Country's outbound M&As set to expand

Outbound mergers and acquisitions by Chinese companies are set to grow, with more private companies buying overseas as they need to expand business globally, according to a report by consulting firm McKinsey & Co.

The total volume of outbound M&As has grown "dramatically" in recent years, from $49 billion in 2010 to $227 billion in 2016, and China is still at a relatively early stage of a long-term growth trend, the report said.

According to McKinsey research data, Chinese companies spent around 0.9 percent of the 2015 GPD on outbound acquisitions, compared with 2 percent of GDP by European Union companies, and 1.3 percent by United States companies.