Foreign investment rises 1.24%
Print Edition
China’s foreign direct investment grew 1.24 percent from a year earlier to US$8.42 billion in October, the ninth month of growth, the Ministry of Commerce said yesterday.
Although the pace slowed from September’s 4.88 percent increase, it was still faster than August’s gain of 0.62 percent.
In the first 10 months, China’s inbound foreign direct investment amounted to US$97 billion, up 5.77 percent on an annual basis.
“China will continue to relax curbs on foreign investment,” said ministry spokesman Shen Danyang. “It remains an attractive destination for foreign investors due to its comprehensive strength in investment climate and mature operations.”
Last week, China promised to further open up its economy and support the orderly relaxation of service sectors to foreign investment including in finance, education, culture and medical industries.
“Our ministry will try to accelerate the establishment of a unified law system for foreign and domestic investments, and push ahead with the reforms in the newly opened industries,” Shen said, noting that policies concerning foreign investment would be kept stable, transparent and predictable. The ministry will also encourage multinational companies to set up regional headquarters, research and development centers, sourcing centers and auditing centers in China, while the country will pay more attention to the introduction of senior professionals in technology and management.
Foreign investment flowing into China’s service sector jumped 13.93 percent year on year to US$40.8 billion in the first 10 months, while investment in manufacturing lost 5.25 percent and in agriculture it was down 2.61 percent.
The group of 10 Asian countries and regions raised their investment in China by 7.18 percent to US$83.6 billion during the January-October period, of which Thailand’s input surged nearly five times from a year earlier, the official data showed.
The amount of money coming from the United States jumped 12.4 percent to US$3.03 billion during the period, and European Union investors increased their input by 22 percent to US$6.4 billion.
Meanwhile, China’s outbound direct investment surged 20 percent to US$69.5 billion in the first 10 months.
China became the world’s third-largest investor in 2012, with its outbound investment increasing 17.6 percent annually to US$87.8 billion last year while global investors reduced their investments by 17 percent.
8% growth ‘not impossible’
StRenuous efforts are needed to realize this year’s trade target of 8-percent growth, commerce ministry spokesman Shen Danyang said yesterday.
“Some experts said it would be difficult to fulfil such a target because of uncertainties in recovery of external demand, rising production costs and fiercer global competition. I basically agree,” Shen said. “But with arduous efforts, it is still not completely impossible for us to realize such a target.”
In the first 10 months, China’s trade grew 7.6 percent from a year earlier, “not too distant from the target,” Shen said.
In October, China’s trade rebounded, with exports returning to growth, confirming a stabilizing economy as China shifted its focus to reform.
Negotiations to start with EU
China and the European Union are preparing to start negotiations on a bilateral investment agreement, commerce ministry spokesman Shen Danyang said yesterday.
The agreement could be announced at the China-EU Summit scheduled later this month in Beijing, he said.
Shen said China and the EU had reached a consensus on the timing at the fourth China-EU High-Level Economic and Trade Dialog in Brussels last month.
China and the EU are comprehensive strategic partners and have close economic and trade ties. An investment agreement will be conducive not only to promoting two-way investment, but also to developing a balanced economic and trade relationship between the two sides, Shen said.
Free trade talks with Australia
China is willing to complete negotiations with Australia on the establishment of the China-Australia Free Trade Area soon.
Commerce ministry spokesman Shen Danyang was responding to questions from journalists in the wake of positive comments on the subject by Australia’s industry minister earlier this month.
During a visit to north China’s Tianjin, Ian Macfarlane said Australia expects to sign the free trade pact in the first half of 2014. He expressed hopes that a comprehensive deal would be on the table by the time Prime Minister Tony Abbott visits China next year.
China is also keen to see the signing of the free trade agreement as soon as possible on the principles of mutual benefits and balanced interests, Shen said.
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