The country's outbound direct investment (ODI) surged in the second quarter amid an economic slowdown with Europe as the leading destination for Chinese investment, a report by a private equity fund showed Tuesday.
China's ODI accelerated by 67 percent from a year earlier to reach $24 billion in the second quarter of 2012, Beijing-based A Capital said in its quarterly report.
Europe is identified as the top destination for Chinese companies, with investment in Europe doubling in the second quarter from a year earlier to reach $5 billion.
"The strong acceleration of ODI occurs at a time of slowdown in China, showing the need to go up the value chain," the report said.
By sector, resources still dominated outbound investments, accounting for 53 percent of all deals in the quarter.
Industrial deals also increased in the period, accounting for 95 percent of all non-resources deals.
"We can see that Europe's economy is structurally complementary to the Chinese one, and this should increase even more with the Chinese rebalancing toward more consumption and sustainable development," Andre Loesekrug-Pietri, founder and CEO of A Capital, told the Global Times.
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