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[Yearly Overview XXI for Commerce Work in 2018] Outward Investment and Cooperation Develop Steadily, Orderly and Healthily, and Achieve Mutual Benefit and Win-Win

In 2018, MOFCOM followed the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, implemented the spirit of the 19th CPC National Congress, and the second and third plenary sessions of the 19th CPC Central Committee, upheld the general work tone of pursuing progress while ensuring stability, stuck to new development visions, focused on the Belt and Road construction, sought mutual benefit, win-win and common development, continuously strengthened planning and guidance, improved supervision and services, created sound environment and achieved positive results in all tasks of outward investment and cooperation.

First, we have promoted reform and innovation. We solidly pushed ahead the action plans on innovating outward investment and improving the comprehensive effects of foreign aid. We improved the bilateral investment and cooperation mechanism, signed 18 investment and cooperation agreements with relevant countries, and held bilateral investment and cooperation work group meetings with 16 countries. We steadily conducted third-party market cooperation with relevant countries, innovated the ways to implement foreign aid, and entrusted local and professional ministries and commissions with the task of organizing and implementing five foreign aid projects.

Second, we have strengthened institutional arrangements. We continued to work hard in reviewing the veracity and compliance of outward investment. We deepened the reforms to streamline administration, delegate powers, and improve regulation and services for foreign contracted projects and studied and established the management model of 鈥渇iling + negative list鈥 We revised the statistical system for outward direct investment, foreign contracted projects, and foreign labor cooperation, conducted research on foreign investment legislation and accelerated its process.

Third, we have strengthened normative management. We strengthened the management of outward investment filing and reporting management, took the lead in drafting and issuing the Interim Measures for Foreign Investment Filing (Approval) and Reporting, and accelerated establishing the management model of the unification and collection of information among departments, hierarchical and classified management, and joint punishment for violating regulations. We strengthened the compliance system of going global, and worked with relevant departments to formulate the Guide for the Compliance Management of Corporations鈥Overseas Operations. We fully implemented the oversight model of random inspection and public release and strengthened the supervision during and after the cases. We improved the internal control system of foreign aid project management institutions and established the verification system for materials of foreign aid projects.

Fourth, we have supported major diplomatic activities. During the Beijing Summit of the Forum on China-Africa Cooperation, we successfully held the Conference of Chinese and African Entrepreneurs. During the first China International Import Expo, we actively promoted and displayed the brands and images of Chinese enterprises' outward investment, launched customized trade promotion aid projects, and supported recipient countries to actively participate in the first China International Import Expo. We fully served the heads of state diplomacy, closely supported major foreign affairs and diplomatic events, successfully held the handover ceremonies of the Independent Avenue of Papua New Guinea and the Senegalese Arena with President Xi Jinping鈥檚 attendance, and actively implemented major foreign aid projects.

Fifth, we have strengthened service guarantees. We established the contact and service platforms for overseas enterprises and outward investment, and strengthened information reporting, contact and services and risk handling for key enterprises and major projects. We compiled and issued public service products such as the Statistical Bulletin of China鈥檚 Outward Direct Investment, Guide for Countries and Regions on Outward Investment and Cooperation, China鈥檚 Outward Investment Development Report, and Textbook Series of Multinational Operation and Management Talents Training. We improved the "going global" public service platform and organized several courses on the policies and businesses of outward investment and cooperation. We led the guidance and supervision work of security risk prevention and safety production of overseas enterprises, and issued nearly 100 pieces of safety warning information.

In 2018, facing the complicated and severe external environment and under the joint efforts of various departments and enterprises in various regions, China's outward investment and cooperation maintained a steady, orderly and healthy development, mainly showing the following characteristics.

First, outward investment developed steadily, orderly and healthily and its modes were continuously innovated. In 2018, China's outward direct investment in the whole industry was US$129.83 billion, 4.2% year on year. By the end of 2018, China鈥檚 outward direct investment stock reached US$1.94 trillion. Outward investment in the real economy such as manufacturing grew steadily, and irrational outward investment was continuously and effectively curbed. Outward investment and mergers and acquisitions of enterprises were active, reaching 405 projects and with an actual turnover of US$70.26 billion. At the same time, outward investment, such as physical investment, equity swap, joint investment, and integration of investment, construction and operation also showed good development trends.

Second, foreign contracted projects promoted local economic and social development, which was widely praised. In 2018, the turnover of foreign contracted projects reached US$169.04 billion, up 0.3% year on year and mainly was concentrated in transportation, general construction and power engineering construction industries, effectively improving the infrastructure conditions of host countries, creating 842,000 jobs and improving the livelihood of host countries. At the same time, foreign contracted projects played a significant role in driving the going global of equipment, technology, services and standards, driving the export of China鈥檚 equipment and materials by nearly US$17 billion, up 10.4% year on year.

Third, foreign labor cooperation facilitated poverty alleviation. By the end of 2018, there were 997,000 laborers of all kinds for overseas cooperation, an increase of 17,000 over that of the same period of the previous year. At present, there are 35,000 laborers in the poor areas. Foreign labor cooperation has played a positive role in promoting economic development in poverty-stricken areas and poverty alleviation.

Fourth, foreign aid projects were orderly implemented. We organized and implemented more than 2,000 foreign aid projects, and trained about 50,000 senior officials and technical talents for more than 160 countries, which further enhanced their ability to serve the strategies of their countries.

Fifth, we further deepened the investment and cooperation with countries along the 鈥淏elt and Road鈥routes. In 2018, Chinese enterprises made non-financial direct investment of US$15.64 billion in countries along the 鈥淏elt and Road鈥routes, up 8.9% year on year, accounting for 13% of the total of the same period. The turnover of foreign contracted projects in 63 countries along the 鈥淏elt and Road鈥routes was US$89.33 billion, accounting for 52% of the total of the same period. A number of major cooperation projects were implemented orderly, and the demonstration effect continued to increase.

In 2019, we will follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, revolve around the central work of the Party and country, innovate outward investment and cooperation modes, build Chinese investment brands, establish the image of Chinese investment, make new contributions to promoting the high-quality development of outward investment and cooperation and the opening up in all aspects and usher in the 70th anniversary of the founding of the People's Republic of China with outstanding achievements.

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