China's outbound direct investment grows steadily in first seven months of 2023

China's outbound direct investment (ODI) posted steady growth in the first seven months of this year, rising by 18.1 percent year on year to 500.9 billion yuan , said the Ministry of Commerce (MOC) at a regular press conference on Thursday.

In U.S. dollar terms, ODI during this period came in at $71.93 billion, reflecting a year-on-year surge of 10.6 percent, said Shu Jueting, spokesperson for the MOC.

From January to July, non-financial investment in countries along the Belt and Road reached $13.69 billion, up by 15.3 percent from a year ago and accounting for 19 percent of total ODI.

Turnover of contracted projects overseas expanded 6.3 percent year on year to 563.76 billion yuan ($77.79 billion); while contract value of newly-signed projects amounted to 746.36 billion yuan ($102.67 billion), up 0.6 percent compared with the same period last year. 

On potential impacts of the recent U.S. investment ban on China, Shu said the ministry is carrying out a comprehensive assessment. Discussions with relevant enterprises have already taken place.

Necessary countermeasures will be taken according to the results of the evaluation, said the MOC spokesperson.

The MOC also welcomed U.S. Commerce Secretary Gina Raimondo to visit China, noting that arrangements are still underway.

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