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China is fast approaching another watershed. Over the next three years, overseas investment by Chinese enterprises will overtake foreign direct investment into China. Last year the amount invested by Chinese companies abroad reached $77-billion, a 14 per cent increase on 2011 and equal to more than two thirds the amount of incoming spending by foreign companies. The volume of Chinese overseas spending is rising fast, according to A Capital, a Beijing private equity firm, which reckons that Chinese enterprises will spend another $800-billion making the People’s Republic a net global investor by 2016.