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China absorbs $74.7b in overseas investment in 2007

(Xinhua)
Updated: 2008-01-20 09:47

China absorbed $74.7 billion of overseas investment last year, official data released in Beijing on Saturday said.

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The country's trade volume jumped from $620.8 billion in 2002 to $2.17 trillion in 2007, official sources said at a national commerce work conference.

Custom tariffs hit 758.5 billion yuan ($104.5 billion) in 2007 compared with 259.1 billion yuan in 2002.

Foreign-funded enterprises paid 990 billion yuan in taxes last year, accounting for about 20 percent of national tax revenues.

China's overseas investment is expected to reach $20 billion in 2007, a seven-fold increase from $2.5 billion in 2002.

To date, the number of overseas Chinese-funded enterprises is about 120,000, double the 2002 number.