BEIJING: China’s outbound investment more than doubled in August to $12.62bn, data showed yesterday, far outstripping foreign direct investment (FDI) into the country, which fell to a four-year low.
China has been actively acquiring foreign assets, particularly energy and resources, to power its economy, with firms encouraged to “go out” and make overseas acquisitions to gain market access and international experience. Officials have said overseas direct investment (ODI) could exceed FDI this year.
The 112.1 percent year-on-year increase in ODI announced by the commerce ministry was a dramatic contrast to the 14 percent fall in FDI, which sank to $7.2bn. Both sets of figures exclude investment in financial sectors.
FDI was also less than July’s $7.81bn and was the lowest since July 2010, when it stood at $6.92bn. Commerce ministry spokesman Shen Danyang denied any link to Beijing’s multiple probes into foreign companies.
Chinese authorities have in recent months launched anti-monopoly, pricing and other inquiries into scores of foreign firms. AFP
