Since the financial crisis led to large shrinkage of overseas assets, the large state-owned enterprises and the advantaged private enterprises in Hunan Province started to "go abroad" for bottom fishing. In 2009, Hunan Province totally approved 94 Chinese-invested enterprises abroad, and the actual investment value of Chinese side was expected to reach USD1.05b, ranking the first of the country. As of the end of 2009, Hunan's Chinese-invested enterprises abroad with over USD10m contractual investment value had reached 16, and the total contractual investment value of Chinese side was USD1.565b. Because of the advantages in geography and resources, the ASEAN region became the first choice for Hunan's overseas investment; nearly 50% of Hunan's overseas investment was concentrated in the ASEAN countries. However, since the financial crisis, Hunan's enterprises began to carry out large investment in developed countries, such as the United States and Europe. The cross-border mergers and acquisitions and overseas resources investment and cooperation have become the focus and highlight of Hunan's overseas investment.