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Editor’s note： Regular Press Conference of the Ministry of Commerce was held on April 19， 2016， during which the news spokesman Shen Danyang briefed the situation of the business performance in the first quarter of 2016 and in March. Part of it was selected here to share with the readers of China Textile.
Market performance
In the first quarter， the domestic consumer market sustained a steady opening in general. The retail sales of consumer goods reached RMB 7.8 trillion， going up 10.3% year on year， 0.3 percentage point slower than that of the same period last year and 0.1 percentage point faster than that in January-February. With the price factor excluded， the actual growth was 9.7%. In March， the retail sales of consumer goods amounted to RMB 2.51 trillion， going up 10.5% year on year. According to the monitoring of the Ministry of Commerce， the sales of the key retail enterprises were up 3.4% year on year， 1.2percentage points slower than that of the same period last year. The main features were as follows：
●Online sales enjoyed a high rate of growth. In the first quarter， the national online retail sale of commodities was RMB824.1 billion， going up 25.9%， accounting for 10.6% of the total retail sales of social consumer goods. The online sales of major retailers went up 25.2% year on year， 23.1， 19.4 and 18.7 percentage points higher than that of special stores， shopping malls and supermarkets respectively.
●Service consumption continued to take the lead. In the first quarter， the national catering revenue was up 11.3% year on year. Among these， the catering revenue of the enterprises above the designated size was up 6.7%， up 1.2 percentage points. The national film box office reached RMB 14.5 billion， going up 51% year on year， 10 percentage points higher than that of the same period of last year. People’s rising demands on sports and fitness have promoted the sales of sports and entertainment products by 7.0%， 2.2 percentage points higher year on year.
●Traffic consumption was accelerated. In the first quarter， affected by tariff reduction and demands of consumption upgrading， the sales of automobile constantly increased. The sales of national automobile grew up 6.0% year on year， 2 percentage points higher than that of the same period of last year. Among these， that of SUV grew up 51.2% and those of automobiles， oil and petroleum products of the enterprises above the designated size grew 7.7% and 0.4% respectively year on year， with 1.2 and 7.6 percentage points higher than those of the same period of last year. ●Consumer price continued to pick up. In the first quarter， CPI was up 2.1% year on year， 0.9 percentage points higher than that of the same period last year. According to the monitoring of the Ministry of Commerce， in the first quarter， the price of farm products in 36 large and medium size cities was up 7.9% year on year. Among these， affected by breeding term and abnormal climate， the prices of vegetable and pork went up 26.4% and 27.9% year on year.
Foreign Trade
According to the Customs statistics， China’s total import and export in the first quarter reached RMB 5.21 trillion， down 5.9% year on year （the same below）. In terms of US dollars， in the first quarter， China’s total import and export reached US$ 802.14 billion， down 11.3%. In March， China’s import and export was RMB 1.91 trillion， up 8.6%. Among these， the export hit RMB 1.05 trillion， up 18.7%； the import was RMB 0.86 trillion， down 1.7%； the trade surplus was RMB 194.6 billion， an increase of 12.2 folds year on year. In terms of US dollars， in March， China’s total import and export reached US$ 291.77 billion， up 2.0%. The foreign trade presented the following features：
●The export growth has stopped decreasing and began to pick up and the trade conditions improved. Against the constant downturn of global trade， in the first quarter， China’s export growth has continued its falling， but with the implementation of policies concerning steady growth of trade and structure adjustment， and the relatively low base over the same period of 2015， the export in March saw positive growth with 31.8 percentage points higher than the previous two months. Dragged by the low prices of the bulk commodity， the national imports sustained a negative growth but with less margin. In the first quarter， the average prices of export and import decreased 4.2% and 11.5% respectively and the trade conditions were further improved. With the price factor being excluded， the exports in the first quarter remained unchanged compared with last year and the imports grew by 3.7% year on year.
●The decrease of imports and exports to the developed economies is comparatively small， and the imports from the relevant countries along the “belt and road” sustained the growth. China’s imports and exports to Japan， EU and US decreased 1.3%， 1.6% and 4.9% respectively， and regarding export， with 4.6， 4.3 and 1 percentage points lower respectively. The imports and exports to South Africa， Brazil and ASEAN decreased 20.2%， 13.9% and 6.3% respectively， among these， China’s exports fell 25.4%， 44.1% and 8.5% respectively. China’s exports to some emerging markets grew rapidly. Its exports to relevant countries along the “belt and road” like Pakistan， Egypt， Russia， India grew 26.4%， 6.3%， 6.2% and 6.1% respectively. ●Percentage of the conventional trade improved， and the other trade sustained the growth. The imports and exports of the conventional trade registered RMB2.9134 trillion， falling 4.9%， taking up 55.9% of the total imports and exports， with 0.6 percentage point higher year on year. In March， the export of conventional trade grew 31%， pulling up the national exports by 14.8 percentage points. The imports and exports of other trade reached RMB763.2 billion， going up 3.3%， with positive growth for two quarters in a row. Among these， that in March grew 18.5%， with a contribution rate of 31.1% to the increase of national imports and exports. The imports and exports of the processing trade amounted to RMB1.5378 trillion， down 11.6% year on year， taking up 29.5% of the total value of national imports and exports.
●Exports of labor intensive products were better than the overall situation， and imports of some major bulk commodities increased. The export of seven kinds of labor intensive products reached RMB622.5 billion， down 1% year on year， with 3.2 percentage points lower than the overall. Among these， that in March grew 42%， pulling up 6.3 percentage points of the national exports growth. The export of mechanical and electrical products and that of high-tech products was RMB1.7377 trillion and RMB853 billion respectively， down 4.2% and 2.2% respectively year on year. The import volume of some major bulk commodities continued to increase but the price drop. Among these， the import volume of copper ore， copper products， natural gas and crude oil went up 34%， 30.1%， 22.4% and 13.4% respectively， with an increase of 12.9， 15.4， 16.4 and 4.6 percentage points compared with that in the 4th quarter of 2015. The import price of the above products went down 20.1%， 17.1%， 30.5% and 37.2% respectively， with a decrease of 6.2， 4.6， 2.4， and 7.4 percentage points compared with that in the 4th quarter of 2015.
●The vigor of private enterprises was further motivated and imports and exports of the state-owned and foreigninvested enterprises dropped. Imports and exports of private enterprises amounted to RMB2.0132 trillion， up 3.9% year on year. Among these， the exports and imports grew 2.4% and 7.3% respectively year on year， taking up 38.6% of the national total， with an increase of 3.6 percentage points year on year. The imports and exports of state-owned enterprises and foreign-invested enterprises reached RMB802.9 billion and RMB2.3983 trillion， down 16.9% and 9.1% respectively year on year. ●The decrease margin of eastern China was lower than the national， and the imports of central and western China increased. The imports and exports of eastern China reached RMB4.4252 trillion， down 5.1%， 0.8 percentage point lower than the national total. Among these， the exports of eastern China came to RMB2.511 trillion， down 2.1%， taking up 83.4% of the national imports and exports， 1.8 percentage points higher year on year. The imports and exports of central China and western China reached RMB367.5 billion and RMB421.8 billion respectively， down 11.5% and 8.8% respectively. Among these， the imports of western China grew up 2% year on year.
On Attraction of Foreign Investment
During the first quarter， foreign investment is mainly characterized by the following features：
Firstly， the overall foreign investment in the country continued to grow steadily. In the first quarter， we had 5，956 newly established foreign-invested enterprises， an increase of 1.6% over the last year； the actual use of foreign investment reached RMB224.21 billion （USD35.42 billion）， an increase of 4.5% on a year-on-year basis （excluding data in banking， securities and insurance sectors）. In March， we had 2，560 newly established foreign-invested enterprises all over the country， increasing by 26.1% on a year-on-year basis； the actual use of foreign investment reached RMB82.34 billion （USD12.9 billion）， going up by 7.8%.
Secondly， the high-tech service industry has achieved a higher increase and the manufacturing industry declines in terms of foreign investment attraction. In the first quarter， the manufacturing sector actually used RMB68.06 billion（USD10.71 billion） of foreign capital， a YoY drop of 1.6%， accounting for 30.4% in the country； the service sector actually used RMB154.38 billion （USD24.43 billion） of foreign capital， an increase of 7.6% when compared with last year， accounting for 68.8% in the country. Among them， the high-tech service industry actually used RMB25.52 billion （USD4.02 billion） of foreign capital， a YoY growth of 104.3%. In the high-tech service industry， the actual use of foreign capital of the digital content and related services and information technology services dramatically increased by respectively RMB6.35 billion （USD1.01 billion）， and RMB9.64 billion （USD1.51 billion）， a YoY increase of 241.7% and 208.2%.
Thirdly， the investment from major resources remains stable basically， and the US， EU， ASEAN and countries related to“the Belt and Road” increase their investment in China. In the first quarter， the top ten countries / regions have actually input RMB211.63 billion （USD33.44 billion） of foreign investment in total （based on the actual input of foreign capital）， accounting for 94.4% of the actual use of foreign investment in the country， or a YoY growth of 4.5%. Over the same period， ASEAN newly established 247 enterprises in China， a drop of 10.2% when compared with last year， actually investing RMB11.57 billion （USD1.81 billion）， an increase of 37% on a year-on-year basis. 28 EU countries newly established 388 enterprises in China， flat with the last year， actually investing RMB17.22 billion（USD2.73 billion）， an increase of 38% on a year-on-year basis. Countries related to“the Belt and Road” newly established 558 enterprises in China， a YoY increase of 21.6%， actually investing RMB11.77 billion （USD1.84 billion）， an increase of 10.9% on a year-on-year basis. In March， ASEAN newly established 101 enterprises in China， a YoY increase of 21.7%， actually investing RMB4.87 billion （USD0.76 billion）， increasing by 15% on a year-on-year basis. 28 EU countries newly established 166 enterprises in China， a YoY growth of 27.7%， actually investing RMB6.84 billion（USD1.08 billion）， going up by 63.8%. Countries related to "the Belt and Road" newly established 236 enterprises in China， a YoY increase of 60.5%， with actual investment of RMB4.97 billion （USD0.78 billion）， going up by 13.7%.
Fourthly， the western region increased its foreign investment significantly， and the Yangtze River Economic Belt region declined in terms of foreign investment attraction. In the first quarter， the eastern part actually used RMB188.33 billion（USD29.79 billion） of foreign investment， increasing by 2.8% on a year-on-year basis， accounting for 84% in the country； in terms of the central region， RMB 14.57 billion （USD 2.3 billion） was actually used， reducing by 11.3% on a year-on-year basis； and for the west region， RMB21.32 billion （USD3.33 billion） of foreign investment was actually used， a YoY increase of 42.5%， which was much higher than the national average.
Fifthly， the proportion of the actual use of foreign capital via foreign mergers and acquisitions continued to increase. In the first quarter， 320 foreign-invested enterprises were newly established by mergers and acquisitions， with the actual use of foreign investment reaching RMB50.83 billion （USD7.77 billion）， a YoY increase of 1.3% and 32.6% respectively. In the actual use of foreign investment， the proportion of mergers and acquisitions continued to rise from 17.9% of the same period in 2015 to 22.7%.
On Investment Abroad and Economic Cooperation
Outward foreign direct investment（OFDI）. In the first quarter， Chinese investors made non-financial direct investment in 2726 foreign enterprises from 149 countries and regions， with accumulated investment of RMB261.74 billion （USD40.09 billion， a YoY increase of 55.4%）. In March， the OFDI was RMB66.4 billion （USD10.17 billion， a YoY growth of 21.5%）. By the end of March， China’s non-financial foreign direct investment totaled RMB5.9 trillion（USD903.13 billion）.
According to the preliminary statistics， in the first quarter， Chinese com- panies carried out 142 overseas mergers and acquisitions projects， with the actual transaction amount of USD16.56 billion， overseas financing of which accounted for 34%， involving 15 industries in 36 countries （regions）. The Three Gorges Group acquired 30-year operating concessions project of Brazilian Juvia Hydropower Station and Ilya Hydropower Station by nearly USD3.7 billion， which was the largest overseas M&A project of Chinese enterprises in the first quarter. From the countries involved in M&A projects， Hong Kong， China got 35 projects， accounting for 24.6%； the US accounted for 21.1% by virtue of 30 projects. In terms of the industries concerned， the manufacturing industry got 27 projects， accounting for 19%； the information transmission， software and IT services industry， 22 projects， or 15.5%； and the business services industry， 19 projects， accounting for 13.4%. From the M&A subject， local enterprises accounted for 61.6% in the M&A funds. Foreign projects contracting. In the first quarter， sales turnover of China’s foreign contracted projects was RMB196.45 billion （USD30.09 billion）， a YoY drop of 5.3%， and the value of new contracts achieved RMB301.7 billion （USD46.21 billion）， a YoY increase of 1.4%； in March， the sales turnover was USD11.51 billion， going up by 5.7% on a year-onyear basis and the value of new contracts was USD14.67 billion， going down by 9.6% on a year-on-year basis.
The contract value of foreign projects contracting by the end of March was USD 1755.49 billion， with a turnover of USD 1220.14 billion.
Foreign Labor Services Cooperation. In the first quarter， China had sent 100，000 workers of all kinds for foreign labor services cooperation， a YoY decrease of 21，000 over the same period of last year， including 50，000 workers sent for contracted projects and 50，000 for labor service cooperation. In March， 41，000 labor service workers of all kinds had been sent， decreasing by 10，000 when compared with the same period of last year. At the end of March， there were 991，000 foreign labor service workers， an increase of 8，000 over last year.
As at the end of March， 8.11 million workers of all kinds have been sent for the business of foreign labor service cooperation.
Market performance
In the first quarter， the domestic consumer market sustained a steady opening in general. The retail sales of consumer goods reached RMB 7.8 trillion， going up 10.3% year on year， 0.3 percentage point slower than that of the same period last year and 0.1 percentage point faster than that in January-February. With the price factor excluded， the actual growth was 9.7%. In March， the retail sales of consumer goods amounted to RMB 2.51 trillion， going up 10.5% year on year. According to the monitoring of the Ministry of Commerce， the sales of the key retail enterprises were up 3.4% year on year， 1.2percentage points slower than that of the same period last year. The main features were as follows：
●Online sales enjoyed a high rate of growth. In the first quarter， the national online retail sale of commodities was RMB824.1 billion， going up 25.9%， accounting for 10.6% of the total retail sales of social consumer goods. The online sales of major retailers went up 25.2% year on year， 23.1， 19.4 and 18.7 percentage points higher than that of special stores， shopping malls and supermarkets respectively.
●Service consumption continued to take the lead. In the first quarter， the national catering revenue was up 11.3% year on year. Among these， the catering revenue of the enterprises above the designated size was up 6.7%， up 1.2 percentage points. The national film box office reached RMB 14.5 billion， going up 51% year on year， 10 percentage points higher than that of the same period of last year. People’s rising demands on sports and fitness have promoted the sales of sports and entertainment products by 7.0%， 2.2 percentage points higher year on year.
●Traffic consumption was accelerated. In the first quarter， affected by tariff reduction and demands of consumption upgrading， the sales of automobile constantly increased. The sales of national automobile grew up 6.0% year on year， 2 percentage points higher than that of the same period of last year. Among these， that of SUV grew up 51.2% and those of automobiles， oil and petroleum products of the enterprises above the designated size grew 7.7% and 0.4% respectively year on year， with 1.2 and 7.6 percentage points higher than those of the same period of last year. ●Consumer price continued to pick up. In the first quarter， CPI was up 2.1% year on year， 0.9 percentage points higher than that of the same period last year. According to the monitoring of the Ministry of Commerce， in the first quarter， the price of farm products in 36 large and medium size cities was up 7.9% year on year. Among these， affected by breeding term and abnormal climate， the prices of vegetable and pork went up 26.4% and 27.9% year on year.
Foreign Trade
According to the Customs statistics， China’s total import and export in the first quarter reached RMB 5.21 trillion， down 5.9% year on year （the same below）. In terms of US dollars， in the first quarter， China’s total import and export reached US$ 802.14 billion， down 11.3%. In March， China’s import and export was RMB 1.91 trillion， up 8.6%. Among these， the export hit RMB 1.05 trillion， up 18.7%； the import was RMB 0.86 trillion， down 1.7%； the trade surplus was RMB 194.6 billion， an increase of 12.2 folds year on year. In terms of US dollars， in March， China’s total import and export reached US$ 291.77 billion， up 2.0%. The foreign trade presented the following features：
●The export growth has stopped decreasing and began to pick up and the trade conditions improved. Against the constant downturn of global trade， in the first quarter， China’s export growth has continued its falling， but with the implementation of policies concerning steady growth of trade and structure adjustment， and the relatively low base over the same period of 2015， the export in March saw positive growth with 31.8 percentage points higher than the previous two months. Dragged by the low prices of the bulk commodity， the national imports sustained a negative growth but with less margin. In the first quarter， the average prices of export and import decreased 4.2% and 11.5% respectively and the trade conditions were further improved. With the price factor being excluded， the exports in the first quarter remained unchanged compared with last year and the imports grew by 3.7% year on year.
●The decrease of imports and exports to the developed economies is comparatively small， and the imports from the relevant countries along the “belt and road” sustained the growth. China’s imports and exports to Japan， EU and US decreased 1.3%， 1.6% and 4.9% respectively， and regarding export， with 4.6， 4.3 and 1 percentage points lower respectively. The imports and exports to South Africa， Brazil and ASEAN decreased 20.2%， 13.9% and 6.3% respectively， among these， China’s exports fell 25.4%， 44.1% and 8.5% respectively. China’s exports to some emerging markets grew rapidly. Its exports to relevant countries along the “belt and road” like Pakistan， Egypt， Russia， India grew 26.4%， 6.3%， 6.2% and 6.1% respectively. ●Percentage of the conventional trade improved， and the other trade sustained the growth. The imports and exports of the conventional trade registered RMB2.9134 trillion， falling 4.9%， taking up 55.9% of the total imports and exports， with 0.6 percentage point higher year on year. In March， the export of conventional trade grew 31%， pulling up the national exports by 14.8 percentage points. The imports and exports of other trade reached RMB763.2 billion， going up 3.3%， with positive growth for two quarters in a row. Among these， that in March grew 18.5%， with a contribution rate of 31.1% to the increase of national imports and exports. The imports and exports of the processing trade amounted to RMB1.5378 trillion， down 11.6% year on year， taking up 29.5% of the total value of national imports and exports.
●Exports of labor intensive products were better than the overall situation， and imports of some major bulk commodities increased. The export of seven kinds of labor intensive products reached RMB622.5 billion， down 1% year on year， with 3.2 percentage points lower than the overall. Among these， that in March grew 42%， pulling up 6.3 percentage points of the national exports growth. The export of mechanical and electrical products and that of high-tech products was RMB1.7377 trillion and RMB853 billion respectively， down 4.2% and 2.2% respectively year on year. The import volume of some major bulk commodities continued to increase but the price drop. Among these， the import volume of copper ore， copper products， natural gas and crude oil went up 34%， 30.1%， 22.4% and 13.4% respectively， with an increase of 12.9， 15.4， 16.4 and 4.6 percentage points compared with that in the 4th quarter of 2015. The import price of the above products went down 20.1%， 17.1%， 30.5% and 37.2% respectively， with a decrease of 6.2， 4.6， 2.4， and 7.4 percentage points compared with that in the 4th quarter of 2015.
●The vigor of private enterprises was further motivated and imports and exports of the state-owned and foreigninvested enterprises dropped. Imports and exports of private enterprises amounted to RMB2.0132 trillion， up 3.9% year on year. Among these， the exports and imports grew 2.4% and 7.3% respectively year on year， taking up 38.6% of the national total， with an increase of 3.6 percentage points year on year. The imports and exports of state-owned enterprises and foreign-invested enterprises reached RMB802.9 billion and RMB2.3983 trillion， down 16.9% and 9.1% respectively year on year. ●The decrease margin of eastern China was lower than the national， and the imports of central and western China increased. The imports and exports of eastern China reached RMB4.4252 trillion， down 5.1%， 0.8 percentage point lower than the national total. Among these， the exports of eastern China came to RMB2.511 trillion， down 2.1%， taking up 83.4% of the national imports and exports， 1.8 percentage points higher year on year. The imports and exports of central China and western China reached RMB367.5 billion and RMB421.8 billion respectively， down 11.5% and 8.8% respectively. Among these， the imports of western China grew up 2% year on year.
On Attraction of Foreign Investment
During the first quarter， foreign investment is mainly characterized by the following features：
Firstly， the overall foreign investment in the country continued to grow steadily. In the first quarter， we had 5，956 newly established foreign-invested enterprises， an increase of 1.6% over the last year； the actual use of foreign investment reached RMB224.21 billion （USD35.42 billion）， an increase of 4.5% on a year-on-year basis （excluding data in banking， securities and insurance sectors）. In March， we had 2，560 newly established foreign-invested enterprises all over the country， increasing by 26.1% on a year-on-year basis； the actual use of foreign investment reached RMB82.34 billion （USD12.9 billion）， going up by 7.8%.
Secondly， the high-tech service industry has achieved a higher increase and the manufacturing industry declines in terms of foreign investment attraction. In the first quarter， the manufacturing sector actually used RMB68.06 billion（USD10.71 billion） of foreign capital， a YoY drop of 1.6%， accounting for 30.4% in the country； the service sector actually used RMB154.38 billion （USD24.43 billion） of foreign capital， an increase of 7.6% when compared with last year， accounting for 68.8% in the country. Among them， the high-tech service industry actually used RMB25.52 billion （USD4.02 billion） of foreign capital， a YoY growth of 104.3%. In the high-tech service industry， the actual use of foreign capital of the digital content and related services and information technology services dramatically increased by respectively RMB6.35 billion （USD1.01 billion）， and RMB9.64 billion （USD1.51 billion）， a YoY increase of 241.7% and 208.2%.
Thirdly， the investment from major resources remains stable basically， and the US， EU， ASEAN and countries related to“the Belt and Road” increase their investment in China. In the first quarter， the top ten countries / regions have actually input RMB211.63 billion （USD33.44 billion） of foreign investment in total （based on the actual input of foreign capital）， accounting for 94.4% of the actual use of foreign investment in the country， or a YoY growth of 4.5%. Over the same period， ASEAN newly established 247 enterprises in China， a drop of 10.2% when compared with last year， actually investing RMB11.57 billion （USD1.81 billion）， an increase of 37% on a year-on-year basis. 28 EU countries newly established 388 enterprises in China， flat with the last year， actually investing RMB17.22 billion（USD2.73 billion）， an increase of 38% on a year-on-year basis. Countries related to“the Belt and Road” newly established 558 enterprises in China， a YoY increase of 21.6%， actually investing RMB11.77 billion （USD1.84 billion）， an increase of 10.9% on a year-on-year basis. In March， ASEAN newly established 101 enterprises in China， a YoY increase of 21.7%， actually investing RMB4.87 billion （USD0.76 billion）， increasing by 15% on a year-on-year basis. 28 EU countries newly established 166 enterprises in China， a YoY growth of 27.7%， actually investing RMB6.84 billion（USD1.08 billion）， going up by 63.8%. Countries related to "the Belt and Road" newly established 236 enterprises in China， a YoY increase of 60.5%， with actual investment of RMB4.97 billion （USD0.78 billion）， going up by 13.7%.
Fourthly， the western region increased its foreign investment significantly， and the Yangtze River Economic Belt region declined in terms of foreign investment attraction. In the first quarter， the eastern part actually used RMB188.33 billion（USD29.79 billion） of foreign investment， increasing by 2.8% on a year-on-year basis， accounting for 84% in the country； in terms of the central region， RMB 14.57 billion （USD 2.3 billion） was actually used， reducing by 11.3% on a year-on-year basis； and for the west region， RMB21.32 billion （USD3.33 billion） of foreign investment was actually used， a YoY increase of 42.5%， which was much higher than the national average.
Fifthly， the proportion of the actual use of foreign capital via foreign mergers and acquisitions continued to increase. In the first quarter， 320 foreign-invested enterprises were newly established by mergers and acquisitions， with the actual use of foreign investment reaching RMB50.83 billion （USD7.77 billion）， a YoY increase of 1.3% and 32.6% respectively. In the actual use of foreign investment， the proportion of mergers and acquisitions continued to rise from 17.9% of the same period in 2015 to 22.7%.
On Investment Abroad and Economic Cooperation
Outward foreign direct investment（OFDI）. In the first quarter， Chinese investors made non-financial direct investment in 2726 foreign enterprises from 149 countries and regions， with accumulated investment of RMB261.74 billion （USD40.09 billion， a YoY increase of 55.4%）. In March， the OFDI was RMB66.4 billion （USD10.17 billion， a YoY growth of 21.5%）. By the end of March， China’s non-financial foreign direct investment totaled RMB5.9 trillion（USD903.13 billion）.
According to the preliminary statistics， in the first quarter， Chinese com- panies carried out 142 overseas mergers and acquisitions projects， with the actual transaction amount of USD16.56 billion， overseas financing of which accounted for 34%， involving 15 industries in 36 countries （regions）. The Three Gorges Group acquired 30-year operating concessions project of Brazilian Juvia Hydropower Station and Ilya Hydropower Station by nearly USD3.7 billion， which was the largest overseas M&A project of Chinese enterprises in the first quarter. From the countries involved in M&A projects， Hong Kong， China got 35 projects， accounting for 24.6%； the US accounted for 21.1% by virtue of 30 projects. In terms of the industries concerned， the manufacturing industry got 27 projects， accounting for 19%； the information transmission， software and IT services industry， 22 projects， or 15.5%； and the business services industry， 19 projects， accounting for 13.4%. From the M&A subject， local enterprises accounted for 61.6% in the M&A funds. Foreign projects contracting. In the first quarter， sales turnover of China’s foreign contracted projects was RMB196.45 billion （USD30.09 billion）， a YoY drop of 5.3%， and the value of new contracts achieved RMB301.7 billion （USD46.21 billion）， a YoY increase of 1.4%； in March， the sales turnover was USD11.51 billion， going up by 5.7% on a year-onyear basis and the value of new contracts was USD14.67 billion， going down by 9.6% on a year-on-year basis.
The contract value of foreign projects contracting by the end of March was USD 1755.49 billion， with a turnover of USD 1220.14 billion.
Foreign Labor Services Cooperation. In the first quarter， China had sent 100，000 workers of all kinds for foreign labor services cooperation， a YoY decrease of 21，000 over the same period of last year， including 50，000 workers sent for contracted projects and 50，000 for labor service cooperation. In March， 41，000 labor service workers of all kinds had been sent， decreasing by 10，000 when compared with the same period of last year. At the end of March， there were 991，000 foreign labor service workers， an increase of 8，000 over last year.
As at the end of March， 8.11 million workers of all kinds have been sent for the business of foreign labor service cooperation.