China’s FDI expands 5.2% in July
Print Edition
CHINA’S foreign direct investment in July rose 5.2 percent year on year, accelerating from 0.7 percent in June, but slower than the 7.8 percent increase recorded in May, the Ministry of Commerce said yesterday.
Foreign investors channeled 50.5 billion yuan (US$7.9 billion) into the country last month, indicating a mild recovery after the sharp fluctuations in the first half of the year.
With the yuan’s devaluation, foreign investors might find China a better destination for investment, said Lian Ping, chief economist at the Bank of Communications.
China’s currency has slumped against the US dollar this week after the central bank devalued it on Tuesday as part of reforms intended to make the exchange rate system more market oriented.
Non-financial foreign investment in China last year rose 1.7 percent from 2013 to US$119.6 billion, as the country overtook the United States to become the world’s top destination for foreign investment.
However, China’s activity data for July showed renewed signs of economic weakness, with growth of industrial production, retail sales, fixed-asset investment and trade all moderating, which might put downward pressure on foreign investment, said Li Maoyu, an analyst at Changjiang Securities Co.
China’s gross domestic product rose 7 percent in the first six months of the year, in line with the government’s full-year target of about 7 percent.
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