China to invest over $1.0tn abroad in next 5 years: Li
27 November 2015, Nirapad News: China is likely to invest over USD one trillion overseas and import USD 10 trillion commodities
over the next five years, Premier Li Keqiang has said as the world’s second largest economy looks to invest its record USD 3.50 trillion forex reserves abroad to utilise it to spur growth.
Although China’s economic growth has slowed, growth volume is increasing annually, Li spoke at an economic and trade forum of China and Central and Eastern European countries in Suzhou, Jiangsu province on Tuesday.
He said that as long as China’s annual economic growth remains above 6.5 per cent in the next few years, it can get close to the target of becoming a high-income country by 2020, official media here quoted him as saying.
This will provide more opportunities for the world,including Central and Eastern European countries, he said.
China is ramping up its strategy to halt the slowdown of its economy which is hovering around seven per cent.
In the last quarter it dipped below seven per cent to 6.9 per cent for the first time since 2009.
Analysts say that Li’s assertion about one trillion dollars overseas investment is a strong hint to make use of the huge foreign exchange reserves to get better returns.