China’s Q1 overseas investment surgesApril 17th, 2012 - 2:45 pm ICT by IANS
Beijing, April 17 (IANS) China’s non-financial overseas direct investment (ODI) surged 94.5 percent year on year to $16.55 billion in the first quarter of this year, the ministry of commerce announced Tuesday.
Of the total, $6.2 billion of investment took the form of mergers and acquisitions, said ministry spokesperson Shen Danyang.
The ODI marked a substantial increase in March, as investment in the first two months of this year stood at just $7.43 billion.
First quarter investments were made in 1,096 overseas companies in 109 countries and regions around the world, according to Shen.
As of the end of March, China’s non-financial ODI expanded to $338.5 billion, Shen said.
Active Chinese investment abroad came amid falling foreign investment to China. MOC data showed that the country received $29.48 billion of foreign direct investment in the first three months, down 2.8 percent from a year earlier.
In the first quarter, business volume in overseas-contracted projects rose 23 percent year on year to $20.88 billion, according to Shen.
During the first quarter, 91,000 more Chinese were sent to work abroad under labour cooperation contracts, Shen said.
As of the end of March, 809,000 Chinese were working overseas under such contracts, up by 40,000 from the corresponding period last year.
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