China's outbound investment to equal inbound investment   

中国将迎来双向投资首次平衡

(ECNS) - China is expected for the first time to achieve a balance between outbound direct investment (ODI) and inbound foreign direct investment (FDI), a senior official said on Monday.

Tang Wenhong, chief of the foreign investment administration under the Ministry of Commerce, said China has attracted foreign investment totaling $120 billion in 2014.

The use of foreign investment rose 0.7 percent year on year to $106 billion from January to November, Tang said.

He also said that 55 percent of the foreign investment has gone to the service industry. In terms of geography, the actual use of foreign investment in central China areas grew by 10 percent, accounting for 10 percent of the total amount.

Tang said China remains an attractive destination for international investment due to comprehensive advantages in its legal system, business environment, labor quality, and auxiliary industries.

The ministry will improve the investment environment and create a fair, transparent, and predictable business environment to attract inbound investment, he said.

Foreign companies will also be encouraged to participate in the reform of State-owned enterprises to mixed-ownership enterprises, the official added.

The State Council, China's cabinet, released in November a much shorter list of ODI projects requiring government approval to encourage enterprises to enter the international market.

China's ODI by non-financial firms rose 17.8 percent from a year ago in the first ten months to $81.9 billion, while FDI in the Chinese mainland was $95.9 billion.

China will soon become a net capital exporter with ODI growth over 10 percent for the next five years, according to Zhang Xiangchen, assistant minister of commerce.