learn mandarin – China’s outbound investment hits $56.5 bln in 2009
China’s outbound direct investment (ODI) rose 1.1 percent year on year to 56.53 billion U.S. dollars in 2009, according to a government report issued Sunday.
Non-financial ODI, which accounts for 84.5 percent of the total, stood at 47.8 billion U.S. dollars last year, up 14.2 percent from one year earlier, while the country’s overseas investment in financial sectors declined 37.9 percent to 8.7 billion U.S. dollars, according to a report jointly released by the Ministry of Commerce, the National Bureau of Statistics and the State Administration of Foreign Exchange.
By the end of 2009, Chinese enterprises established 13,000 overseas companies in 177 countries, with combined assets topping 1 trillion U.S. dollars, according to the report.
TIANJIN, Sept. 5 (Xinhua) — Executives from China’s auto makers Sunday rejected an official warning that unchecked growth in the industry was leading to excess capacity and could harm the wider economy.
Chen Bin, an official with the National Development and Reform Commission, China’s top economic planner, Saturday said excess auto capacity threatened sustainable economic development and must be “resolutely” stopped.
But industry representatives and the China Association of Automobile Manufacturers (CAAM) Sunday argued car makers were only trying to meet expected demand in the world’s largest auto market.
Dongfeng Automobile, a major Chinese auto manufacturer, had been running in top gear since last year, said Fan Zhong, a senior manager. “Our problem is not having enough capacity.”
Most entrepreneurs at the International Forum on Chinese Automobile Industry Development in Tianjin had similar views.
Ford China was focusing on expanding capacity as demand kept rising, said CEO Robert Graziano.
The overall capacity of China’s auto industry might seem excessive, but the market had huge potential for restructuring and growth, said Hu Xinmin, honorary chairman of the CAAM.
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