China's overseas investment to hit $1.25 trillion in next decade

(Xinhua) Updated: 2014-11-09 11:47

BEIJING - China's investment abroad in the next 10 years is expected to reach $1.25 trillion, President Xi Jinping said on Sunday.

He made the remarks while addressing the CEO Summit of the ongoing Asia-Pacific Economic Cooperation (APEC) meetings.

Six of the top ten destinations of China's outbound investment from 2005 to June 2014 have been the APEC members, said Xi.

The country's investment overseas have totaled more than $200 billion in the nine and half years, added Xi.

In the next five years, China's import of goods is projected to exceed $10 trillion while the number of outbound Chinese tourists will surpass 500 million, added the top leader of the world's second largest economy.

In his speech at the summit, Xi reassured the world that China will advance opening-up at a higher standard.

Xi said that China will ensure greater market access, increase openness of the services sector including the capital market and open 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," he said.

Promoting innovative development, economic reform and growth is one of the topics that are prioritized at this year's APEC meetings.

"We will explore the management model of pre-establishment national treatment plus the negative list, which will help China blaze new trails and gain fresh experience in the process of comprehensively deepening reform and opening-up," Xi said.

He also said that the Free Trade Area of the Asia-Pacific (FTAAP) process will be launched this year and the Roadmap for APEC's Contribution to the Realization of an FTAAP will be formulated.