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Falling FDI weighs on Shanghai shares
By Ye Zhen |
January 16, 2013, Wednesday
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Online Edition
Online Edition
SHANGHAI stocks retreated from a seven-month high this morning after data showed foreign investment in China shrank seven months in a row in December.
The key Shanghai Composite Index shed 0.44 percent to 2,315.47 points. Turnover was 70.7 billion yuan (US$11.4 billion) by the noon break.
Foreign direct investment in China fell for the seventh straight month in December to US$11.7 billion, a year-on-year drop of 4.5 percent, the Ministry of Commerce said today. The decline moderated from November's decrease of 5.4 percent.
For the whole year of 2012, China drew US$111.7 billion in foreign investment, well below the government target of US$120 billion. It was a 3.7 percent drop from 2011 and the first decline in three years, according to the ministry.
The worsening European debt crisis and other complicated factors led to deteriorating external environment for the Chinese economy that was already hurt by the global downturn, said Shen Danyan, spokesman for the ministry.
Distilleries led the decliners. Kweichow Moutai Co, a leading producer of high-end liquor in China, dropped 2.5 percent to 205.54 yuan. Sichuan Tuopai Shede Wine Co decreased 1.4 percent to 29.79 yuan. Shanxi Xinghuacun Fen Wine Factory Co lost 2.2 percent to 41.34 yuan.
Most property developers fell after Premier Wen Jiabao said China should gradually build a property tax system. Poly Real Estate dropped 1.9 percent to 13.78 yuan. Gemdale Corporation fell 2.9 percent to 6.80 yuan.
The key Shanghai Composite Index shed 0.44 percent to 2,315.47 points. Turnover was 70.7 billion yuan (US$11.4 billion) by the noon break.
Foreign direct investment in China fell for the seventh straight month in December to US$11.7 billion, a year-on-year drop of 4.5 percent, the Ministry of Commerce said today. The decline moderated from November's decrease of 5.4 percent.
For the whole year of 2012, China drew US$111.7 billion in foreign investment, well below the government target of US$120 billion. It was a 3.7 percent drop from 2011 and the first decline in three years, according to the ministry.
The worsening European debt crisis and other complicated factors led to deteriorating external environment for the Chinese economy that was already hurt by the global downturn, said Shen Danyan, spokesman for the ministry.
Distilleries led the decliners. Kweichow Moutai Co, a leading producer of high-end liquor in China, dropped 2.5 percent to 205.54 yuan. Sichuan Tuopai Shede Wine Co decreased 1.4 percent to 29.79 yuan. Shanxi Xinghuacun Fen Wine Factory Co lost 2.2 percent to 41.34 yuan.
Most property developers fell after Premier Wen Jiabao said China should gradually build a property tax system. Poly Real Estate dropped 1.9 percent to 13.78 yuan. Gemdale Corporation fell 2.9 percent to 6.80 yuan.
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