China’s non-financial outbound direct investment reached 343.47 billion yuan ($47.41 billion) in the first four months of 2024, representing an 18.7 percent increase compared to the same period last year.
According to data released by China’s Ministry of Commerce, investment by Chinese companies in countries and regions involved in the Belt and Road Initiative saw a significant surge, rising by 20.4 percent year-on-year to 77.77 billion yuan.
Additionally, the turnover of contracted projects undertaken by Chinese businesses overseas grew by 8.8 percent year-on-year, reaching 313.42 billion yuan between January and April. The contract value of newly-signed projects also increased, growing by 9.3 percent to 444.39 billion yuan.
Uneven economic recovery reflected in fiscal data
China’s fiscal revenue declined by 2.7 percent in the first four months of 2024 compared to the previous year, following a 2.3 percent drop in the January-March period. This further indicates an uneven economic recovery.
In contrast, fiscal expenditure rose by 3.5 percent in the first four months, compared to a 2.9 percent gain in the first quarter.
For April alone, fiscal revenue fell by 3.7 percent against a 2.4 percent decline in March, while fiscal spending increased by 6.1 percent, in contrast with the 2.9 percent decline seen in March.
The Ministry of Finance noted that, excluding factors such as last year’s high base and tax cut policies, fiscal revenue in the first four months actually grew by 2 percent.
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