Economy

Foreign investment in China up 38% in Nov

(Agencies)
Updated: 2010-12-15 11:09

SHANGHAI - Foreign direct investment in China jumped more than 38 percent from a year earlier in November as businesses sought to tap into the country's fast growth.

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The $9.7 billion in foreign investment was the 16th consecutive monthly gain, the Xinhua News Agency said Wednesday, citing Commerce Ministry data.

In January-November, foreign direct investment climbed nearly 18 percent over a year earlier to $91.7 billion, it said.

The pace of investment was highest in China's relatively backward western regions, ministry spokesman Yao Jian said.

The government has been trying for years to boost investment in mainland areas to help them catch up with the relatively affluent coastal provinces, and lower costs for labor and land -- and potential access to fast growing consumer markets -- finally are attracting growing numbers of foreign companies.

Foreign investment rebounded earlier this year from the global financial crisis but lagged in August before the latest recovery.

Despite a decline in China's rapid growth in recent months, it rose 7.9 percent in October to $7.7 billion, up from a 6.1 percent increase in September.