China's outbound direct investment surges

Last Updated: Tue, Nov 20, 2012 10:40 hrs

Beijing, Nov 20 (IANS) China's outbound direct investment (ODI) in non−financial sectors surged 25.8 percent year on year to $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 $1.58 billion during the January−October period. The country's investment in Australia also dropped 28.7 percent to $1.36 billion, Shen said.

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