Pakistan researcher Shahzad Amir Naveed checks haloduric rice breeding in an experimental greenhouse in April 2019. China's Ministry of Science and Technology has sponsored young foreign professionals from BRI countries to travel to China for technology and cutlural exchange from 2013. Photo: cnsphoto

China's outbound foreign direct investment (OFDI) grew 16.3 percent year-on-year to reach $178.8 billion last year, ranking the third in the world for 10 consecutive years. 

Of the sum, investment going to countries along the Belt and Road Initiative (BRI) reached $24.15 billion in 2021, hitting a new record, according to a report jointly issued by China's Ministry of Commerce, National Bureau of Statistic and the State Administration of Foreign Exchange on Monday.

The report, titled 2021 China's OFDI Statistical Communiqué, showed that the accumulated volume of China's OFDI reached $2.79 trillion as of the end of 2021, ranking third globally. Also, the amount of China's OFDI basically equaled FDI inflow last year.

The numbers underscore China's role as a major source of global investment. 

A key takeout from the report is that China's investment in BRI countries continue expanding despite global uncertainties and coronavirus flare-ups. 

According to the report, as of the end of 2021, China has set up over 11,000 companies in countries along the BRI, accounting for 25 percent of the foreign enterprises that Chinese companies set up abroad. Direct investments in countries were $24.15 billion last year, accounting for 13.5 percent of China's total OFDI, while accumulated OFDI volume in countries reach $213.84 billion, making up 7.7 percent of the total.  

Investment also showed signs of structural improvement. Last year, about 80 percent of OFDI were channeling into such sectors as leasing and business services, wholesale and retail, manufacturing, finance and transportation, and each industry line saw investment exceeding $10 billion, the report noted.

China's OFDI also led to a mutually beneficial and win-win result with the recipient countries. According to the report, China's OFDI has facilitated $214.2 billion in cargo export and $128 billion in cargo import last year, up 23.3 percent and 44 percent year-on-year, respectively. It also generated 3.95 million jobs. 

In the first nine months of the year, foreign direct investment (FDI) into the Chinese mainland, in actual use terms, expanded 15.6 percent year-on-year to hit 1 trillion yuan, data from the Ministry of Commerce showed.

Global Times