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English>>China Business

Investment declines at slower rate in October

By Wang Yanlin (Shanghai Daily)

08:11, November 21, 2012

FOREIGN direct investment in China fell 0.24 percent from a year earlier in October, narrowing from September's 6.8 percent decrease, the Ministry of Commerce said yesterday.

The total value of overseas investment stood at US$8.31 billion in October, the fifth consecutive month of decline. In the first 10 months, foreign investors channeled US$91.7 billion into China, down 3.45 percent on an annual basis.

Li Maoyu, a Changjiang Securities Co analyst, said: "The eurozone debt crisis is far from being over, and the economic recovery in the United States remains weak. They will keep global investors cautious about new investment."

Ministry spokesman Shen Danyang said foreign investment was in a period of adjustment and would resume expansion soon. China still had advantages such as a large consumer market, relatively low labor costs, skilled workforce and an increasingly transparent investment environment.

In the first 10 months, foreign investment in China's manufacturing sector fell 7.3 percent annually to US$40.4 billion, ministry data showed.

Funds flowing into the service sector dropped 1.8 percent to US$43.7 billion, led by a 6.1 percent cut in investment in the property market. Excluding real estate, investment in the service sector grew 2.1 percent.

Capital from the European Union fell 5 percent during January-October, but investment from Germany, the Netherlands and Switzerland bucked the trend by swelling 28.1 percent, 51.2 percent and 75.8 percent, respectively.

Investment from the US rose 5.3 percent year on year to US$2.7 billion, compared with a 0.6 percent drop in the first three quarters.

Shanghai's inbound foreign direct investment grew 14.6 percent in October year on year to US$1.21 billion.

China's non-financial outbound direct investment climbed 25.8 percent to US$58.1 billion in the first 10 months. Domestic investors pumped money into 3,254 overseas companies.

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