China's outbound direct investment (ODI) in the non-financial sector hit 35.42 billion U.S. dollars in the first half of 2012, up 48.2 percent year on year, the Ministry of Commerce (MOC) announced on Tuesday.

"Total ODI in the non-financial sector had amounted to 357.5 billion U.S. dollars by the end of June," MOC spokesman Shen Danyang said at a press briefing.

Domestic investors have invested in 2,163 overseas companies in 116 countries and regions in the first six months, Shen said.

Of all Chinese first-half ODI, about 33.3 percent, worth 11.8 billion U.S. dollars, went into mergers and acquisitions.

China's ODI soared in the Hong Kong Special Administrative Region, the Association of Southeast Asian Nations, the United States and Russia in the first half, with growth rates rising 58.9 percent, 34.3 percent, 28.2 percent and 20.3 percent, relatively, according to Shen.

The provinces of Guangdong, Shandong, Hunan, Gansu and Jiangsu were the most active investors in the first half, the spokesman added.

In the first six months, China sent 216,000 workers abroad, up 5,000 from one year earlier.

At the end of June, 843,000 Chinese people worked in foreign countries, an increase of 54,000 year on year, Shen said.

CHINA-AFRICAN TIES

China-African economic and trade ties have deepened in the past few years, bringing tangible benefits to people from both sides, according to the spokesman.
Bilateral trade between China and Africa reached 166.3 billion U.S. dollars in 2011, up 83 percent from 2009. China is the continent's biggest trading partner.

Chinese ODI in Africa reached 14.7 billion U.S. dollars at the end of 2011, up 60 percent from 2009.

"Over 2,000 Chinese companies have invested in Africa, which helped promote economic diversification in the continent, raise local tax revenues and boost employment," Shen said.

Africa has become China's second-largest overseas engineering contracting market. "China provided capital, equipment and technologies for Africa, helping the continent reduce construction costs and improve its poor infrastructure," he added.

Shen told the conference how China's aid to Africa shot up over 60 percent from 2009 to 2011. The country helped build schools, a water supply system and clean energy projects to improve local people's livelihoods, and offered training to more than 20,000 African personnel.

Please contact us in case of Copyright Infringement of the photo sourced from the internet, we will remove it within 24 hours.