China's first half foreign direct investment grows to US$70.7b

Business | 11 Jul 2019 7:43 pm

China reported steady growth in foreign direct investment in the first half, official data showed today, Xinhua reports.

The used foreign investment in China increased by  7.2 percent from a year ago to 478.33 billion yuan during the January-June period, Gao Feng, spokesperson with the Ministry of Commerce, told a press conference. This amounts to US$70.74 billion, up by 3.5 percent from a year ago.

Foreign direct investment used in the free trade zones grew by 20.1 percent on-year and accounted for 14.5 percent of the total.

In the first half, 20,131 new foreign-funded enterprises were established.

In June alone, total foreign investment used climbed by 8.5 percent year-on-year to 109.27 billion yuan, ministry data show. This amounts to US$16.13 billion, a 3-percent growth compared to the same period last year.

Banking, securities and insurance sectors were not included in the monthly data, according to the ministry.

FDI into the high-tech sector grew rapidly. The used amount increased by 44.3 percent on-year and accounted for 28.8 percent of the total FDI, Gao said.

The high-tech manufacturing industry drew 50.28 billion yuan, up by 13.4 percent on-year, with electronics and communications equipment rising by 25 percent compared to the same period last year.

Some 87.56 billion yuan flowed into the high-tech services industry, a sharp increase of 71.1 percent on-year. FDI in services of information, research and development,  and design, as well as sci-tech achievement transformation surged by 68.1 percent, 77.7 percent and 62.7 percent, respectively.

Foreign investment from South Korea and Germany climbed quickly, rising by 63.8 percent and 81.3 percent on-year, respectively.

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