China 2016 outward investment tops US $161bn

REUTERS: China’s non-financial outbound direct investment is likely to hit 1.12 trillion yuan (US $161.19 billion) in 2016 and foreign direct investment into China will total 785 billion yuan, Commerce Minister Gao Hucheng said yesterday.

The government will “promote the healthy and orderly development of outbound investment and cooperation” in 2017,Gao said in remarks at a conference that were published on the ministry’s website. China’s ODI in November jumped 76.5 percent from a year earlier and it rose 55.3 percent in the first 11 months of 2016, the ministry’s data showed, as local firms continued to invest abroad amid a slowing economy and weakening yuan.

Beijing has announced a string of measures recently to tighten controls on money moving out of the country, including closer scrutiny of outbound investments, as the yuan skids and the country’s foreign exchange reserves fall to the lowest levels in nearly six years.

China will further enhance the competitiveness of its foreign trade and consolidate recent good momentum, Gao added.

For all of 2015, the ministry reported non-financial ODI of 735.1 billion yuan, and FDI of 781.4 billion yuan.