Fall in FDI sends index down
By Ye Zhen |
January 17, 2013, Thursday
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Print Edition
Print Edition
SHANGHAI stocks fell yesterday after two days of gains as data showed foreign direct investment in China shrank for seven months in a row in December.
The Shanghai Composite Index shed 0.7 percent to close at 2,309.5 points.
China's FDI fell 4.5 percent year on year to US$11.7 billion last month, the Ministry of Commerce said. For 2012, China drew US$111.7 billion in FDI, below the target of US$120 billion. The FDI fell 3.7 percent from 2011 and was the first drop in three years, the ministry said.
The World Bank yesterday cut its forecast for global economic growth in 2013 from 3 percent to 2.4 percent. China's economy may grow 8.4 percent this year and 8 percent next year, the bank said.
Most property developers fell after Premier Wen Jiabao said China should gradually improve its property tax system. Poly Real Estate shed 3.4 percent to 13.56 yuan (US$2.18). Gemdale Corp fell 2.9 percent to 6.80 yuan.
The Shanghai Composite Index shed 0.7 percent to close at 2,309.5 points.
China's FDI fell 4.5 percent year on year to US$11.7 billion last month, the Ministry of Commerce said. For 2012, China drew US$111.7 billion in FDI, below the target of US$120 billion. The FDI fell 3.7 percent from 2011 and was the first drop in three years, the ministry said.
The World Bank yesterday cut its forecast for global economic growth in 2013 from 3 percent to 2.4 percent. China's economy may grow 8.4 percent this year and 8 percent next year, the bank said.
Most property developers fell after Premier Wen Jiabao said China should gradually improve its property tax system. Poly Real Estate shed 3.4 percent to 13.56 yuan (US$2.18). Gemdale Corp fell 2.9 percent to 6.80 yuan.
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