China ODI growth steady in first eight months

China's non-financial outbound direct investment (ODI) maintained steady growth in the first eight months of this year, data from the Ministry of Commerce shows.

Non-financial ODI into 4,659 foreign companies in 159 countries and regions added up to 493.09 billion yuan (US$69.59 billion) in the period from January to August, up 2.7 percent year on year, according to the ministry.

During the period, turnover of foreign contracted projects reached 621.49 billion yuan, up 0.9 percent year on year, while value of newly signed contracts amounted to 882.75 billion yuan. 

By the end of August, the number of Chinese employees working abroad reached 999,000, an increase of 5,000 over a year earlier.

The ministry highlighted the promotion of investment and cooperation with Belt and Road regions. In January-August, Chinese companies recorded a total of US$8.97 billion worth of investment into 53 countries along the Belt and Road, accounting for 12.4 percent of the total. Newly signed contracts reached a total value of US$77.77 billion during the period, accounting for 60.1 percent of the overall figure.

The structure of outbound investment continued to optimize, while irrational investment has been effectively contained, according to a spokesperson for the Department of Outward Investment and Economic Cooperation with the MOC.

Outward investment mainly flowed into sectors including leasing and business services, manufacturing, as well as wholesale and retail, accounting for 30.9 percent, 17.8 percent and 10.8 percent, respectively, of the total.

The number of newly signed overseas projects with contract value exceeding US$50 million totaled 468 in the first eight months. By the end of August, Chinese-invested foreign projects had created 813,000 jobs for locals.