China to Push Ahead With ‘Go Abroad’ Policy – Ministry

After being blocked from purchasing an Australian mining company, China has decided to push forward. From Reuters:

China will steadily push its long time policy of ‘go abroad’, despite risks caused by the financial crisis, its Commerce Ministry said on Thursday, a week after Rio Tinto scrapped a planned tie-up with Chinalco.

‘Opportunities to invest in high-quality enterprises and assets have increased, investment costs have declined and transaction conditions have improved,’ the ministry said in a statement posted on its website.

Industry players and analysts are worried Rio’s decision to scrap the deal would dampen the interest of Chinese companies in overseas expansion.

See also the anger sparked by the rebuff from the Wall Street Journal and from Radio Australia, that states discrimination against Chinese companies from these large overseas deals.

See also Reuters for more details about Rio/Chinalco merger.