(Yicai Global) Oct. 18 -- China’s outbound non-financial direct investments totaled USD78.03 billion in the first three quarters of this year, down 41.9 percent on the year and proving the nation’s measures to cut back on irrational overseas spending to be effective, an official from the Ministry of Commerce’s cooperation department said.
Chinese investment in countries along the Belt and Road route has continued to rise, he added, saying that Chinese firms invested USD9.6 billion in 57 nations along the route in the first nine months to make up 12.3 percent of the country’s total outbound investment. Outgoings grew rapidly in Cambodia, Laos and Russia, the ministry said.
Most new overseas contracts were major projects, which helped prompt a substantial increase in exports. Some 508 projects were worth more than USD50 million each over the period, combining for a value of USD142.7 billion and making up 84.8 percent of the total value of new contracts. The projects upped goods exports by 17.1 percent to USD10.97 billion over the first nine months.
China sent 373,000 workers overseas during the period, bringing the total number of such workers to 964,000.
There was no outbound investment in real estate, sports or entertainment in the third quarter, the official added.Keywords: overseas investment, Overseas Contracts, Ministry of Commerce, EXPORTS, Irrational Investment