Guangzhou companies invested a total of $3.25 billion abroad last year, a sharp increase of 62.34% year-0n-year. Local companies have expanded their investment from Hong Kong and ASEAN countries to Europe and North America, competing with well-established companies from developed countries. On January 28, the Guangzhou Municipal Bureau of Foreign Trade and Economic Cooperation released the statistics on outward investment last year.
The statistics show that last year, Guangzhou companies launched 174 overseas investment projects, worth $3.25 billion, an increase of 62.34% year-on-year. Of this amount, $3.104 billion was from Chinese investors, a surge of 70.74% year-on-year. On the international economic cooperation front, Guangzhou companies secured new construction and labor service contracts worth $629 million, an increase of 22.37%. They reported an annual turnover of $571 million, up 55.71%. A total of 15,292 laborers were sent abroad, up 35.54%. At the end of last year, 24,368 were working abroad, an increase of 46.65%.
Guangzhou has seen fast growing outward investment in recent years. The total amount of outward investment by local companies have surged from $7.22 million in 2002 to $3.25 billion in 2014, averaging an annual growth of over 60%.