No direct Chinese investments in Libya

Updated: 2011-08-25 17:52

By Hao Yan (

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Reports of China's losses in Libya are inaccurate, said Shen Danyang, spokesman of the Ministry of Commerce, on Wednesday. China does not have direct investments in Libya, only contract projects, he said.

"Any government in any county will consider the market demands and the economy benefits. Chinese enterprises have competitiveness around the world in trades and investments," said Shen when asked about the investment prospects of China's crude oil enterprises in Libya.

Shen expressed hope to see Libya return to a stable condition, and to further cooperate in business and trade with the country. China, along with the global community, will contribute actively to Libya's rehabilitation.

Earlier this year, Zhong Manying, director of the department of West Asia and Africa under the Ministry of Commerce, said 26 Chinese enterprises were involved in businesses in Libya. Their businesses, valuing more than $20 billion, were in property, railway, crude oil service, and telecommunication.