China's overseas investment to reach US$60 bln in 2010
(Xinhua)
Updated: 2006-09-09 16:01
United Nations Industrial Development Organization (UNIDO) Director-general,
Kandeh Yumkella, said China's overseas investments are likely to reach 60
billion US dollars by 2010.
China is turning from a world major
investment importer to a capital exporter, said the UN official at an ongoing
2006 International Investment Forum, which kicked off Friday in Xiamen, a
coastal city of Fujian Province in East China.
According to him, China's
foreign direct investment (FDI) mainly flows to Asian and African countries.
Qiu Xiaohua, director of the National Bureau of Statistics said at the forum
that China would try to reduce its foreign exchange reserves, which hit 941.1
billion US dollars at the end of June, to help ease the pressure on the
appreciation of the country's currency, the yuan.
This means that
Chinese enterprises will continue following the country's drive to pour their
funds into overseas investments in coming years.
China's FDI grew on
average 65.6 percent from 2000 to 2005, said Zhao Chuang, an official with the
Ministry of Commerce at the forum.
Umberto Vattani, chairman of the
Italian Foreign Trade Commission, told Xinhua that Italy could serve as a
springboard for China to open its investment door to European countries.
Vattani, 68, also noted however that Chinese enterprises have to solve lots
of problems regarding overseas investment. They lack of advantages compared with
their counterparts in developed countries, he said, without elaborating.
Qiu Xiaohua also urged Chinese enterprises to research and develop high-end
products and enhance competitiveness through independent innovation.
They must change the current situation of competing internationally via low
prices, he added.
Chinese Assistant Minister of Commerce Chen Jian said
here on Saturday that Chinese enterprises still have a long way to go to become
multinational corporations,
Chinese Vice Premier Wu Yi, who attended the
forum's opening, pledged on Friday that China would "resolutely" pursue the
opening-up strategy, look to enhance trade and economic cooperation with other
nations in a "mutually beneficial manner."
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