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China's direct investments abroad top $92b by 2007

(Xinhua)
Updated: 2008-04-17 11:32

China's combined direct investments abroad amounted to $92.05 billion by the end of 2007, said a senior official of the China Council for the Promotion of International Trade (CCPIT) on Wednesday.

Zhang Wei, vice chairman of the CCPIT, said in Beijing that since the government initiated the "going global" strategy for domestic companies in 1998, Chinese companies' enthusiasm for investing overseas has been on the rise, big privately-owned enterprises in particular.

The CCPIT, and also the China Chamber of International Commerce, have formulated programs in 2006 to facilitate domestic companies' global strategy to help them make better use of the domestic and international markets, he added.

The 2nd Chinese Enterprise Outbound Investment Conference, organized by the CCPIT and the Ministry of Commerce, would be held from April 22-23 in Beijing, according to the CCPIT.

By the end of 2006, more than 5,000 Chinese investment entities had established almost 10,000 companies overseas in 172 countries and regions, with the combined outbound investment reached $90.63 billion.