China's outbound direct investments declined by two-fifths in the first half of the year to more "rational" levels, a senior official of the country's Ministry of Commerce said at a July 31 press briefing in Beijing.
From January to June, the country's outbound direct investments totaled 331.1 billion yuan, a 42.9% decline from the year-ago period, Qian Keming, vice minister of commerce said.
"Enterprises focused more on investing in the real economy," Qian said. "The decline of investments in overseas manufacturing industries was smaller than that in the real estate, culture, sports and entertainment sectors."
Previously at a July 13 press conference, the Ministry of Commerce said that outbound direct investments in manufacturing industries declined 18.3% year over year in the first half, while investments in overseas property markets, and in culture, sports and entertainment fell 82.1% and 82.5% respectively.
"Last year, some enterprises had problems in terms of irrational outbound investments," Qian added July 31.
"We have carried out a series of measures to guide enterprises to make rational outbound investments," Qian said, adding that the measures included examination of investments' authenticity and compliance. "We guided enterprises to investment in the real economy and less in the real estate market, hotels, studio complexes, the entertainment industry and sports clubs."
Meanwhile, the ministry said the yearly decline of investments in One Belt One Road initiative-related countries was 3.6% from January to June, much smaller than the overall decline.
As of July 31, US$1 was equivalent to 6.73 Chinese yuan.