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FDI in China hits 31% growth

FOREIGN direct investment in China climbed at the fastest pace in 16 months in November, extending gains for the fourth straight month thanks to encouraging economic performance in the world's third-largest economy.

China's FDI expanded 31.97 percent from a year earlier to US$7.02 billion last month, and the number of new foreign-invested firms rose 9.97 percent to 2,437, the Ministry of Commerce said today.

It compared with an advance of 5.7 percent for China's FDI in October, although investment in the first 11 months still declined 9.86 percent on an annual basis.

"China's FDI has been in a stable process of recovery since August," said ministry spokesman Yao Jian. "Coastal provinces including Jiangsu, Guangdong and Liaoning are staging faster growth."

Yao also said surging investment from economies in the Association of Southeast Asian Nations, which soared 60 percent last month, has become a driving force to power China's FDI growth. It helped to counter declining investment from the United States and Europe, which both dropped 38 percent in November.

The ministry predicted China's FDI will expand steadily and may stay within US$7 billion to US$8 billion range in the next few months.


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