News Archive

China now able to invest overseas
2002/09/08

As China's economy continues its rapid and healthy growth, China has possessed the capabilities of launching overseas investment, said Shi Guangsheng, Minister of Foreign Trade and Economic Cooperation, here Sunday.

Shit told the 2002 China Investment Forum in this city of Fujian Province that after China's entry into the World Trade Organization, as the Chinese market has gradually been opened, other members of the WTO will in turn provide China with more access to their markets and facilitate China's trade and investment overseas.

All this will result in favorable conditions for Chinese enterprises to "go out" for transnational operations, he said.

Presently, China's economy and foreign trade rank the sixth in the world. In 2001, total imports and exports of China's foreign trade were valued at 510 billion US dollars; as of the end of this July, China's foreign exchange reserves have reached 246.5 billion US dollars.

China has already had a significant number of enterprises possessing strong technological and economic resources, familiar with internationalized operations and management, and adapted to the heated competition in the international market, Shi said.

The minister stressed that the promotion of the "going-out" of these enterprises will not only expand the space for the development of China's economy, but also facilitate and enrich economic cooperation between China and other nations and regions, and inject new vitality into the multilateral and bilateral economic and trade relations.

As of the end of June 2002, China has set up 6,758 non- financial businesses abroad, the contractual investment has totaled 13.2 billion US dollars, and the Chinese side has contributed a total investment of 10 billion US dollars; the cumulative values of oversea construction contracts have reached 105.3 billion US dollars, business volumes completed have totaled 75.2 billion US dollars; the cumulative values of overseas labor supply contracts have reached 28.1 billion US dollars, business volumes completed have totaled 22 billion US dollars, and the number of labor supplied to overseas has topped 2.6 million person- times.

Projects of joint development of overseas resources have achieved significant results; cooperation projects in developing overseas resources such as oil, gas, minerals, forestry and fishery are currently running smoothly and their economic benefits have become apparent.

Chinese enterprises have also had certain stride in establishing overseas research and development centers and launching agricultural cooperation, the official said.

Please close this window to go back