China's ODI surges 25.8% in first 10 months

(Xinhua) Updated: 2012-11-20 11:14

BEIJING -- China's outbound direct investment in non-financial sectors surged 25.8 percent year-on-year to $58.17 billion in the first ten months, the Ministry of Commerce said Tuesday.

The increase was slower than the 28.9 percent expansion seen in the January-September period, as the country's economy slowed due to flagging property investment and exports, MOC spokesman Shen Danyang told a regular press conference.

The Chinese mainland's investment in Hong Kong rose by a stunning 42.6 percent during the first 10 months, while the member countries of the Association of Southeast Asian Nations, the United States, Russia and Japan also saw double-digit growth in ODI from China.

However, China's ODI in the European Union fell 20.9 percent year-on-year to $1.58 billion during the January-October period. The country's investment in Australia also dropped 28.7 percent to $1.36 billion, Shen said.

The Chinese mainland's investment in Hong Kong rose by a stunning 42.6 percent during the first 10 months.

The member countries of the Association of Southeast Asian Nations, the United States, Russia and Japan also saw double-digit growth in ODI from China, with growth rates standing at 31.2 percent, 16 percent, 31.9 percent and 15.2 percent, respectively.

However, China's ODI in the European Union fell 20.9 percent year-on-year to $1.58 billion during the January-October period. The country's investment in Australia also dropped 28.7 percent to $1.36 billion, Shen said.

The accomplished turnover of China's overseas-contracted projects climbed 14.4 percent year-on-year to $87.06 billion in the first 10 months, accelerating from the 14-percent growth in the first nine months, according to Shen.

Data also showed that China sent 353,000 workers abroad January-October, down 3,000 from one year earlier.

At the end of October, 880,000 Chinese people worked in foreign countries, an increase of 66,000 year-on-year, the MOC's spokesman added.