China overseas investment jumps in February on Dutch deal: govt

[BEIJING] China's overseas direct investment (ODI) surged in February as a state-owned oil company spent nearly US$3 billion on a Dutch acquisition, official data showed on Tuesday, while inbound investment slowed.

ODI jumped 68.2 per cent to US$7.25 billion, the commerce ministry said, while for the first two months of the year, it rose 51 per cent to US$17.4 billion.

Foreign direct investment (FDI) into China, meanwhile, rose 0.9 per cent year-on-year to US$8.56 billion, the ministry said. That marked a sharp slowdown from January's 29.4 per cent gain.

Both ODI and FDI exclude financial sectors.

China drew a total of US$119.6 billion worth of FDI in 2014, while ODI surged to US$102.9 billion, passing the US$100 billion for the first time as Chinese companies look for opportunities abroad while economic growth at home slows.

China has been actively acquiring foreign assets, particularly energy and resources, to power its economy, with firms encouraged to "go out" and make overseas acquisitions for market access and international experience.

AFP