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Economy

China surges to world's No. 2 overseas investor

$183bn spending spree in 2016, up 44%, puts country behind only US, says UN

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China's Anbang Insurance Group snapped up an estimated $6 billion in overseas assets in 2016.   © Reuters

TOKYO -- An overseas acquisition binge propelled China to the No. 2 spot in outbound investment in 2016, according to a United Nations report published Thursday.

The country's foreign direct investment soared 44% last year to a record $183 billion, second only to the $299 billion spent by the U.S., according to the U.N. Conference on Trade and Development. China moved up from fifth place in 2015 to reach its highest spot ever.

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