China established 44,000 companies abroad in 2019

ANKARA

Chinese investors in 2019 established about 44,000 enterprises in over 80% of countries and regions across the world, state-run media said on Wednesday.

According to Global Times, the country's outbound foreign direct investment (ODI) totaled $136.9 billion in 2019, down 4.3% from the previous year, but Beijing still remained second in the world in term of foreign investment after Japan.

By the end of last year, China's cumulative ODI had reached $2.2 trillion, third in the world following the US and the Netherlands, the daily said, citing Commerce Ministry, National Bureau of Statistics, and State Administration of Foreign Exchange data.

Chinese investment, covering 188 countries and region around the world along with the Belt and Road Initiative (BRI), also saw steady growth last year, and the country's total investment in the BRI between 2013 to 2019 stands at $117.3 billion, according to official data.

China’s Belt and Road Initiative (BRI) is an ambitious program to connect Asia with Africa and Europe via land and maritime networks along six corridors with the aim of improving regional integration, boosting trade, and stimulating economic growth.

The BRI’s geographical scope covers over 70 countries, accounting for about 65% of the world’s population and around one-third of the world’s Gross Domestic Product (GDP).

According to data, Chinese direct investment made contributions to the host countries and companies not only by hiring 2.27 million foreign employees but also paying $56 billion in taxes to the countries and region where they are operating.

*Writing by Islamuddin Sajid