BUSINESS Non-financial ODI increases in first four months

BUSINESS

Non-financial ODI increases in first four months

chinadaily.com.cn

19:09, June 03, 2020

Railway hopper cars produced by CRRC in Changzhou, Jiangsu province are packed and ready to be transported to Guinea, a country along the Belt and Road, on April 27, 2020. (Photo: Sipa)

China's non-financial outbound direct investment increased 0.7 percent year-on-year to 235.08 billion yuan ($33.08 billion) in the first four months of the year, according to the Ministry of Commerce on Wednesday.

Chinese firms invested in 3,084 businesses in 155 countries and regions around the world, sending 82,000 personnel abroad to support their projects and operations, official data showed. The value of newly signed foreign contracted projects reached 458.54 billion yuan, up 2.1 percent year-on-year.

From January to April, Chinese companies invested $5.23 billion in 53 economies related to the Belt and Road Initiative, up 13.4 percent on a yearly basis and accounting for 15.6 percent of the country's total ODI during the same period. The ODI to ASEAN economies stood at $3.94 billion, a year-on-year increase of 43.3 percent.

The ministry said China's ODI mix continued to diversify in the first four months this year, with investment mainly flowing into sectors like leasing and business services, wholesale and retail as well as manufacturing, accounting for 37.4, 17.4 and 13.8 percent, respectively. The first two categories saw yearly investment increase of 40.4 percent and 96 percent, respectively. While investment in manufacturing fell 32 percent compared with last year. ODI to scientific research and technology services, as well as farming, forestry, animal husbandry and fisheries, surged by 69.6 percent and 50 percent year-on-year, respectively.

Chinese companies signed 230 project deals with contract value of over $50 million in the first four months. The total value for these projects reached $53.8 billion, accounting for 82.2 percent of total value among newly signed deals.

Among newly signed deals, general building construction, industrial construction and water conservancy construction projects were sectors enjoying fast growth in contract value, up 44.8 percent, 30.5 percent and 83.2 percent year-on-year to $14.32 billion, $3.12 billion and $2.4 billion respectively in the first four months.

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