China Financial Daily

By the end of June, 2009, China’s foreign exchange reserves reached 2.1 trillion U.S. dollars
Ministry of Commerce: China’s foreign exchange reserves have more than 2.1 trillion U.S. dollars

September 9 news: On the “World Capital Forum”, the Assistant Minister of Commerce Wang Chao said that, as at the end of June this year, China’s foreign exchange reserves have more than 2.1 trillion U.S. dollars.

Wang Chao said at the forum, the adequate foreign exchange reserves are the solid foundation for Chinese enterprises’ “going out” . At present, the international financial crisis has led to fall in asset prices, lower costs of cross-border mergers and acquisitions and investments, which provided a better opportunity for Chinese enterprises carrying out foreign investment.

According to reports, from the first half of the situation, mergers and acquisitions to become a new bright spot in Chinese enterprises’ foreign investment, accounting for 35% of the total overseas investment. In addition, in order to cope with the international financial crisis, many countries have increased investment in infrastructure and public facilities, which enabled Chinese enterprises to get more foreign contracted projects and labor cooperation opportunities.

Wang Chao said that as to the next step, China would push forward trade and economic cooperation zones building, promote the engineering contract companies, business park development companies and manufacturing enterprises to “go out” and realize scale economy and industrial clustering effect. At the same time, China would strengthen the financial support to enterprises “going out” and broaden the channels for foreign investment.