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China's outbound direct investment surges

Posted on Nov 20, 08:59PM | IANS

China's outbound direct investment (ODI) in non-financial sectors surged 25.8 percent year on year to USD 58.17 billion during the first 10 months of 2012, according to figures released by the commerce ministry 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, commerce ministry spokesman Shen Danyang told a press conference.

The member countries of the Association of Southeast Asian Nations (ASEAN), the US, Russia and Japan saw double-digit growth in ODI from China.

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