China foreign direct investment overseas soars 147%
BEIJING (AFP) - Chinese investment overseas in January and February soared 147 per cent year-on-year to US$18.39 billion (S$146.7 billion), official data showed on Tuesday - more than foreign direct investment (FDI) into the country itself.
Incoming FDI, which excludes financial sectors, stood at US$17.48 billion over the period, the commerce ministry said, down 1.35 per cent year-on-year.
Beijing is keen to promote overseas investment in part of its efforts to reform China's growth model and acquire significant foreign assets in sectors such as energy, mining and high-tech industries, analysts said.
"It should be a trend in the long run - it is highly likely that overseas direct investment will exceed foreign direct investment in the next few years," Mr Ren Xianfang, a Beijing-based analyst with research firm IHS Global Insight, told AFP.