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April foreign investments return to growth

By Wang Yanlin | May 16, 2014, Friday | Online Edition

China's foreign direct investment returned to growth in April, indicating continuing confidence among foreign investors even though China's economy underperformed in recent months, the Ministry of Commerce said today.

Foreign direct investment expanded 3.4 percent from a year earlier to US$8.7 billion last month, reversing the fall of 1.5 percent in March, which was the first drop in 14 months.

In the first four months, China attracted US$40.3 billion in foreign investment, up 5 percent year on year.

Shen Danyang, a spokesman at the ministry, said China's foreign direct investment is stable on the whole, and the latest report bolsters the notion that China remains an important destination for foreign investors.

China's stable economic and social status, great market potential, skilled human resources and strong supporting facilities have strengthened the country's competitiveness and made it a popular destination for foreign investment, Shen said.

As a sign of China's growing efforts to restructure the economy, foreign investment flowing into China's service sector gained 19.1 percent to US$22.5 billion in the first four months, comprising 55.8 percent of overall FDI during the period. In comparison, the manufacturing sector drew US$14.5 billion, down 11.4 percent on an annual basis.

Meanwhile, China's outbound direct investment fell 12.9 percent to US$25.6 billion in the first four months. The decrease was mainly due to the high comparative base last year when China completed several huge projects including China National Offshore Oil Corp spending US$14.8 billion on the purchase of Canadian Nexen Inc.

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