Half of China's overseas investment falls in Latin America

Half of China's overseas investment falls in Latin America

By People's Daily Online

January 07, 2005

China has made fresh progress in implementing its "go out" strategy, according to latest news from the Ministry of Commerce. Overseas processing trade has grown faster with Latin America becoming the largest destination of China's overseas investment. From January to November last year, China invested 889 million US dollars in Latin America, or 49.3 percent of the total amount. During the same period China's overseas investment in Asia was 515 million dollars, or 28.6 percent; and 296 million dollars in Europe, or 16.4 percent.

Statistics from the Ministry showed that from January to November 2004 China registered 1.8 billion dollars non-financial direct investment on foreign land, including 1.69 billion dollars currency investment (93.8 percent) and 78 million physical investment (4.3 percent).

Viewing from trades, China's investment mainly flew to mining (994 million dollars, 55.1 percent), business service (348 million dollars, 19.3 percent), manufacturing (270 million dollars, 14.9 percent) and wholesaling and retailing (90 million dollars, around 5 percent).

Moreover, China saw surging international project contracting last year, which completed a turnover totaling 14.48 billion dollars during the eleven months, a growth of 28.8 percent; and new contractual value of 20.75 billion dollars was achieved, a growth of 43.5 percent.