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China's overseas nonfinancial investment surged 16.3 percent

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Staff writer |
Shanghai
Investment   During the first 10 months of 2015

China's overseas nonfinancial investment during the first 10 months of 2015 surged 16.3 percent year on year, hailed by many as a stabilizer of world economic growth.

The mainland made around 589.2 billion yuan (about 95.21 billion U.S. dollars) in outbound direct investment (ODI) during the period, covering 5,553 companies across 152 countries and regions, data released by the Ministry of Commerce (MOC) showed.

ODI projects covered a wide range of fields including transportation, residential construction, electric power engineering, telecommunication and petrochemical industries.

In the first 10 months, ODI in 49 nations along the Belt and Road totaled 13.17 billion U.S. dollars, up 36.7 percent year on year. Top investment destinations were Singapore, Kazakhstan, Laos, Indonesia and Russia.

Meanwhile, new foreign-contracted projects in 60 countries along the route rose to 64.55 billion U.S. dollars, up 21.6 percent from last year, accounting for 43.3 percent of China's overseas projects.

The distribution of surplus industrial equipment to countries in need, waning domestic profits fueling a desire to expand overseas, and the slashing of red tape have combined to make China the world's top capital exporter, Jiang Wenbin, deputy head of the MOC department of outward investment and economic cooperation, said.

China became a net-capital exporter for the first time last year, when ODI surpassed foreign direct investment (FDI). ODI grew 14.1 percent in 2014, eclipsing the 1.7-percent growth recorded for FDI.

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