BEIJING, May 9 (Xinhua) -- China's industry-wide outward direct investment surged in the first quarter of 2023 compared with the same period last year, with Chinese enterprises topping the list in terms of both value and volume of announced deals in Asia, according to an overview of China's outbound investment of Q1 2023 released by global consulting firm Ernst & Young (EY) on Tuesday.
The top three sectors for Chinese overseas investment in the first quarter of 2023 by deal value were advanced manufacturing & mobility, real estate, hospitality & construction, and TMT (technology, media & entertainment and telecommunication), accounting for 73 percent of the total deal value, the report said.
The top three sectors by deal volume were TMT, advanced manufacturing& mobility, and financial services, accounting for 61 percent of the total. Among them, the deal volume in TMT sector increased 34 percent year on year.
According to the report, the deal value and volume announced by Chinese enterprises both ranked first in Asia, with the deal value reaching 1.01 billion U.S. dollars.
With the steady economic development of China in Q1 and the promotion of high-level opening-up, the momentum of China's outbound investment is expected to further increase, according to EY.
(Edited by Gao Jingyan with Xinhua Silk Road, gaojingyan@xinhua.org)
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