China's 2006-2010 ODI totaled $216.6b: MOC

Updated: 2010-12-25 09:33
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BEIJING - China's outbound overseas direct investment (ODI) to non-financial sectors totaled $216.6 billion in the 2006-2010 period, exceeding the government's target 3.6 times, the Minister of Commerce (MOC) Chen Deming said Friday.

The annual growth rate was 38.8 percent during the period, taking China to fifth place in global ranking from 18th place at the end of China's 10th Five-Year Plan (2001-2005) period, Chen said while addressing a national business work conference.

Enterprises in the eastern provinces of Guangdong, Jiangsu, Zhejiang and Shandong were more aware of gaining technology, branding and marketing networks through merger and acquisition in the 2006-2010 period, Chen said.

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Chen said in 2011 the ministry will introduce more measures, including by working with relevant departments to promote the construction of overseas business cooperation zones, to enlarge the scale of cooperation.

MOC figures show that ODI into non-financial sectors rose 10 percent year-on-year to $47.56 billion in the first 11 months of the year.

Of the total, ODI for acquisitions accounted for $17.5 billion, or 36.8 percent.