President Xi Jinping spent seven years of his youth in Liangjiahe. (Photo : Reuters)
Vice Minister of Commerce Zhong Shan announced on Friday that from being the third-largest foreign investor in the world, China is the next candidate to be the net capital exporter because the government expects the outbound investment to exceed foreign investment.
During a press conference on Jan. 9, Zhong stated that China's non-financial outward direct investment has already exceeded $100 billion, a year-on-year rise of 14.1 percent. The amount has reached $102.9 billion in 2014.
Zhong also said that "the outward investment will continue to grow faster than utilization of foreign investment, which will make China a net investor, thus marking a historic turning point."
Statistical data shows a 23.9-percent increase in China's United States investment and a 1.7-percent increase in the European Union.
Further data shows an investment growth of 27.1 percent in the services sector, representing 64.6 percent of the total investment. Meanwhile, data shows a decline of 4.1 percent in mining investment, accounting for declined share of 18.8 percent.
Zhong said that the government will launch a series of connectivity projects in order to support economic and trade cooperation zones. The country is set to increase investment in services and manufacturing sectors in line with the Belt and Road initiatives. And while at it, Zhong said that cooperation in terms of energy and resources will be amplified.
The Silk Road Economic Belt and the Maritime Silk Road initiative--otherwise known as Belt and Road Initiative--is an economic endeavor between China and countries in Central Asia to help boost trade and cooperation.
The economic program was spearheaded by Chinese President Xi Jinping with the purpose of regional economic integration, trade liberalization, and investment facilitation among participating countries.
