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ECONOMY
Weekly Watch> WEEKLY WATCH NO. 40, 2011> ECONOMY
UPDATED: September 28, 2011 NO. 40 OCTOBER 6, 2011
Expanding Globally
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As they establish themselves abroad, Chinese firms are stepping onto the world stage in greater numbers.

In August, the country's outbound direct investment (ODI) in non-financial sectors soared 33.3 percent year on year to reach $6.57 billion, according to data from the Ministry of Commerce (MOFCOM). From January to August, the non-financial ODI totaled $34.2 billion, up 6.9 percent.

The data underscores China's growing interest in overseas businesses despite the ongoing European debt crisis. In 2010, China surpassed Japan and the UK for the first time to become the fifth largest source of ODI in the world.

Wang Shengwen, Deputy Director of the Department of Outward Investment and Economic Cooperation of the MOFCOM, expected this year's ODI to grow at a double-digit rate.

"In a bid to lift their economies, developed nations are taking greater efforts to develop emerging industries like renewable energies. Meanwhile, developing countries continue with a spending spree on infrastructure construction," he said. "All those developments have provided investment opportunities for Chinese enterprises."

"Moreover, Chinese investors have become more experienced and sophisticated with expansions abroad," he added.



 
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