China reports soaring investment overseas in 1st half year

Though dwarfed by whopping foreign direct investment (FDI) in China, overseas investment made by Chinese companies more than tripled in the first half this year, the government reported Sunday.

The State Administration of Foreign Exchange (SAFE) said Chinese enterprises invested 4.1 billion US dollars overseas in the first six months, skyrocketing 248 percent year-on-year.

State-owned enterprises, typically those from the dynamic eastern areas, had the lion's share of the investment, followed by private and foreign-funded firms.

The SAFE said in the report that enterprises from Beijing, Shanghai, Zhejiang, Guangdong and Shandong account for nearly all -- 95.9 percent -- of China's overseas investment.

Earlier, the Ministry of Commerce said materialized FDI in China reached 43.2 billion US dollars in the first three quarters,riding on the back of a booming economy.

Source: Xinhua