|19 January, 2020

China's Belt and Road investments reach $12.8bln in first 11 months of 2019

New project contracts worth $127.7bln signed between January and November last year

Image used for illustrative purpose. A woman checks her mobile phone next to a poster promoting a project of the Belt and Road in Colombo, Sri Lanka at China International Fair for Trade in Services in Beijing, China, May 28, 2019. Image used for illustrative purpose.

Image used for illustrative purpose. A woman checks her mobile phone next to a poster promoting a project of the Belt and Road in Colombo, Sri Lanka at China International Fair for Trade in Services in Beijing, China, May 28, 2019. Image used for illustrative purpose.

REUTERS/Jason Lee

Belt and Road Initiative (BRI) investments by Chinese companies stood at $12.8 billion in the first 11 months of 2019, according to China's Commerce Ministry.

From January to November, investments by Chinese companies in non-financial sectors in the Belt and Road countries accounted for nearly 13 percent of the total amount, the ministry said in a statement posted on its website.

"Till now, Chinese enterprises made direct investment of over $100 billion in countries along the Belt and Road routes," the statement noted.

During the 11-month period, Chinese companies also signed new project contracts worth $127.7 billion in 61 countries along the BRI routes, the statement said, adding that project turnover stood at $74.6 billion.

In that same period, contracted projects worth $135 billion were completed overseas in transportation, construction, and power sectors, thus improving the "infrastructure conditions" and creating "770,000 local jobs" in the host countries, the ministry said.

It pointed out that overseas projects employed more than a million Chinese labourers and helped generate $12.7 billion worth of equipment and material exports from China.

(Writing by Anoop Menon; Editing by Seban Scaria)

(anoop.menon@refinitiv.com)

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