Overseas pastures look greener
By Feng Jianmin |
March 13, 2013, Wednesday
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Print Edition
Print Edition
CHINESE financial institutions invested more overseas last year than what foreign investors invested domestically, the foreign exchange watchdog said in a statement yesterday.
Net outbound investment made by Chinese banking, insurance and securities companies amounted to US$7.1 billion last year, while overseas enterprises invested a net US$5.1 billion in financial institutions on the mainland, the State Administration of Foreign Exchange said.
By the end of 2012, the total foreign direct investment in domestic financial institutions was US$81.2 billion, up 18.2 percent from the end of 2011. Domestic financial firms invested US$77.8 billion in outbound direct investment by the end of last year, a rise of 10.5 percent from 2011, SAFE said.
Stiff competition has forced domestic financial companies, especially banks, to expand more aggressively overseas.
Net outbound investment made by Chinese banking, insurance and securities companies amounted to US$7.1 billion last year, while overseas enterprises invested a net US$5.1 billion in financial institutions on the mainland, the State Administration of Foreign Exchange said.
By the end of 2012, the total foreign direct investment in domestic financial institutions was US$81.2 billion, up 18.2 percent from the end of 2011. Domestic financial firms invested US$77.8 billion in outbound direct investment by the end of last year, a rise of 10.5 percent from 2011, SAFE said.
Stiff competition has forced domestic financial companies, especially banks, to expand more aggressively overseas.
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