Companies in central China's Hunan province have stepped up outbound investment in "Belt and Road" region over the past year, according to the local government.
Under the circumstances of increasing downward pressure on the domestic economy and a decline in both imports and exports, enterprises in Hunan province saw their overseas investments in 2015 grow nearly 50 percent, showing a new supporting point for economic growth.
In recent years, enterprises in Hunan have quickened the pace to go global. Investment covered steel, cement, glass, paper-making, textile and garment and thermal power and coal-fired power projects. In 2015, Hunan approved 180 overseas enterprises established by the enterprises in the province, with the contract investments approaching 3.1 billion U.S. dollars, up 44 percent year on year.
To be specific, the Chinese contract investments on the overseas enterprises increased more than 53 percent year on year. For example, Sany Heavy Industry invested 170 million U.S. dollars to build a production base in Brazil.
At present, Sany has earned more than 10 billion yuan of sales revenue from the overseas markets. According to incomplete statistics, during the period from 2009 to 2014, Hunan saw the trade volume driven by the overseas investments exceed 5 billion U.S. dollars accumulatively, with an average growth rate of more than 40 percent.
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