China to back acquisition spree
Beijing will make use of its foreign exchange reserves to back its companies in their efforts to buy up firms on foreign soil, Chinese prime minister Wen Jiabao said yesterday. “We should hasten the implementation of our ‘going out’ strategy and combine the utilisation of foreign exchange reserves with the ‘going out’ of our enterprises,” he told Chinese diplomats. China has more than £1.2 trillion in foreign exchange reserves.