China Economic Daily Brief - June 14, 2024

CNBF Daily Brief 22.2.2023

In China Business News by China Business ForumLeave a Comment

Outbound investment of Chinese companies grew steadily in 2022, with more than 70% maintaining or expanding investment abroad, according to the survey conducted by the China Council for the Promotion of International Trade. Over 80% of the surveyed firms are optimistic about the prospects of overseas investment.

The survey found that about 90% of the companies favor investment opportunities in member countries of the Regional Comprehensive Economic Partnership. In terms of industry, the manufacturing sector topped the surveyed companies' investment list, the report revealed.

Nearly 60% of the surveyed companies invested overseas to explore market opportunities. About 35.9% expanded abroad to reduce production and operation costs, and 32.9% to enhance international recognition of their brands, according to the survey.

China's southern metropolis of Shenzhen will build 10,000 5G base stations in 2023, according to an action plan issued by the municipal industry and information technology bureau. By the end of 2023, the 5G base stations will be distributed at a density of 42 per 10,000 people and 37 per square km in the city. Since 2019, Shenzhen has constructed over 65,000 5G base stations, with over 10 million 5G users.

As a frontrunner in China's high-tech industrial development, Shenzhen boasts a host of Chinese startups and tech heavyweights, including Huawei and Tencent.

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