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China's foreign direct investment drops
(AP)
Updated: 2005-08-16 07:15
SHANGHAI, China - Foreign direct investment in China fell 3.4 percent to
$33.1 billion in the first seven months of this year compared with the same
period last year, the Ministry of Commerce reported Monday.
However, pledged foreign direct investment in January-July rose 19.2 percent
from a year earlier, to $98.6 billion, the ministry said.
After years of rapid growth, increase in foreign investment in China has
moderated, prompting a debate over whether the slowdown might hurt economic
growth given the country's heavy reliance on investment from abroad to build up
its export-oriented industries.
But promised investment remains strong, and with the economy growing at a
rate of more than 9 percent for the past two years, the issue has drawn little
attention.
China attracted $60.6 billion in foreign investment in 2004, up 13 percent
from 2003, second only to the United States. The top sources of foreign
investment were Hong Kong, Japan, South Korea, the United States, Taiwan,
Singapore and Germany.
Also on Monday, the government reported that China's industrial output rose
16.1 percent in July from the same month in 2004 to 581.1 billion yuan ($72
billion). The growth rate was slower than June's 16.8 percent rise.
The fastest growth was in heavy industrial and energy-related sectors. Output
of automobiles rose 27.8 percent; output of crude iron grew 30.7 percent; crude
steel output rose 28.6 percent; and rolled steel output was up 28 percent, the
National Bureau of Statistics said.
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