China overseas investment to hit US$1.25 trln in next decade: Xi Jinping

China’s investment abroad in the next 10 years is expected to reach US$1.25 trillion, President Xi Jinping said on Sunday, official Chinese news agency Xinhua reports. Mr Xi made the remarks while addressing the CEO Summit of the ongoing Asia-Pacific Economic Cooperation (APEC) meeting in Beijing.

In the next five years, China’s imports are forecast to exceed US$10 trillion, added the official.

In the first 10 months of 2014, China’s total exports and imports hit US$3.53 trillion, up 3.8 percent from a year earlier. The country’s exports rose 11.6 percent year-on-year to US$206.9 billion in October, customs data showed on Saturday. Imports in October stood at US$161.5 billion, up 4.6 percent from a year ago.

In his speech at the summit, Mr Xi said China would improve the process of China’s opening up to the world economy, ensuring greater market access, increasing openness in the services sector – including the capital market – and opening up more hinterland and border areas.

“China is committed to shaping an open economy in the Asia-Pacific featuring innovative development, interconnected growth and integrated interests,” Mr Xi was quoted saying.