Mining a magnet for China's overseas investment

Mining a magnet for China's overseas investment

Asia Pulse/XIC

13th January 2005

BEIJING - China's non-financial direct investment abroad totaled US$1.8 billion in January-November, 2004, according to the recent statistics from the Ministry of Commerce. Mining was magnet.

Of this amount, 994 million or 55.12% flowed into foreign mining industry; 348 million or 19.32% went to commercial services industry; 270 million or 14.92% went to manufacturing; and 90 million or 5.01% went to the wholesales and retail sale industry.

In terms of the destination of the capital flow, $889 million or 49.3% went to Latin America; 515 million or 28.57%, to Asia; and 296 million or 16.4%, to Europe.

The total amount of business turnover from foreign contracting in the first eleven months of 2004 reached US$14.48 billion, up 28.8 % year-on-year, and the number of newly inked contracts was valued at $20.75 billion, a 43.5% year-on-year increase, bringing the cumulative total of the two items to $111.038 billion and $153.199 billion, respectively, by the end of November.

Meanwhile, the turnover from China's labor service in foreign countries reached $3.15 billion, 9.8% more than in the same period of 2003, and the newly signed contracts reached $2.95 billion, up 12% year on year, adding the cumulative total up to $30.22 billion and $35.56 billion respectively, by the end of November.