CHINA> National
China's FDI up 23.6% in 2008
Updated: 2009-01-15 19:19

BEIJING - Foreign direct investment (FDI) in China jumped 23.58 percent annually to US$92.4 billion last year, Ministry of Commerce spokesman Yao Jian said on Thursday.

The gain, however, was lower than the 26.3 percent increase for the first 11 months of last year and 35 percent for the first 10 months.

Related readings:
 China sees 1st annual growth slowdown in forex reserve in 10 years
 Macro Economy: New FDI rules to open up hinterland
 New FDI rules to open up hinterland
 Chinese economy able to get out of jaws of crisis

According to Yao, the increase in foreign investment mainly flows to the service sector, which attracted US$38.12 billion of FDI last year, up 24.23 percent.

FDI fell 5.73 percent in December from a year earlier to US$5.98 billion, according to the ministry. November's decline was 36.5 percent.

December's FDI rose 12.3 percent from November. It was the first month-on-month rise since July last year.

China approved the establishment of 2,562 overseas-funded enterprises in December, down 25.78 percent year on year.

Last year, foreign companies invested more money in western and central China, instead of the comparatively-developed eastern region, Yao said.

FDI surged nearly 80 percent last year from 2007 in western China, while that in central China rose 36.44 percent.

Outbound investment of Chinese companies, excluding investment in the financial sector, surged 63.6 percent year on year in 2008 to US$40.65 billion, he said.