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US investors 'choosing to stay' (2)

By Wei Tian (China Daily)

08:27, December 03, 2012

According to the Ministry of Commerce, China approved about 20,000 new foreign-funded companies in the first 10 months of this year, 10.5 percent less than the same period last year.

Foreign direct investment was also down 3.45 percent year-on-year to $91.7 billion.

Global FDI declined 8.1 percent year-on-year to $668 billion in the first half of this year, according to the United Nations Conference on Trade and Development.

However, US company investment in China went up 5.3 percent to $2.7 billion in the first 10 months.

Shen Danyang, ministry spokesman, said investment growth from the US has been evident for several months, and China's FDI will continue to rise.

Ng said although the Obama administration has suggested that the US will target manufacturing, he wasn't optimistic about the outcome of such campaign slogans.

One of the reasons was the medical reform bill that is going to be effective in Jan 2014, which, according to Ng, will push up the average labor cost in the US by 3 to 4 percent and further damage competitiveness.

A survey by management consultants Accenture showed about 60 percent of managers have considered moving factories back to the US, while another report by Boston Consulting Group showed that such a relocation will help create two to three million jobs over the next 5 years.

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