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Commerce ministry says May FDI rose 13.4%

Source:   Time:

BEIJING, June 15 (Xinhua) -- 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 U.S. dollars.

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

The May figures brought the total FDI for the first five months of this year to 48.03 billion U.S. dollars, 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 U.S. dollars 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 U.S.'s multinational companies to make investments amid their slow economic recovery.

Yao said Chinese companies invested 20.35 billion U.S. dollars 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.

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