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Chinese companies tap "Belt and Road" for global expansion

Xinhua, January 25, 2016 Adjust font size:

Companies in north China's Hebei Province have stepped up outbound investment in "Belt and Road" region over the past year, local government sources said Monday.

A total of 131 companies based in the province posted 3.06 billion U.S. dollars of investment overseas last year, up 80.8 percent from a year ago, according to the provincial commerce authorities.

Investment covered steel, cement, glass, thermal power and coal-fired power projects.

"Belt and Road"-related countries are hot choices of Hebei companies investing abroad.

In 2015, Hebei companies invested 497 million U.S. dollars in 39 projects in 18 countries along the "Belt and Road", namely

the Silk Road Economic Belt and the 21st Century Maritime Silk Road, with visions to connect Asian, European and African countries more closely and promote mutually beneficial cooperation.

Of the 497 million U.S. dollars, 232 million went to Russia and countries including Kyrgyzstan, Poland, Bangladesh, Thailand, Mongolia and Singapore each received more than 10 million.

The province also reported increasing mergers and acquisitions overseas, with 13 programs hammered last year, These programs covered manufacturing, resources, commercial service, wholesale and retail, agriculture and real estate.

The biggest deal was Hebei Iron and Steel Group's 480 million dollar investment to take a 51.4 percent stake in Swiss-based Duferco International Trading Holding. Endi