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China Jan FDI grows fastest in 4 years
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CHINA'S foreign direct investment grew at the fastest pace in nearly four years in January despite the country's weak economic performance at the start of the year, according to the Ministry of Commerce today.
Foreign investors channeled US$13.9 billion into the country last month, up 29.4 percent from a year earlier. The growth pace accelerated from the increase of 10.3 percent in December of last year.
Shen Danyang, a spokesman at the ministry, said China remained an attractive place for foreign investors due to its massive market potential, good infrastructure construction and the continuous improvement of business environment.
"China has been sticking to the policy of opening up the market to all investors, and has strengthened its efforts to protect the legal rights of foreign companies in the past year...that's also part of the reasons behind the fast growth," Shen said.
In 2014, China absorbed altogether US$119.6 billion in non-financial foreign investment, up 1.7 percent year on year. It helped China surpass the United States to become the world's top destination for foreign investment.
The growth gathered sudden momentum at the end of last year after China hosted the APEC meeting in Beijing, during which China pushed forward its strategy of reviving the ancient Silk Road and constructing a maritime Silk Road.
Shen said the global competition for foreign investment may heat up this year against the background of an economic slowdown in China and when all countries vie for more funds to bolster their economic performance.
"It is hard to say whether China can retain the top position this year, but we expect the growth to stay stable as the fundamentals will remain the same," Shen said.
In January, foreign investment in services led the growth by surging 45.1 percent year on year to US$9.1 billion, representing 66 percent of the total. Investment in manufacturing also rose 13.9 percent to US$3.9 billion, or 28.4 percent in the basket.
Meanwhile, China's outbound direct investment increased 40.6 percent year on year to US$10.1 billion in January, picking up from the pace of 31.8 percent a month earlier.
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