On June 23 China National Offshore Oil Corp. (CNOOC) offered US$67 per share in cash for the takeover of Unocal. The bid values Unocal at about US$18.5 billion. If the bid is successful, insiders say, it will be the largest overseas acquisition by Chinese enterprises and hopefully win more say for CNOOC on the world's energy market.

This takes place in the 5th year since China urged its enterprises to tap the overseas market. In the annual online interview at the beginning of June, officials with the Department of Foreign Economic Cooperation, Ministry of Commerce, unveiled that Chinese enterprises had made more than US$36.82 billion direct investment overseas for non-financial purposes and contracted projects valued more than US$114 billion.

More than 30,000 Chinese businesses have built their cross-border operation with some 2000 of them eligible for overseas projects undertaking and labor cooperation.

In 2001 the "going international" strategy was enshrined into China's Outline for the 10th Five-year Plan for the National Economy and Social Development.

Wu Xilin, Vice Director of the Department of Foreign Economic Cooperation said Chinese enterprises have sped up their march toward the international market and are increasingly aggressive in bidding for projects, labor cooperation, going public, cross-border mergers and acquisitions, and building plants on the foreign market.

By People's Daily Online