Statistics

China's May FDI rises 13.4%

(Xinhua)
Updated: 2011-06-15 13:26

BEIJING - The Ministry of Commerce (MOC) said Wednesday that foreign direct investment (FDI) in the country rose 13.43 percent year-on-year in May to $9.225 billion.

The growth rate slowed from an increase of 15.21 percent for April when FDI stood at $8.46 billion.

Related readings:  Rules set for yuan FDI by end of year  China to open RMB FDI  Tianjin eyes more FDI in 2011  FDI rises 26% in China in first 4 months

The May figures brought the total FDI for the first five months of this year to $48.03 billion, up 23.4 percent from a year ago, MOC spokesman Yao Jian said at a briefing, adding that the growth is "not bad."

The FDI rose 26.03 percent from a year earlier to $38.8 billion in the first four months.

China approved 2,391 foreign-invested companies to start business operations in May, up 12.15 percent from the same month last year, he said. A total of 10,543 foreign firms received approval in the first five months, up 9.39 percent year-on-year, he said.

"China is still an attractive destination for foreign capital and we will further improve our investment environment in order to boost foreign direct investment," Yao said.

He expected foreign capital inflow into the country's service sector to rise relatively quickly with the implementation of the new Five-year Plan (2011-2015).

Foreign spending in China from 10 Asian countries and regions climbed 29.28 percent in the first five months of 2011. Investment by European Union countries rose 9.02 percent during the same period.

However, foreign investment from the United States fell 24.12 percent in comparison to the same period last year, Yao said, adding that it will take time for the US's multinational companies to make investments amid their slow economic recovery.

Yao said Chinese companies invested $20.35 billion in non-financial sectors in 110 countries and regions during the first five months, up 42.3 percent year-on-year.

Chinese companies investing overseas should abide by local laws and should not be discriminated against, he added.