(Yicai Global) Feb. 22 -- Outbound investment by Chinese companies rose steadily last year, with more than 70 percent maintaining or expanding their outlays overseas, according to a new report.

Over 80 percent of firms were optimistic about the prospects for outbound investment, according to the report published today by the China Council for the Promotion of International Trade.

About 90 percent of were upbeat on investment opportunities in the Regional Comprehensive Economic Partnership, a 15 member country grouping which is the world’s biggest trade bloc.

From a geographical point of view, 72 percent of the companies surveyed preferred countries along the Belt and Road, followed by Europe and North America when making outbound investments.

From the perspective of industry, 49 percent of companies gave priority to manufacturing for foreign investment, with 25 percent prioritizing wholesale and retail trade.

As for purpose, the survey noted that nearly 60 percent of firms invested abroad to explore overseas markets, 36 percent to reduce production and operation costs, and 33 percent to enhance the international popularity of brands.

In terms of results, the rate of return on foreign investment at more than half of the companies had risen or remained stable, with nearly 20 percent reporting an increased profit rate on their overseas investments.

The firms were generally satisfied with China’s outbound investment policies and service system, said Yang Fan, a spokesperson for the China Council for the Promotion of International Trade, but they hoped for further facilitation of approval and filing, simplified foreign exchange management, increased credit support, strengthened compliance management, and more tax support.

Yang added that the council strongly supports firms to expand overseas. Since the start of the year, it has resumed accepting applications for approval of economic and trade exhibitions abroad, and has accepted 519 applications for the first shows this year, involving 50 exhibition units from all over China to participate in shows in 47 countries.

Editor: Peter Thomas