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China's overseas investment expansion slows

Source:   Time:

BEIJING, April 18 (Xinhua) -- China's first-quarter overseas direct investment increased 44 percent year on year, a slower pace compared to the same period last year, official data showed Thursday.

The figure was sharply down from 94.5 percent recorded in the first quarter of last year, according to data from the Ministry of Commerce.

The investment, which totaled 23.8 billion U.S. dollars excluding that in the financial sector, went to 1,621 overseas companies in 138 countries and regions, ministry spokesman Shen Danyang said at a press conference.

Direct investment doubled both in the United States and Association of Southeast Asian Nations in the first three months, while that in Russia and Japan declined 61 percent and 17 percent, respectively.

New overseas contracted projects in the first quarter increased 35 percent to 40.1 billion U.S. dollars, bringing the total value of China's contracted projects abroad to 1.04 trillion U.S. dollars.

By the end of March, 823,000 Chinese were working in the overseas labor service. The number was up by 14,000 from the same period last year.

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