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Rising FDI indicates recovery

FOREIGN investment in China unexpectedly rose in August for the first time in 11 months, signaling that overseas investors think that the nation's slowdown has bottomed out and economic growth will accelerate.

Foreign direct investment expanded 7 percent from a year earlier to US$7.49 billion, the Ministry of Commerce said today.

Investment experienced a 35.7 percent slump in July when foreign investment totaled US$5.36 billion.

"It's surprising that FDI turned positive so soon," said Chen Lu, an analyst at Haitong Securities Co. "But we believe China remains an attractive destination for foreign investors because of its lucrative investment environment and steady economic growth."

China's economic performance in August beat expectations, laying the foundation for a strong recovery in the world's third-largest economy.

Industrial production rose 12.3 percent, its biggest jump in 12 months. Retail sales advanced 15.4 percent, and fixed-asset investment in the first eight months swelled 33 percent.



 

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