The second China Overseas Investment Fair (COIFair 2010), organized by the China Industrial Overseas Investment and Planning Association and China Development Bank, opened Tuesday in Beijing at which Zhang Xiaoqiang, vice chairman of the National Development and Reform Commission (NDRC), delivered a keynote speech.

According to Zhang, 10 years after the country launched the strategy, " Chinese companies competing overseas," foreign investment in the country skyrocketed. By the end of 2009, more than 12,000 Chinese firms had set up over 13,000 overseas enterprises in 170 countries and regions.

In 2009, although global investments world-wide dropped over 40 percent, investments made by Chinese enterprises -not included in the financial sector- rose about 14.2 percent year-on-year to $47.8 billion.

During the first three quarters of the year, Chinese investors invested in 2,246 overseas companies in 118 countries.

However despite the investments by private enterprises having grown considerably, the biggest bite is still slashed by the State-owned entourage.

Last but not least, Chinese enterprises have been playing an important role in various overseas sectors, creating jobs and boosting development in some developing countries.

Zhang also added that the Chinese government should step up efforts in building bilateral as well as multilateral cooperation mechanisms, improving the laws, rules and systems for foreign investment; enhancing service systems to encourage Chinese companies to have a try out in the foreign battlefield.

Thousands of distinguished guests from more than 120 countries gathered in Beijing to take part in the fair, including senior officials from domestic and overseas governments and international organizations, entrepreneurs and scholars. The participators launched varied investment promotion campaigns in attempts to push closer Chinese companies interested in cooperation.