Chinese firms hire 1.5 million foreign staff overseas

BEIJING: Chinese businesses hired some 1.5 million foreigners overseas last year, the commerce minister said today.

Overseas Chinese enterprises recorded USD 1.5 trillion in sales volume last year, bringing in USD 40 billion of taxes to host countries, Commerce Minister Zhong Shan said on the sidelines of the annual parliamentary session.

Chinese enterprises hired some 1.5 million foreigners overseas in 2016, Zhong said.

China has always encouraged its enterprises to "go out," the minister said, adding that there are some "blind and irrational" outbound investments that require enhanced government regulation.

China's Outbound Direct Investment (ODI) has grown quickly in recent years, with non-financial ODI soaring 44.1 per cent to USD 170 billion in 2016, official data showed, state-run Xinhua news agency reported.