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China's outbound direct investment in BRI economies reached 7.31 billion during the period. By the end of 2019, ODI stock was 9.47 billion, or 8.2 percent of China's total.
China's labor is becoming expensive too, and more skilled. So, China needs to move away from setting up industries that basically service imports from East Asia. Instead, China should set up industries that are indigenous and can use innovation to produce new products. The country is already doing this quite well. China has beaten the US in 5G, and leads in artificial intelligence.
China's mainland held about 1.36 million patents for invention by the end of 2017, meaning on average 9.8 patents for invention per 10,000 people, according to the State Intellectual Property Office (SIPO).
China's credit expansion aims to strengthen the real economy's growth in the coming months, accompanied by the fine-tuning of the central bank's monetary policy and the deepening of reforms to facilitate the deleveraging process.
China's mass innovation and entrepreneurship programs are aiding the development of Chinese private equity funds, said Guo Libo, research head of China-Venture Group, which produces research reports on venture capital and private equity.