Chinese ODI into Australia soared by 56% in 2016

~~IJING - China's outbound direct investment into Australia surged 56.1% year-on-year to US$3.68 billion in 2016, exceeding the growth rate of the country's overall ODI, China’s Ministry of Commerce said. The investment mainly flowed into real estate, leasing and commercial services and transportation, said Vice-Minister of Commerce Wang Shouwen.

China Daily reported that the growth rate of China's ODI in 2016 was 44.1%. Wang made the remarks at the first China-Australia Joint Commission on Commerce and Trade in Beijing, saying that in addition to investment levels, the two countries' trade structure had also been further optimised since signing of a free trade agreement two years ago.

"The FTA between China and Australia provides both sides with new mechanisms and platforms for economic and trade cooperation," the Minister added. Trade between the two countries amounted to RMB 712.38 billion (US$103.52 billion) in 2016, up 0.9% on a year-on-year basis, according to data from the General Administration of Customs.  www.webershandwick.cn (ATI).