China reports robust growth in overseas investment in H1

BEIJING -- China reported steady growth in overseas investment in the first half (H1) of 2024, official data showed Thursday, indicating the country's broadened engagement in cooperation on the global market.

China's non-financial outbound direct investment (ODI) increased 16.6 percent year-on-year to $72.62 billion in the first six months of the year, data from the Ministry of Commerce showed.

That growth rate was higher than the 12.5 percent increase recorded in the first quarter.

During the first six months, cooperation under the China-proposed Belt and Road Initiative (BRI) framework gained steam as ODI in countries participating in the BRI surged 9.2 percent year-on-year to $15.46 billion.

The turnover of contracted overseas projects amounted to $72.25 billion, an increase of 2.2 percent, and the value of new contracts surged 22 percent to $115.5 billion.

To facilitate Chinese investment in foreign countries and regions, a regulation on the contracting of overseas projects was issued by the ministry and took effect on July 1 this year. It will streamline procedures for relevant businesses.