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Figures showing sharp FDI slowdown due to high comparative base in 2012
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CHINA'S foreign direct investment growth slowed sharply in August, the Ministry of Commerce said this morning, attributing it to a high comparative base last year.
Inbound foreign direct investment expanded 0.62 percent from a year earlier to US$8.37 billion last month, moderating from the jump of 24.1 percent in July.
Commerce Ministry Spokesman Shen Danyang said a high comparative base was the main reason for the steep moderation.
The official data showed that China attracted US$8.36 billion of foreign investment in August 2012, US$780 million more than in July of 2012.
"China's foreign investment has maintained a positive growth for a seventh straight month by August, indicating global investors' confidence in China's economy and its outlook," Shen said.
"Against the background of an international economic slowdown, it is an achievement for China to sustain such a growth momentum," Shen said.
He expected China can attract more foreign investment this year than last year's US$111.7 billion, with stable growth in the following four months.
Foreign direct investment stood at US$79.7 billion in the January-August period, up 6.37 percent on an annual basis.
Meanwhile, China's outbound direct investment surged 18.5 percent to US$56.5 billion in the first eight months, indicating Chinese investors' strong enthusiasm of globalizing their businesses, the ministry said.
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