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December 16, 2016

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FDI slows but ODI up in 1st 11 months

Source: Xinhua | December 16, 2016, Friday | Print Edition

FOREIGN direct investment in the Chinese mainland slowed in the first 11 months, while outbound direct investment increased, official data showed yesterday.

FDI rose 3.9 percent year on year to 731.8 billion yuan (US$113.79 billion) during the January-November period, slightly down from the 4.2 percent gain posted for the first 10 months, the Ministry of Commerce said at a press conference.

Foreign investment in the service industry continued to grow strongly, rising 8 percent year on year to 513.3 billion yuan. FDI in high-tech services nearly doubled from a year earlier to reach 88.14 billion yuan.

In the first 11 months, FDI from the US surged 55.4 percent, while that from the European Union added 43.9 percent.

To attract more foreign investment, Chinese authorities are considering revising the country’s guidance measures for entry to the market, cutting the number of restrictive measures to 62 from 93.

The country’s top economic planner, the National Development and Reform Commission, last week published a revision draft on its website to seek public opinion on the changes.

Yesterday’s data also showed China’s non-financial ODI soared 55.3 percent year on year to US$161.7 billion in the January-November period.

In November alone, ODI jumped 76.5 percent to US$15.74 billion.

The strong momentum has raised concerns about capital outflows at a time when the yuan is under depreciation pressure.

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