China reports robust growth in overseas investment in H1

BEIJING: China's non-financial outbound direct investment (ODI) increased 16.6 percent year-on-year to US$72.62 billion in the first six months of the year, Xinhua News Agency reported, citing official data on Thursday. According to data from the Ministry of Commerce, that growth rate was higher than the 12.5 percent increase recorded in the first quarter. During the first six months, cooperation under the China-proposed Belt and Road Initiative (BRI) framework gained steam as ODI in countries participating in the BRI surged 9.2 percent year-on-year to $15.46 billion. The turnover of contracted overseas projects amounted to $72.25 billion, an increase of 2.2 percent, and the value of new contracts surged 22 percent to $115.5 billion. To facilitate Chinese investment in foreign countries and regions, the ministry issued a regulation on the contracting of overseas projects, which took effect on 1st July this year. It will streamline procedures for relevant businesses. Source: Emirates News Agency