports of another deal involving Chinese companies. Contracts for joint activities have been signed with such giants as Shell, BP, Total, Exxon, BHP Billiton, Rio Tinto, and Vale.

As long as the market situation remains favorable, the State Reserve Bureau has started creating a hundred-day strategic reserve of energy carriers, industrial metals, wheat, sugar, rubber, etc.To support farmers, agricultural products are purchased at preferential terms within the country. In other sectors, the agency combines assistance to local producers with purchases of foreign resources, taking advantage of falling prices and a lack of liquidity from foreign suppliers.

Total imports of raw materials and semi-finished products in 2009 reached the following levels (million tons): crude oil - 203.79, petroleum products-36.96, plastics-23.81, coal-125.83, iron ore-627.78, aluminum-5.14, copper-4.29 ²², zinc-0.8 ²³.

GLOBAL REACH

The geography of Chinese companies ' acquisition of foreign raw materials companies covers all 5 continents of our planet (see Table).

As in the neighboring market, Chinese buyers feel in Australia - one of the main exporters of minerals in the world. Everything is purchased - natural gas, coal, base and rare earth metals, uranium, etc., the price does not seem to matter. The deal concluded between PetroChina and Exxon Mobil for the supply of liquefied natural gas (LNG) from the Gorgon field on the west coast stands out. The amount of the transaction is $41 billion, the project will start operating in 2014^.

In the US, China tries not to attract much attention by investing in index funds* and exchange-traded securities. It is constantly emphasized that investments are commercial in nature, are not hostile takeovers, and are not aimed at seizing control of the industry. In Canada, young companies with proven reserves of raw materials were actively buying up: Canada Zinc Metals (zinc), Consolidated Thompson (iron ore), Canadian Royalties (nickel) and Goldbrook Ventures (copper, platinum).

The modest size of activity in the EU countries is explained by its financial protectionism in relation to the admission of foreign investors to welfare funds (pension funds, etc.). Under pressure from trade unions and fearing the seizure of the most profitable assets, their reorganization and job cuts, legislators approved the threshold for foreign participation and adopted restrictions on voting rights when acquiring property. Since the beginning of the crisis, the lack of liquidity (cash) has changed this attitude to the inflow of foreign funds, and the interest of Chinese companies is also growing.²⁵

Chinese businesses are very cautious about investing in Russia's raw materials sector. It is deterred by unfavorable market conditions, low profitability in the development of hard-to-reach deposits, lack of processing capacities, and an undeveloped transport infrastructure.

For a long time, negotiations were also underway on the terms of granting loans to Rosneft and Transneft. As a result, these two companies were allocated $25 billion. at 5-6% per annum ²⁶. Russian oil companies have pledged to build a pipeline (capacity of 300 thousand cubic meters). bbl. per day), which will supply 300 million tons of oil to China National United OiP²⁷ over 20 years starting in 2011.

It is attractive for the Chinese to rent land plots for agricultural activities and forest land for woodworking. In Russia, 80.4 thousand rubles have already been purchased and mastered. ha of land ²⁸.

In Latin America, the PRC has become the second largest top-

* Index fund - an investment fund that invests money in stock indices that reflect the cumulative change in the value of securities of shares of a particular country or industry. The calculation is made for the growth of the market of such a group of shares in the long term (editor's note).

Russia is the world's largest partner after the United States, and its economic "offensive" continues. It is facilitated by the fact that after nationalization in a number of countries of the continent, American business is losing ground. Financial reasons also affect: the United States provided $30 billion each. Brazil and Mexico need to restructure their debts, while other countries in the region have almost no money left. China is striving to occupy this niche.

Venezuelan President Hugo Chavez has long called for OPEC member countries to ease their dependence on U.S. oil supplies. This commitment is in line with the Chinese Government's plans to guarantee the industry a medium-term supply of natural resources. Beijing has provided Venezuela with an $8 billion loan, is setting up joint ventures with state-owned mining company PDVSA, sells military aircraft and radar tracking systems, and exports large shipments of cars and motorcycles. Chinese businessmen are very interested in the $7.5 billion railway project, which will connect the oil-rich eastern regions with ports on the west coast, from where raw materials will be shipped abroad. ²⁹

Oil sales to China and billions of dollars in loans provide Ecuador with an opportunity to get out of the liquidity crisis after defaulting on its sovereign (state) obligations ⁱⁿ 200830. In Peru, they hope

Table

Resource and energy acquisitions of Chinese companies, 2009 (worth at least $400 million)

Compiled by the author. Sources see³⁴

to attract capital from steel giants Shougang, Chinalco, and Zijin to the country's mining sector. ³¹ Chile, in addition to the country's main source of income, copper concentrate, is increasing exports of wine, fish, and fresh fruit to the growing Chinese middle class.³² Serious investments have been made in the Brazilian economy: the Chinese Development Bank has allocated $10 billion. state-owned company Petroleo Brasileiro for technical reconstruction and expansion of oil production. The company undertakes to supply oil to China within 10 years: 150 thousand barrels. per day - in the first year, 200 thousand barrels. per day - for the remaining time ³³.

The flow of Chinese capital to Mexico is increasing. Entrepreneurs are attracted by the relative cheapness of labor, abundant mineral resources (the country is one of the largest producers of silver, lead, molybdenum, zinc, manganese, copper, and gold), and a developed industrial base and infrastructure. They are also attracted by the huge US consumer market: production in Mexico, a member of the North American Free Trade Agreement (NAFTA), allows them to bypass customs barriers in the United States and Canada.

In the Middle East, China's attention is primarily focused on oil and gas.

During 2009, CNPC, as part of a consortium, won tenders for the maintenance of the Al-Adab, Rumaila and Khalfaya oil^. Instead of dividing production, all oil will be made available to the Iraqi state, and the services of the producing company will be paid in the amount of $1.4-3 per barrel. It is also possible to buy this oil at market value.

A number of deals have been concluded with Iran, despite pressure from the United States and Britain. In January 2009, a contract was signed between CNPC and National Iranian Oil (NIOC) for the development of the North Azadegan oil field worth $1.76 billion. In March 2009, Iran LNG granted a group of Chinese companies the right to produce natural gas in the Persian Gulf. The price of the agreement is $3.39 billion ³⁶.

CNOOC and Qatargas signed a 25-year agreement on the annual purchase of 3 million tons of liquefied natural gas (LNG). In the future, the supply of liquefied natural gas from Qatar to China will increase to the level of ⁷ million tons per year37.

Since 2009, 10% of the total share of external loans of the Chinese Development Bank falls on Kazakhstan. A $10 billion credit line has been opened for him. for the acquisition of energy assets and development of infrastructure projects; a $2.7 billion loan was granted to Kazakhmys copper producer ³⁸.

Gaining access to mineral resources was a key goal in the first phase of Chinese state-owned enterprises ' entry into Africa in the 1990s.

Thanks to generous loans without political conditions and the supply of weapons, Beijing has established friendly relations with resource-rich"rogue" countries and received exclusive rights to develop minerals where Western companies cannot work, such as in Sudan and Zimbabwe.

Timber is purchased in the Republic of the Congo, Equatorial Guinea and Cameroon, iron ore, gold and platinum in South Africa, cobalt and copper in Zambia, uranium and chromium in Zimbabwe, oil in Angola and phosphates in Morocco.

Since the early 2000s, China has been gradually shifting to targeted loans for infrastructure construction. This cooperation scheme turned out to be beneficial for all participants: borrowing states receive new facilities, local residents can earn extra money on construction sites, and officials also have an additional source of income. However, China wins the most. In addition to access to mineral resources, loans are granted on the strict conditions mentioned above, including the transfer of all contracts to Chinese companies, employment of Chinese workers, and purchase of Chinese components.

Loans contribute to the growth of China's international prestige as a country implementing humanitarian projects during the crisis, and support for African countries in the UN, including on the issue of human rights, and the choice of host country for the Olympic Games or Expo.

In 2008, the annual volume of imports and exports between China and African countries exceeded $106 billion, although in 2009 the trade turnover slightly decreased. The rapid growth is supported by the region's free-trade zones opened specifically for Chinese investors: in Zambia, Nigeria, Ethiopia, and Egypt.³⁹ For example, in the Suez economic Zone, the registration procedure has been simplified; electricity and labor costs are cheaper; and product delivery routes to African and European consumers are more convenient. Up to 200 plants with a capital of $1.5 billion are expected. they will be placed on its territory in 6 sq. km ⁴⁰.

At the China - Africa bilateral summit held in Egypt in November 2009, Chinese Prime Minister Wen Jiabao promised $10 billion in loans to the continent's countries. In addition, within 3 years, Beijing will create a fund with an authorized capital of $1 billion. for lending to medium and small businesses,

It will impose zero duties on 95% of goods from Africa's poorest countries, provide medical equipment worth 500 million yuan (approximately $ 73.2 million )to 60 treatment centers built by China, build 50 schools, and create 100 renewable energy projects. Free places in Chinese universities were provided to 5.5 thousand students from Africa, training of 3 thousand doctors, 2 thousand agronomists and 1.5 thousand teachers was paid for ⁴¹.

With the participation of Chinese partners, projects for the construction of a football stadium in Tanzania, the national theater in Senegal, a bridge in Mali have already been implemented, transport links are being developed in Kenya, mobile communications are being created in Ethiopia, and a residential quarter is being built in Libya. Even Mauritius, with a population of 1.5 million, received a $ 260 million concessional loan to develop a single airport, an interest-free loan of $6.5 million and $ 1.5 million as a gift. In return, Beijing received supplies of mineral resources and the conclusion of contracts for the construction of infrastructure facilities by companies from the PRC.⁴²

Trying to gain access to new sources of raw materials, sales representatives from China visited all corners of the globe: they made deals, overpayed for purchases, made generous gifts, and promised large loans.

However, later it turned out that not all preliminary agreements have a real basis. Ecuador, for example, accuses China's Eximbank of seeking to avoid financing the construction of the Coca-Codo-Sinclaire hydroelectric power plant in the amount of $1.5 billion. The investor's demand to use the assets of the Ecuadorian Central Bank as collateral for the loan turned out to be obviously unacceptable.⁴³ The terms of the loan to Turkmenistan are also being reviewed, despite the agreement to provide $5 billion. as part of the joint operation of the South Yolotan gas field ⁴⁴.

* * *

While the global financial and economic crisis and the difficulties of getting out of it are forcing other countries to reduce direct investment abroad, Chinese capital is advancing. According to the United Nations Trade and Development Commission (UNCTAD), China ranked 13th in the world in terms of direct investment exports ($52 billion) in 2008, including 3rd among developing and transition countries after Hong Kong ($59.2 billion) and Russia ($52.39 billion).⁴⁵. Data for 2009 will be released in the autumn of 2010, but by all indications, the PRC has picked up such a pace that it has overtaken the Russian Federation.

Thus, the PRC has successfully taken advantage of the opportunities that the global financial and economic crisis has opened up for it. This means that the country has created a good foundation for further rapid economic growth in the post-crisis period and increasing its role in the global economy and politics.

¹ The China Compass. March 2010 // The Beijing Axis, 01.05.2010 - www.the-beijingaxis.com/upload_files/download/TheChinaCompass/The%20China%20Com pass%20-%20March%202010.pdf

² Monthly Foreign Exchange Reserves, 2009 // State Administration of Foreign Exchange, 20.03.2010 - http://www.safe.gov.cn/model_safe_en/tjsj_en/tjsj_detail_en.jsp?ID=30303000000000000,18 &id=4

³ Time Series Data on International Reserves and Foreign Currency Liquidity Official Reserve Assets and Other Foreign Currency Assets // IMF, 15.03.2010 - http://www.imf.org/external/np/sta/ir/802P816.pdf

⁴ Central Bank of the Russian Federation (Bank of Russia) // Department of External and Public Relations, 14.01.2010 - http://www.cbr.ru/press/Archive_get_blob.aspVdoc_id-100114134014zv.htm

⁵ Monthly Foreign Exchange Reserves, 2008 // State Administration of Foreign Exchange, 20.03.2010 - http://www.safe.gov.cn/model_safe_en/tjsj_en/tjsj_detai_en.jsp?ID-30303000000000000,17 &id=4

⁶ Monthly Foreign Exchange Reserves, 2007 // State Administration of Foreign Exchange, 20.03.2010 - http://www.safe.gov.cn/model_safe_en/tjsj_en/tjsj_detail_en.jsp?ID=30303000000000000,16 &id=4

⁷ Report on the implementation of the Economic and Social Development plan for 2008 and the draft economic and social development plan for 2009 / / People's Daily Online, 17.03.2009 - http://russian1.people.com.cn/31521/6615541.html

⁸ China mining industry made $50 billion worth of overseas M&A // China Mining Association, 16.04.2010 - http://www.chinamming.org/News/2010 - 04 - 16/1271381369d35538.html

⁹ Major Foreign Holders of Treasury Securities // US Department of the Treasury (Federal Reserve Board), 15.04.2010 - http://www.treas.gov/tic/mfh.txt

¹⁰ US Department of the Treasury. Bureau of the Public Debt - http://www.treasurydirect.gov/NP/BPDLogin?application=np

¹¹ China should use more reserves to buy gold-researcher // China Mining Association, 19.04.2010 - http://www.chinamining.org/News/2010 - 04 - 19/1271639556d35576.html

¹² Bank of China transacts first cross-border yuan settlement // China Daily, 06.07.2009 - http://www.chinadaily.com.cn/bizchina/2009-07/06/content_8381939.htm

¹³ Argentina, China sign tentative currency swap deal // China Daily, 31.03.2009 - http://www.chinadaily.com.cn/china/2009-03/31/content_7635007.htm

¹⁴ Brief Statistics on Foreign Contracting Projects and Labor Cooperation in First 11 Months of 2009 // PRC Ministry of Commerce, 07.01.2010 - http://english.mofcom.gov.cn/aarticle/statistic/foreigntradecooperation/201001/20100106728 988.html

¹⁵ CNOOC Limited to withdraw Unocal bid // CNOOC Ltd. Press Release, 02.08.2005 - http://www.cnoocltd.com//encnoocltd/newszx/news/2005/961.shtml

^{Haggett Scott} 16, Anderson Scott. CNPC cancels Verenex deal; Libya eyes takeover // Thomson Reuters, 08.09.2009 - http://www.reuters.com/article/idUSN0826822320090908

¹⁷ Australian fears end Lynas bid // China Mining Association, 25.09.2009 - http://www.chinamining.org/Investment/2009 - 09 - 25/1253846193d29139.html

¹⁸ Update on Chinalco Transaction // Rio Tinto News Releases, 05.06.2009 - http://www.riotinto.com/media/news_18207.asp

¹⁹ CIC purchases $1.2 billion Morgan Stanley common stock // CIC News Releases, 28.08.2009 - http://www.china-inv.cn/cicen/resources/news_20090828_442031.html

²⁰ China's State Investment Company to Acquire Non-Voting Minority Stake in Blackstone // The Blackstone Group Press Release, 05.20.2007 - http://www.blackstone.com/cps/rde/xchg/bxcom/hs/news_pressrelcase_3282.htm

^{Lau Josephine} 21. China Life Says It Invested $300 Million in Visa IPO // Bloomberg, 24.03.2008 - http://www.bloomberg.com/pps/news?pid=20601080&sid=aAzlT4irg8xo

²² Statistical Communique of the People's Republic of China on the 2009 National Economic and Social Development // National Bureau of Statistics of China, 26.02.2010 - http://www.stats.gov.cn/was40/

gjtjj_en_detail.jsp?searchword-import&channelid-9528&record=3

²³ China's zinc imports may drop 58.5% in 2010 // China Mining Association, 31.03.2010 - http://www.chinamining.org/News/2010 - 03-31/1269999512d35090.html

²⁴ Exxon to Ship Gorgon LNG to PetroChina From 2014 - 15 // Bloomberg News, 20.08.2009

^{Chen Eadie} 25, Chien Kirby. China's CIC says considering investments in Europe // Thomson Reuters, 18.04.2009 - http://www.reuters.com/article/idUSPEK33486620090418?loomia_ow=t0:s0:a49:g43:r1:c1.0 00000:b31245638:z0

²⁶ "Rosneft" attracted $ 15 billion for oil supplies to China / / Rosneft Information Department, 17.02.2009 - http://www.rosneft.ru/news/Financial/17022009.html

²⁷ $25b crude agreement inked with Russia // China Daily, 18.08.2009 - http://www.chinadaily.com.cn/cndy/2009 - 02/18/content_7485979.htm

²⁸ China wants to lease ownerless land in Russia - http://zemli24.ru/index.phpVoption-com_content&task=view&id=51&Itemid=46

²⁹ Venezuela swaps years of fuel oil for China wealth // Thomson Reuters, 19.08.2009 - http://uk.reuters.com/article/idUKN1843891720090819

^{Garcia Eduardo} 30. Ecuador signs contract to export oil to China // Thomson Reuters, 24.07.2009 - http://uk.reuters.com/article/idUKN2327003320090724

³¹ Peru and China To Sign Free Trade Agreement // Neftegaz.RU, 10.03.2009 - http://www.neftegaz.ru/en/news/view/87041R

³² The China Analyst - Sep 2009 // The Beijing Axis, p. 47, 01.05.2010 - http://www.thebeijingaxis.com/upload_files/download/newsletter/TheChinaAnalyst_Sep2009 .pdf

³³ Execution of loan agreement with the China Development Bank Corporation // Petrolio Brasileiro S.A., 04.11.2009 - http://www2.petrobras.com.br/ri/spic/bco_arq/Assinaturacontrato_CDBIng.pdf

³⁴ Sinopec completes China's biggest foreign takeover // China Mining Association, 19.08.2009 - http://www.chinamining.org/Investment/2009 - 08 - 19/1250665321d28189.html; CNPC and KazMunayGas acquire 100% of MangistauMunaiGas shares // China National Petroleum Corporation, 24.04.2009 - http://www.cnpc.com.cn/en/press/newsreleases/2009/CNPCandKazMunayGasacquires100of MangistauMunaiGasshares.htm; Acquisition of Equity Interest of Felix Resources Ltd (Felix) // 2009 Interim Report of Yanzhou Coal Mining Company Limited, p. 29, 21.08.2009 - http://www.yanzhoucoal.com.cn/en/announcement/img/site8/20090821/1256523061343310.p df; China Investment Corporation invests in PT Bumi Resources Tbk // CIC News Releases, 05.11.2009 - http://www.china-inv.cn/cicen/resources/news_20091116_351541.html; PetroChina & Athabasca Oil Sands Corp. enter into Principles of Joint Venture Agreement // Athabasca Oil Sands Corp. Release, 31.08.2009 http://www.aosc.com/upload/media_element/4/02/aosc-petrochina-jv-newsrelease.152c9d1f-1 e17 - 45b1-bf9e-b3b620623a95.pdf; China Invest ment Corporation Invests in AES Corporation // CIC News Releases, 16.11.2009 - http://www.china-inv.cn/cicen/resources/news_20091116_351640.html; China Investment Corporation Announces Investment in Teck Resources Limited // CIC News Releases, 03.07.2009 - http://www.china-inv.cn/cicen/resources/news_20090828442711.html; Minmetals Succeeds in OZ Minerals Deal // China Minmetals Corporation, 11.06.2009 - http://www.minmetals.com/english/search_detail.jspVarticle_millseconds=1244708043688& article_column=0102; PetroChina Acquires Keppel's Entire Stake in Singapore Petroleum Company // China National Petroleum Corporation, 25.05.2009 - http://www.cnpc.com.cn/en/press/newsreleases/2009/PetroChinaAcquiresKeppelsEntire_Stak einSingaporePetroleumCompany_.htm; CIC Purchases Stake in JSC KazMunaiGas Exploration Production // CIC News Releases, 30.09.2009 - http://www.china-inv.cn/cicen/resources/news20091116_351320.html; The China Analyst - Jan 2010 // The Beijing Axis, p. 34, 01.04.2010 - http://www.thebeijingaxis.com/upload_files/download/newsletter/TheChinaAnalyst_Jan2010. pdf; China Investment Corporation Invests in Noble Group Limited // CIC News Releases, 05.11.2009 - http://www.china-inv.cn/cicen/resources/news_20091116_351588.html; China Investment Corporation invests in GCL-Poly Energy Holdings Limited // CIC News Releases, 20.11.2009 - http://www.china-inv.cn/cicen/resources/news_20091120_703967.html; CRCC-Tongguan Investment Co., Ltd. To acquire Corriente Resources Inc. for C$679 million in cash // Corriente Resources Inc. Recent News, 28.12.2009 - http://www.corriente.com/news/news.php#dec_28_2009; China Investment Corporation invests in SouthGobi Energy Resources Limited // CICNews Releases, 26.10.2009 - http://www.china-inv.cn/cicen/resources/news_20091116_351489.html; 2009: the year of survival and revival // Ernst & Young, 01.05.2010 - http://www.ey.com/Publication/vwLUAssets/2009_-_year_of_survival_and_revival/$FILE/E Y_2009_-_The_year_of_survival_and_revival.pdf; Significant changes in the state of affairs // Annual Report 2009 Fortescue Metals Group, p.29, 25.04.2010 - http://www.fmgl.com.au/IRM/Company/ShowPage.aspx?CPID=1959&EID=21620185&Pag eName-2009%20Annual%20Report; Zambia hands defunct mine to China investor // China Daily, 25.06.2009 - http://www.chinadaily.com.cn/world/2009 - 06/25/content_8323881.htm; Wuhan Steel investment in MMX // MMX Mineracao e Metalicos S.A. Highlights, 20.04.2010 - http://www.mmx.com.br/cgi/cgilua.exe/sys/start.htm?tpl=home&lng=us

³⁵ China Started A New Project in Iraq // Neftegaz.RU News, 12.03.2009 - http://www.neftegaz.ru/en/news/view/87107; CNPC/BP jointly win a service contract in Iraq's Rumaila oilfield // China National Petroleum Corporation Press Release, 30.06.2009 - http://www.cnpc.com.cn/en/press/newsreleases/2009/CNPCBPjointlywinaservicecontractinIr aqsRumailaoilfield.htm; BP and CNPC to Develop Iraq's Super-Giant Rumaila Field // BP p.l.c. Press releases, 03.11.2009 - http://www.bp.com/genericarticle.do?categoryId-2012968&contentId=7057650; Iraq oil development rights contracts awarded // BBC News, 11.12.2009 - http://news.bbc.co.uk/2/hi/business/8407274.stm

³⁶ China 'selling petrol to Iran' // Aljazeera.net, 23.09.2009 - http://english.aljazeera.net/business/2009/09/2009923113235664683.html

³⁷ Qatargas to increase LNG supplies to CNOOC // Qatargas Operating Company Limited, 13.11.2009 - http://www.qatargas.com/PressReleases.aspx?id=173104&tmp=88&folderID-154

³⁸ China began to invest more in Kazakhstan // profinance.kz News, 16.09.2009 - http://profinance.kz/2009/09/16/kitaj-stal-bolshe-investirovat-v-kazaxstan.html China's oil deal with Kazakhstan / / Neftegaz.RU News // Oil and gas worldwide, 20.04.2009 - http://www.neftegaz.ru/en/news/view/87834 Kazakhmys will receive a $2.7 billion Chinese loan / / MetalTorg.Ru, 30.12.2009 - http://www.metaltorg.ru/news/market_show.php?id=10048169&date=1262150940

³⁹ President's African visit aims for closer co-op // China Daily, 08.02.2009-http://www.chinadaily.com.cn/china/2009 - 02/08/content_7454717.htm

⁴⁰ Chinese firms boost African investment // China Mining Association, 21.04.2010 - http://www.chinamining.org/News/2010 - 04-21/1271811712d35651.html

⁴¹ Full text of Wen's speech at 4th Ministerial Conference of FOCAC // China.org.cn, 09.11.2009 - http://www.china.org.cn/world/2009-11/09/content_18849890.htm

⁴² Tanzania names stadium built with Chinese assistance // CCTV.com, 16.02.2009 - http://www.cctv.com/program/sportsscene/20090216/101452.shtml; Tanzania names stadium built with Chinese assistance // CCTV.com, 16.02.2009 - http://www.cctv.com/program/sportsscene/20090216/101452.shtml; Chen Shun. China does more for Senegal in 4 years than West in 20 years: envoy // CCTV.com, 23.09.2009 - http://english.cctv.com/20090923/104046.shtml; President Hu inaugurates China-aided bridge in Mali // CCTV.com, 02.14.2009 - http://www.cctv.com/english/20090214/102779.shtml; China backs road projects in Kenya // CCTV.com, 04.11.2009 - http://english.cctv.com/program/worldwidewatch/20091104/101468.shtml; ZTE signs network deployment deal with Ethiopia // ZTE Corporation Press Clipping, 08.07.2008 - http://wwwen.zte.com.cn/en/press_center/press_clipping/200807/t20080707_157007.html; The China Analyst - Jan 2010 // THE BEIJING AXIS, p.45, 01.05.2010 - http://www.thebeijingaxis.com/upload_files/download/newsletter/TheChinaAnalyst_Jan2010. pdf; China signs $260m airport deal with Mauritius // China Daily, 17.02.2009 - http://www.chinadaily.com.cn/china/2009 - 02/17/content_7485582.htm

⁴³ Quito-Beijing hydro project in doubt // Global Times, 22.02.2010 - http://www.china-wire.org/2010/03/quito-beijing-hydro-project-in-doubt/

⁴⁴ Turkmenistan badly needs the gas market / / Forbes, 30.04.2010 - http://www.ca-news.org/news/371191?from=ya

⁴⁵ World Investment Report 2009 // United Nations Conference on Trade and Development, p. 54, 247 - 248, 26.10.2009 - http://www.unctad.org/en/docs/wir2009pt1_en.pdf

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