Wednesday, November 17, 2010
Beijing is encouraging Chinese firms to heavily invest in electricity, coal and gas-oil projects in Indonesia. CNOOC, China’s major offshore oil producer, has reported that its investment in the country will exceed $5.6 billion by 2011. In 2009, Chinese direct investment grew by 29 percent.
On the eve of Obama’s visit, a Chinese delegation led by National People’s Congress head Wu Bangguo pledged a further $6.6 billion of investments in infrastructure and development projects, outdoing the US financial commitments by a factor of 20-to-1.