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China still the most attractive destination for FDI
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14:59, August 18, 2009

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· PRC 60
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China's foreign direct investment (FDI) inflow, although going down for 10 months consecutively, is generally better than the global situation and the country's competitiveness on attracting foreign investment is unchanged, said Yao Jian, spokesman for the Ministry of Commerce on August 17 at a press conference.

Figures also show that China has done especially well in projects in foreign markets.

According to a survey conducted by the United Nations Conference on Trade and Development (UNCTAD) on some 300 multinational corporations, China stands at the top of the five countries that are most attractive to foreign investment during the financial crisis, followed by India, the US, Russia and Brazil.

Yao highlighted China's advantages in its massive domestic market, rich labor force, full-fledged industrial chains and good infrastructure. The most important factor is the country's macro-economy which shows evidence of recovery.

In the first seven months of 2009, actually utilized foreign investment across China amounted to 48.37 billion USD, down 20.35 percent year-on-year; 12,264 foreign-invested enterprises were newly-approved nationwide, down 27.39 percent year-on-year.

Global FDI and cross-border mergers and acquisitions were down by 54 percent and 77 percent in the first quarter and were expected to slump by 50 percent and 67 percent for the whole of 2009, according to the UNCTAD report.

According to statistics from the Ministry of Commerce, between January and July, China's foreign contracted projects completed a turnover of 39.03 billion USD, up by 36.2 percent year-on-year.

New contracts worth 75.9 billion USD were signed, up 23.1 percent year-on-year.

By People's Daily Online

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