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China overseas investment to see "explosive growth"

(Xinhua)

08:06, July 27, 2012

BEIJING, July 26 (Xinhua) -- Overseas investment from Chinese companies will see "explosive growth" over the next decade, as the government has reaffirmed a strategy to encourage enterprises to invest overseas, experts said.

Two investment moves by major Chinese multinational companies drew international attention earlier this week.

China National Offshore Oil Corporation (CNOOC) said Monday that it has entered into an agreement to buy Canada's Nexen Inc. for 15.1 billion U.S. dollars.

Sinopec Group, the parent company of China's top oil refiner Sinopec Corp., announced the same day that it would buy a 49-percent stake in Talisman Energy's operations in the North Sea at a price of 1.5 billion U.S. dollars.

Zhang Yansheng, secretary-general of the Academic Committee of China's National Development and Reform Commission, said Thursday that the country's overseas investment surged 40.8 percent annually from 2006 to 2010, much higher than the 9.6-percent annual growth of foreign direct investment (FDI) registered during the same period.

Since 2000, China has implemented a national strategy that encourages Chinese companies to "go global," or invest overseas.

The strategy was reiterated in the country's official 12th Five-year Plan (2011-2015), which was endorsed by China's top legislature in March 2011.

"The scale of China's overseas direct investment would catch up with its FDI, or become even larger, on the back of the government's stance to step up implementing its go-global strategy," Zhang said.

Chinese enterprises will enter a stage of "global investment, production, sales and services" in the next five to 10 years, Zhang said.

In the 12th Five-year Plan, China has urged companies investing overseas to better carry out their social responsibilities and make greater contributions to the host countries' social development.

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