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China's Overseas Investment Exceeds US$30 Billion

China's total overseas investment has so far exceeded 30 billion US dollars, covering over 160 countries and regions around the globe, said a Chinese commerce official in Beijing Wednesday.

Zhang Zhigang, vice minister of commerce, said at an international forum on "going global" of Chinese enterprises that China is still a developing country, the "going global" enterprises with comparatively small scale still lack experience of participating in international economic cooperation and relevant service systems for further management need improvement.

The quickened implementation of the "going global" strategy indicates that China is ready to further open to the outside worldand participate actively in the international economic cooperation,the vice minister said.

Zhang summed up some directions the Chinese enterprises would head in, saying China will increase overseas investment in a larger scale, add contracted overseas projects and strengthen cooperation with overseas enterprises in resources, agriculture, science and technology, labor and service.

China will also establish a new system of management and service in foreign economic cooperation, which involves fair legal environment, convenient policies and an efficient information system for foreign economic cooperation, Zhang said.

(People's Daily May 27, 2004)

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