TCL takes over German firm
1 November 2002
Chinese electronic appliance company TCL has acquired Germany's only remaining manufacturer of television sets, Schneider, Xinhua reported. The agency gave no details of the deal, but said it was the latest in a series of overseas expansions by Chinese firms. Earlier this year, East Communications became the largest shareholder in US based InterWave communications company by buying through its wholly-owned subsidiary Eastcom in the US; and in October last year, Meidi Group of Guangdong province bought the microwave oven parts company of Japan's Sanyo Electric.
Speaking at a seminar on capital flows in Beijing, the director-general of the State Administration of Foreign Exchange, Guo Shuqing, said that existing restrictions on Chinese companies and individuals investing abroad, which included an official investigation of the risk of a project and a deposit equal to 5 per cent of the project profit, did not fit the next stage of China's development.
