Offshore investments top US$6 billion

The Ministry of Commerce said China's offshore investments exceeded US$6 billion and covered a gamut of activities, from import and export trade to shipping, resources, manufacturing, engineering and agricultural projects, as well as research and development. The ministry said that by yearend 2003, China had participated in 58 oil and gas projects abroad; other big overseas investments included 10 mining projects and 71 fishing ventures. An official said overseas investments had netted sales of US$5 billion to date. By the end of last year, the ministry had registered 500 new overseas processing enterprises in textiles, chemicals, pharmaceutical and other areas.