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China's outbound investment totaled US$5.65 billion in the first 11 months of this year, indicating the country is intensifying its role as a global investor for the second year.

 

The number was three times the investment made last year from January to November. But due to PC maker Lenovo's acquisition of IBM last December, the total outbound investment for 2004 leapt to US$5.5 billion, jumping 93 percent from the year before.

 

A statement released yesterday by the Ministry of Commerce reported China, long a hot-spot for global investment, is emerging as a global investor itself.

 

Although the outbound investment is still small compared to the country's inward foreign direct investment (FDI) of US$53 billion, China is steadily increasing its investment in the world, the official said.

 

The information and telecoms industries, mining and manufacturing sectors attracted the most investment from Chinese companies, with combined investment totaling 90 percent of the January to November figure.

 

Asia remains the largest destination for Chinese investment, accounting for two-thirds of the investment in the first 11 months of 2005.

 

But investment in North America, Africa and Oceania are increasing quickly, with all destinations registering a year-on-year growth of more than 80 percent.

 

Investment cases with a US$10 million value represent more than 60 percent of the total outbound investment from January to November.

 

In fact, compared with small and medium-sized counterparts, large-scale Chinese companies are showing a stronger intention to start or increase overseas investments in the future, according to an earlier survey by the China Council for the Promotion of International Trade (CCPIT).

 

About 23 percent of surveyed companies intend to increase outward investment, either substantially or moderately, within the next 12 months.

 

The survey revealed this figure will increase to over 40 percent in two to five years.

 

Sun Bosheng, a foreign investment researcher from the Chinese Academy of International Trade and Economic Cooperation, said the Chinese Government is strengthening its guidance on outward investment.

 

It is simplifying application procedures and improving its services for outward investment information, Sun said.

 

The Ministry of Commerce set up a reporting mechanism on companies' overseas mergers and acquisitions in May to offer more assistance.

 

Once informed of merger intentions, the ministry provides information including the policies, regulations and investment environment of the target countries.

 

Meanwhile, according to the Ministry of Commerce, Chinese contractors signed more than US$25 billion worth of overseas projects from January to November, a 20 percent increase from last year.

 

(China Daily December 27, 2005)