(Xinhua)
Updated: 2008-05-12 07:42

BEIJING - Chinese companies' foreign direct investment expanded 353 percent in the first quarter compared with the same 2007 period as domestic firms sought out a more open global market.

The investment hit US$19.34 billion in the first three months, Vice Minister of Commerce Chen Jian said Sunday at a forum. The figure stood at US$18.76 billion for the whole last year.

China set forth the "going-beyond-the-border" strategy in 1999, encouraging domestic enterprises to invest and do businesses abroad.

To support the outbound investment momentum, the government also offered help, including scrapping unnecessary controls on foreign exchange reserves and simplifying administrative procedures.

More than 12,000 Chinese companies have established firms in about 172 countries and regions by the end of 2007. Foreign investments rose nearly sevenfold from 2002 to 2007.