China's overseas investment up 63.6 per cent in 2008: state media
BEIJING - CHINESE investments abroad jumped 63.6 per cent in 2008, state media said on Thursday, but the pace slowed down towards the end of the year.
Non-financial direct outward investment - not including investment by banks, insurers and securities firms - hit US$40.65 billion (S$60.9 billion) last year, the Xinhua news agency reported, citing commerce ministry spokesman Yao Jian.
Foreign direct investment in China up 23.6% in 2008: state media
BEIJING - FOREIGN direct investment in China rose 23.6 per cent in 2008 to US$92.4 billion (S$138.4 billion) compared with the year before, the official Xinhua news agency reported on Thursday.
The growth rate for the year, announced by the commerce ministry, was markedly higher than the 13.6 per cent recorded for 2007.
Previous data showed investment in the first half of 2008 was US$25.7 billion, so the total suggested a weakening in the second half of the year as the international financial crisis started taking a toll on China.
Despite the slowdown, experts said, overseas investments would continue to grow as China is keen on securing raw materials and other resources to fuel its fast expanding economy.
With the world's largest foreign exchange reserves at US$1.95 trillion, Beijing also needs to direct the cash abroad to reduce pressures on the appreciation of the Chinese currency, they said.
'It's an irresistible trend ... for Chinese enterprises to invest abroad despite the short-term problems,' said Mr Sun Mingchun, an economist with Nomura International Ltd in Hong Kong.
'China has a medium- and long-term strategic need to secure its supply chains,' he said. -- AFP
