Business / Economy

Local companies beat central State-owned firms in ODIs

By Dai Tian ( Updated: 2015-09-17 13:57

Local companies beat central State-owned firms in ODIs

Outside the Waldorf Astoria, the landmark hotel, in New York. The property was sold to the Beijing-based Anbang Insurance Group for $1.95 billion. [Spencer Platt/Getty Images]

Local firms surpassed centrally-administered State-owned enterprises for the first time in outbound direct investments (ODI) in 2014, said a government official.

The non-financial ODIs made by local companies jumped 50.3 percent to $54.73 billion, accounting for 51.1 percent of the total, according to the 2014 Statistical Bulletin of China's Outward Foreign Direct Investment released on Thursday.

China has been ranked among world's top 10 origins of outward investments for the first time, with an aggregate ODI of 882.64 billion yuan by the end of last year, said Zhang Xiangchen, assistant minister of commerce, at a news conference.

"Outbound acquisitions and investments in manufacturing and agricultural sectors stood out in 2014," said Zhang. Though mining remained the number one field with most ODIs, the volume plunged 47.7 percent to $17.91 billion.

Countries and regions along the "One Belt One Road" saw $13.66 billion or 11.1 percent of China's direct investments last year, according to the data released.

Despite the recent turbulence in foreign exchange and stock markets, Chinese companies are expected to accelerate overseas investments this year, said consultancy firm EY in a latest report.

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