Chinese foreign investment hits US$ 5.6 billion

27 December 2005

Beijing, China, 27 Dec – Chinese investment overseas between January and November of this year totalled US$ 5.65 billion, the Beijing Commerce Ministry has announced.

Lenovo’s acquisition of IBM in December 2004 meant that Beijing’s total foreign investment last year was US$ 5.5 billion, an increase of 93 percent over the previous year.

The Commerce Ministry statement said that although direct foreign investment in China of US$ 53 billion is much higher than reciprocal overseas investment, companies from the emerging Asian superpower are expanding their foreign interests.

Most of China’s foreign investment is in Asia, with the continent accounting for about two-thirds of Beijing’s overseas investment in the first 11 months if 2005, the official communiqué said.

But Chinese investment in North America, Africa and Oceania is showing steady growth and to some countries expanding by as much as 80 percent. (macauhub)