China's ODI drops 40.9% in Jan-Oct

BEIJING - China's non-financial outbound direct investment fell 40.9 percent year on year in the January-October period as authorities curbed irrational investment overseas, data showed Thursday.

Chinese investors spent a total of $86.3 billion on 5,410 enterprises from 160 countries and regions during the period, the Ministry of Commerce (MOC) said in a statement.

"Irrational outbound investment was further effectively contained," the statement said, while noting a slightly milder decrease of investment and a better industrial structure.

In the Jan.-Sept. period, ODI dropped 41.9 percent year on year.

Investment in the first 10 months mainly went to leasing and commercial services, manufacturing, wholesale and retail, and information technology sectors.

No new projects were reported in property, sport and entertainment.

China's ODI has seen rapid growth in recent years. However, noting an "irrational tendency" in outbound investment, Chinese authorities have set stricter rules and advised companies to make investment decisions more carefully since last year.