China's ODI reaches $47b for Jan-Nov

BEIJING, Dec. 16 -- China's overseas direct investment (ODI) in non-financial sectors in 122 countries and regions reached $47.56 billion in the first 11 months of this year, the Ministry of Commerce (MOC) announced Wednesday.

The investment covered 2,786 overseas enterprises for the period, said ministry spokesman Yao Jian at a press conference held in Beijing.

The country's non-financial ODI in the first 11 months was just under last year's total of $47.8 billion.

Yao said the investment mainly went to China's Hong Kong, and countries including Australia, the United States and Russia. The majority of the investment went into mining, manufacturing, transport and the services sector.

Yao also forecast the nation's total non-financial ODI would amount to $220 billion during the five years ending in 2010, which would make China the fifth largest investor around the world, up 13 places from its ranking five years ago.

Meanwhile, business volume in overseas-contracted projects during the first 11 months hit $74.25 billion, up 14.6 percent year-on-year, Yao said.

The value of new contracts signed during the period was also up 3.6 percent year-on-year to reach $110.3 billion, ending nine months of decline, Yao said.

In November alone, the value of new contracts signed reached $14.95 billion, up 90.6 percent compared to one year earlier, Yao said.