The chairman of one of China’s largest chemicals groups said that overseas investment by Chinese companies would slow due to trade tensions with the US that has left them questioning their standing.
“The Chinese are getting quite confused. They thought they are welcome to invest in other countries, but now they realise they are not being welcomed all the time,” Sinochem’s Ning Gaoning told an opening session of the World Economic Forum in Davos on Tuesday. “You will see there will be less investment going abroad.”
Sinochem is expected to combine in the coming year with rival ChemChina, which completed China’s largest outbound deal a year ago with the $44bn takeover of Swiss agribusiness Syngenta.
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