China reports steep growth in overseas investment

BEIJING, May 23 (Xinhua) -- China saw accelerated overseas investment in the first four months of 2024, official data showed on Thursday, indicating the country's broadened engagement in cooperation on the global market.

China's non-financial outbound direct investment (ODI) came in at 343.47 billion yuan (48.3 billion U.S. dollars) from January to April, up 18.7 percent year on year, according to the Ministry of Commerce (MOC).

That growth rate was higher than the 12.5 percent increase recorded in the first quarter of the year.

Cooperation under the China-proposed Belt and Road Initiative (BRI) framework gained steam as ODI in countries participating in the BRI surged 20.4 percent in the January-April period to total 77.77 billion yuan.

The turnover of contracted overseas projects amounted to 313.42 billion yuan, an increase of 8.8 percent, and the value of new contracts rose 9.3 percent to total 444.39 billion yuan.

To facilitate Chinese investment in foreign countries and regions, a regulation on the contracting of overseas projects was issued by the MOC and will take effect on July 1 this year. It will streamline procedures and ensure government support for relevant businesses.