China foreign direct investment overseas soars 147%
Worldwide, Daily news | ankakh | March 19, 2013 16:59Chinese investment overseas in January and February soared 147 percent year-on-year to $18.39 billion, official data showed Tuesday — more than foreign direct investment into the country itself.
Incoming FDI, which excludes financial sectors, stood at $17.48 billion over the period, the commerce ministry said, down 1.35 percent year-on-year.
Beijing is keen to promote overseas investment in part of its efforts to reform China’s growth model and acquire significant foreign assets in sectors such as energy, mining and high-tech industries, analysts said.
“It should be a trend in the long run — it is highly likely that overseas direct investment will exceed foreign direct investment in the next few years,” Ren Xianfang, a Beijing-based analyst with research firm IHS Global Insight, told AFP.
“It is a national strategy to transfer China to a big investor from a big exporter.”
Chinese direct investment overseas surged almost 30 percent last year from 2011 as firms in the world’s second-largest economy increasingly look to expand abroad.
The biggest rise in Chinese investment in a major market over January and February was in Australia, where it surged 282 percent, the ministry said.
It was followed by Hong Kong, up 156 percent, and the US with a 146 percent increase, while in south-east Asia it went up 114 percent and in the EU 81.9 percent.
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