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China Reports Continued Growth of “Belt and Road” Projects

According to its state media People’s Daily, from January to July, China made 423.65 billion yuan (US$61.23 billion) in non-financial direct investments overseas, a year-over-year decrease of 2.1 percent. The value of newly signed foreign contracted projects was 855.67 billion yuan (US$123.66 billion), an increase of 4.3 percent. The completed business turnover was 491.26 billion yuan (US$71.0 billion), 10.5 percent lower than the same period last year. 159,000 workers were dispatched for foreign contracts. At the end of July, 644,000 Chinese workers were still abroad.

From January to July, China’s non-financial direct investment in “Belt and Road” countries totaled US$10.27 billion, a year-over-year increase of 28.9 percent, accounting for 17 percent of total outward investment in the same period. The contract value of newly signed projects in “Belt and Road” countries amounted to US$67.18 billion, and a completed turnover of US$40.43 billion.

Outward direct investment was sent mainly to leasing and business services, manufacturing, and wholesale and retail industries. Leasing and business services increased 18.1 percent and wholesale and retail investment 43.2 percent. The newly signed contracts in construction, petrochemical, and water conservancy construction projects have shown high growth.

Source: People’s Daily, August 21, 2020