China's outbound direct investment (ODI) dropped sharply to 35.7 per cent year-on-year to USD 7.73 billion in January as the country clamped down on capital outflows amid steep decline of its foreign exchange reserves.
China's outbound direct investment (ODI) dropped sharply to 35.7 per cent year-on-year to USD 7.73 billion in January as the country clamped down on capital outflows amid steep decline of its foreign exchange reserves.
The Foreign direct investment (FDI) into China dropped 9.2 per cent year on year in last month to USD 12 billion.
China's non-financial outbound direct investment (ODI) dropped 35.7 per cent year on year to 53.27 billion yuan (USD 7.73 billion) in January this year, the Ministry of Commerce (MOC) said today.
Chinese companies invested in 983 overseas enterprises in 108 countries and regions in January. This is in contrast to last year when China stepped up ODI which had increased by 44.1 per cent year on year to USD 170.11 billion last year .
Chinese companies invested in 7,961 overseas enterprises in 164 countries and regions last year.
Chinese companies have especially paid attention to the real economy and emerging industries for outbound investment, Sun Jiwen, MOC spokesperson told media.
The drop in ODI came as China's forex reserves, the highest in the world, fell below USD three trillion for the first time in six years sparking concerns over their rapid decline.
Forex reserves stood at about USD 2.99 trillion last month, down from about USD 3.01 trillion in December last year and government has taken several measures to clamp down on capital outflows.
Much of the ODI investment went to the the Belt and Road Initiative (Silk Road). Also last month Foreign direct investment (FDI) into dropped 9.2 per cent year on year in last month.
FDI inflow stood at 80.1 billion yuan ( USD 12 billion) lower than 81.42 billion yuan in December 2016, the MOC said.
The drop was mainly due to high base figure in the same month of 2016, MOC spokesman said.
"Meanwhile, the Spring Festival holiday also led to the decline," Sun said.
Spring Festival, China's Lunar New Year, fell in January this year but was in February last year. Chinese people enjoy a seven-day holiday around the festival.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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