New data released by the Xiamen Commerce Bureau shows that 93 outbound investment projects registered in Xiamen in the first ten months of 2015.
The projects accounted for $1.87 billion in contracted investment, 114.6 percent more than the same period last year. The ratio of outbound to inbound investment rose 12.9 percentage points from last year to 48.3 percent.
The increase in outbound investment in the city is thought to be down to the adoption of a national registration system and streamlined approval procedures.
In the same period, Chinese enterprises invested $580 million in 13 new overseas mergers, accounting for an annual increase of 363 percent, according to the data. Two of the new mergers involved investment in excess of $100 million. Additional Chinese investment in 34 overseas projects surpassed $ 10 million each.
The data revealed that five overseas projects involved investment from Chinese enterprises in excess of $10 million, resulting in a combined investment of over $1 billion.
The investment activities in the first ten months of the year demonstrated a diverse investment portfolio among Xiamen enterprises. While a key emphasis has been put on trade in the past, Xiamen's outbound investment occurred in five main areas of wholesaling and retailing, professional business services, education, manufacturing and agriculture, forestry and fishery, during the period. These five areas accounted for 94.5 percent of the total amount of outbound investment among Xiamen enterprises.
The data also revealed that nations along the Maritime Silk Road received investment from Xiamen enterprises in 15 additional projects during the period. This accounted for $360 million of investment, a sevenfold increase from the same period in 2014.
Overseas investment has become Xiamen's fastest growing sector and a major driver of the city's economic reforms. By October this year, Xiamen-based enterprises had invested in 739 projects in overseas markets, involving $5.86 billion in contracted investment. Among them, Chinese enterprises invested $4.95 billion in 60 nations and regions, bringing related commodity trade value to more than $3 billion and service trade value to $500 million.
The Xiamen government is currently exploring an innovative mechanism for individuals to invest overseas, relying on the free trade area established in the city. It also aims to develop a fund and a one-stop service platform to help Xiamen enterprises facilitate overseas investment. The construction machinery manufacturing, solar photovoltaic industry and modern service sector are set to benefit the most from the new measures.
Edited by Jacob Hooson
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