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Notes 1 Data about stocks and flows are provided by the Chinese Ministry of Commerce (MOFCOM).
These statistics underestimate the real value of investments because they did not include the financial sector up to 2006 and are based on the value arising from approval procedures rather than the effective value of bids (thus excluding non-approved investments and private transactions not formally recorded). In addition, these data do not take into account the investments channeled via offshore (such as Cayman and Virgin Islands) or financial centres (Hong Kong) and thus not officially recorded in Chinese balance-of-payments information.
Notwithstanding these limitations, MOFCOM data represent today the most up-to-date source of information on Chinese FDI, disaggregated by destination country and sector.
2 We checked for the existence of subsidiaries in other countries in the databases and in the Chinese websites of the parent companies.
3 For 22 companies, data on revenues and assets are available from the AIDA database and