Foreign Direct Investment to China surged to $9.41 billion in July registering 24.13 per cent year on year increase, as the country continues to have robust growth in investment from abroad despite economic slowdown.
At the same China’s Outbound Direct Investment (ODI) crossed $50 billion mark in the first six months registering a 20 per cent increase.
China attracted $9.41 billion in FDI in July which amounted to $71.39 billion in the first seven months up 7.09 per cent from the same period last year, the Commerce Ministry said here today.
The data does not cover incoming investments in banking, securities and insurance sectors.
The service sector saw a steady increase of FDI inflows in the first seven months, up 15.78 per cent year on year and accounting for 49.93 per cent of the total FDI inflow during the period, state-run Xinhua reported.
FDI in China’s manufacturing sector dropped 2.42 per cent, taking a 41.18 per cent share of the inflow, the ministry said.
Investment from the US rose 11.44 per cent to $2.18 billion during the January-July period, while investment from the European Union grew 16.72 per cent to $4.64 billion.
Meanwhile, Chinese investment in overseas non-financial sectors rose 20 per cent year on year to $50.6 billion in the first seven months, the ministry said.
Friday’s data came after a string of other economic indicators, from factory output and retail sales to foreign trade, showed the world’s second-largest economy may be gradually stabilising after a protracted slowdown.
Among the latest evidence, HSBC’s preliminary reading for China’s manufacturing sector showed the Purchasing Managers Index (PMI) rose to 50.1 in August, the highest level in four months.