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![UK Prime Minister David Cameron with Geely Chairman Li Shufu. The maker of London’s iconic black taxis has been saved from closure after Chinese car maker Geely bought out the company for $17.2 million [Xinhua]](http://thebricspost.com/wp-content/uploads/2015/01/AN33191081Prime-Minister-Da.jpg)
UK Prime Minister David Cameron with Geely Chairman Li Shufu. The maker of London’s iconic black taxis has been saved from closure after Chinese car maker Geely bought out the company for $17.2 million [Xinhua]
This is a 14.1 per cent rise from the previous year and much better than the 1.7 per cent gain recorded in foreign direct investment in China, which was $119.6 billion.
The data revealed on Friday did not cover investment in the financial sector.
China’s investment in the European Union in 2014 was 1.7 times that of 2013 and investment in the United States rose 23.9 per cent last year, Zhong said.
“Judging from the current speed, China will soon become a net outbound investor, which will be a historic turning point,” Zhong said at a news briefing. Beijing’s new thrust on encouraging Chinese firms to shift investment and operations in foreign countries has gained ground.
“Based on the current trend, China’s outbound investment will keep growing faster than inbound investment, leaving China to soon become a net outbound investment country,” Zhong added.
The Chinese government will increase financial support for Chinese companies investing and operating overseas, or “going global”, an official statement by China’s Cabinet said last month.
Overseas investment is predicted to grow by an annual rate of 17 per cent during the 2011-2015 period, according to earlier projections from the ministry.
China’s total investment in overseas non-financial sectors came in at $90.17 billion in 2013, while total inbound investment reached $117.59 billion.
China has announced a $40 billion fund for investing in infrastructure, resources and industrial and financial cooperation to resurrect the old Silk Road trading route that once connected China and Europe.
Zhong said on Friday the ministry will focus on integrating the Silk Road Economic Belt and the 21st Century Maritime Silk Road, to actively expand investment in related regions.
TBP and Agencies
