China's outbound direct investment surges

Beijing: China's outbound direct investment (ODI) in non-financial sectors surged 25.8 percent year on year to $58.17 billion during the first 10 months of 2012, according to figures released by the commerce ministry Tuesday.

The increase was slower than the 28.9-percent expansion seen in the January-September period, as the country's economy slowed due to flagging property investment and exports, commerce ministry spokesman Shen Danyang told a press conference.

The member countries of the Association of Southeast Asian Nations (ASEAN), the US, Russia and Japan saw double-digit growth in ODI from China.

However, China's ODI in the European Union fell 20.9 percent year on year to $1.58 billion during the January-October period. The country's investment in Australia also dropped 28.7 percent to $1.36 billion, Shen said.

IANS