China outbound investment plunges
China's direct overseas investment plummeted 35.7 percent year-on-year in January, official data showed Thursday, after officials rolled out rules to curb a record-setting spree of foreign acquisitions by Chinese firms.
The country's firms invested 53.3 billion yuan ($7.7 billion) abroad in January, Ministry of Commerce spokesman Sun Jiwen said in a statement posted on its website. Foreign direct investment into China also fell 9.2 percent on-year in the month, he said.
The government last year blasted "irrational" spending and began introducing tightened restrictions on overseas spending amid concerns over capital flight, reckless investment, slowing domestic economic growth and a weakening yuan currency.
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