China’s ODI increases despite pandemic
March 31, 2020 Category China News Round-up, Weekly
China’s non-financial outbound direct investment (ODI) grew by 1.8% to CNY107.86 billion on a yearly basis during the first two months of this year, the Ministry of Commerce (MOFCOM) said. During the two-month period, Chinese firms invested in 1,733 businesses in 147 countries and regions, and sent 39,000 personnel abroad to support their projects and operations, said Ministry Spokesman Gao Feng. The bulk of the investment went to sectors such as leasing and commercial services, wholesale and retail, as well as manufacturing and mining businesses. Companies from China invested USD6.33 billion in the overseas leasing and commercial service markets over the past two months, up 43.2% on a yearly basis and making it the fastest-growing sector for attracting China’s capital. Chinese companies also invested USD2.72 billion in 48 economies related to the Belt and Road Initiative (BRI) in January and February, up 18.3% on a yearly basis.
China’s manufacturing sector has steadily advanced resumption of production, with 98.6% of major industrial firms nationwide having restarted work as of March 29, the Ministry of Industry and Information Technology (MIIT) said. Around 89.9% of employees in industrial companies with an annual revenue of more than CNY20 million had returned to their posts, Xin Guobin, Vice Minister of MIIT, said. In Hubei, the average work resumption rate of industrial firms has surpassed 95%, and the production and operation of large pharmaceutical companies producing vitamins, antibiotic, antipyretic and analgesic ingredients has returned to normal.
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