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Investment on target to balance out 'in 5 years'

By WEI TIAN and LI JIABAO (China Daily)

08:22, November 29, 2012

Outbound set to match incoming, minister says

China's international investment may match global investment here in five years, Commerce Minister Chen Deming said on Wednesday.

China's outbound direct investment this year will pass last year's to hit $70 billion and is set to increase in 2013, Chen said at a financial forum in Beijing.

"Maybe in the next five to 10 years, China's outbound investment and investment by international capital in China will balance," Chen said.

China's non-financial ODI was $58.1 billion in the 10 months to October, up 26 percent on the same period last year, according to the minister.

Foreign investment in China amounted to $91.7 billion for the same time frame. While this marked a 3.5 percent year-on-year drop, the top spot as the leading FDI destination had already been claimed from the United States.

"An increase in overseas investment by Chinese companies is an inevitable trend," Chen said.

"With foreign reserves of $3 trillion in hand, we will not sit back and watch the assets depreciate with the third round of quantitative easing. We must inject it into the real economy and make our contribution to global prosperity," he said.

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