China's direct overseas investment is estimated to total over 60 billion US dollars in five years, said sources with the Ministry of Commerce (MOFCOM).

China had invested 44.8 billion US dollars in 149 countries and regions by the end of 2004 and the figure would rise at 22 percent every year, said an official with MOFCOM at a national meeting on foreign economic cooperation closed here Saturday.

MOFCOM statistics show that in the first nine months, China invested 5.1 billion US dollars directly abroad with a year-on-year surge of 138 percent.

Yet, in terms of direct overseas investment, China is still far behind developed countries and some of developing nations.

The 44.8 billion dollars of overseas investment is merely 2.2 percent of that of the United States, 13.4 percent of Japan, one fifth of Spain, show government statistics.

Russia and Brazil also reported more overseas investment than China, according to the statistics.

Chinese Minister of Commerce Bo Xilai said at the meeting that the strategy of "go out" would help Chinese companies to expand their market and would also help to promote the economic cooperation and realize mutual benefit between China and other nations.

The Chinese government would enhance the quality and level of economic cooperation with foreign partners and urge its businesses to follow market rules, Bo said.

Source: Xinhua