(Yicai Global) May 23 -- Chinese companies have been taking on more international projects under the One Belt, One Road initiative, with transport, power and construction being some of the top areas for business growth.
The Annual Development Report on China's International Project Contracting 2016 to 2017, released by China International Contractors Association in Beijing yesterday, shows that such contracts turned over USD159.4 billion last year, up 3.5 percent on the year, state-owned news agency Xinhua reported. Of this, USD76 billion came from Belt and Road countries, 9.7 percent more than a year earlier. New contracts were worth USD244 billion, up 16.2 percent, with Belt and Road contracts making up USD126 billion, 36 percent more than a year earlier.
Railroad projects were the fastest growers, doubling business growth in 2016 from the year before while new contracts in electric power projects grew 54 percent, with construction of clean energy, such as wind and solar power, making significant improvement. Non-residential construction also witnessed rapid growth to beat out home building, with high-rise buildings being a big hit abroad.
The report says capacity cooperation and the Belt and Road will continue to be key growth points in industrial development, but increasing external competition is somewhat of a bottleneck for Chinese companies abroad, as well as decreased competitive advantages and insufficient capacity.