Chinese companies invested 3.62 billion US dollars in non-financial sectors overseas in 2004, an increase of 27 percent year-on-year

Chinese companies invested 3.62 billion US dollars in non-financial sectors overseas in 2004, an increase of 27 percent year-on-year, the Ministry of Commerce said Monday. Up to the end of last year, China's direct investment overseas reached 37 billion US dollars. Last year, according to the ministry, nearly half of Chinese investment went to Latin America and some 40 percent to the other parts of Asia, mainly in the fields of mining, commercial service, manufacturing, wholesale and retail sales. Chinese companies that were engaged in engineering projects overseas reported a business turnover of 17.5 billion US dollars last year, up 26 percent year-on-year. They also signed new contracts worth 23.8 billion US dollars, according to the ministry. So far, China has dispatched 3.2 million individuals overseas under labor service contracts and earned 30.8 billion US dollars.