Ministry of Commerce: some overseas projects in China are not signed with the contract

Ministry of Commerce: the recent decline in contract volume of China's foreign contracted projects "Chinese enterprises in some overseas projects holding a contract not to sign" morning newspaper reporter Xiangxiaohui Foreign cooperation division business counselor Chen Lin yesterday in the country's new news conference to answer a reporter's question, admitted that in recent years, China's new contract contracts are falling.　　The Ministry of Commerce data shows that in the first three quarters of this year, China's outsourcing project business completed turnover of 59.32 billion U.S. dollars, year-on-year (compared to the same period) growth of 16.6%, the growth rate fell sharply; the new contract amounts to 81.98 billion U.S. dollars, down 6.5% year-on-year. Chen Lin explained that the new contract for outsourcing projects declined, an important reason is that many companies have expectations of appreciation of the renminbi. As the foreign contracted projects are settled in US dollars, the income of the enterprises will be reduced when the RMB appreciates.　　At present, enterprises in the external contract, has fully taken into account the factors.　　He also said that this year's global economic situation and the international market environment also have a great impact on the contracted engineering business. "The development of the economy is in waves and the contract amount of contracted projects is falling, we think it is normal."　　"The company is more concerned with risk avoidance," said Chen Jian, vice minister of Commerce, adding that this is related to the international market situation or to having a contract with some of our projects. Chen stressed that China's foreign investment is still in its infancy.　　At the end of 2009, China's foreign direct investment accounted for only 1.3% of the global stock, and the scale of investment was far from comparable with western developed countries. China's overseas mining investment is causing more and more international concern, how to face domestic enterprises in the same project to raise prices and other issues?　　Chen responded that co-ordination should be undertaken by industry chambers of Commerce, which is an enterprise's self-regulatory behavior.　　The vicious competition between Chinese mining companies is easing, Chen said. At present, mining investment accounted for nearly 24% of China's foreign investment.